Terex Corp. posted income from continuing operations of $85.2 million or $0.78 per share, compared to $87.8 million for the second quarter of 2014, or $0.76 per share. Net sales totaled $1,828.5 million for the second quarter, an 11-percent decline compared to $2,055.1 million in last year’s second quarter. Excluding the effects of currency, the year-over-year decline was 2 percent.
Income from operations was $148.3 million, compared to $160.9 million for the year-ago quarter, a 7.8-percent slide.
“The second quarter was a solid quarter in terms of financial performance,” said Ron DeFeo, Terex chairman and CEO. “Our AWP segment operating margin returned to the mid-teens as anticipated, benefiting from increased productivity and seasonally strong sales. We are encouraged by our AWP backlog, which is higher than the prior year level and expect improved performance for this segment in the second half of 2014. We are seeing pricing pressure in the marketplace, but to date that has been mostly offset by reduction in material input cost.”
In breaking down different business segments, DeFeo said Terex’s Materials Processing business had a good quarter, expanding operating margins despite lower sales. The material handling and ports business performed slightly below expectations, he said, but said a strong second half performance is still anticipated.
“Our Cranes segment performed generally in line with our expectations, but with a weaker product mix,” DeFeo added. “The overall market for cranes remains challenging and we are not anticipating any near-term improvements. The Construction segment was slightly profitable, with pressure on operating results continuing to come from the European and Indian compact construction and material scrap handling businesses.”
For the first six months of the year, net sales dropped from $3,709.7 million in 2014 to $3.324.1 million this year, a 10.4 percent decline.
Terex Corp. is based in Westport, Conn.
