Terex Corp. swoons in second quarter, but sees progress

Terex Corp. reported second-quarter income of $95.4 million on net sales of $1.2 billion, compared with second-quarter 2016 income of $109.6 million on net sales of $1.3 billion.

Nevertheless, “We continue to make progress,” said John L. Garrison, president and CEO of the Westport firm, which manufactures lifting and material processing products and services. Garrison noted that its cranes segment returned to profitability during the quarter as a result of its restructuring program, and that its materials processing segment grew sales and operating margin for the third consecutive quarter.

Backlog in its three segments also grew for the second consecutive quarter ”“ cranes by 29 percent, materials processing by 33 percent and aerial work platforms by 46 percent.

“We continue to implement our strategy to focus and simplify the company, and build capabilities in key commercial and operational areas,” Garrison said.