Terex Corp. reported a first-quarter loss from continuing operations of $60.3 million on net sales of $1 billion. In the first quarter of 2016, the reported loss from continuing operations was $22 million on net sales of $1.1 billion.
Excluding after-tax charges of $65.8 million, income from continuing operations, as adjusted, for the first quarter of 2017 was $5.5 million, compared with income from continuing operations, as adjusted, of $5 million in the first quarter of 2016. The after-tax charges in the first quarter of 2017 were primarily for deal-related costs and the company”™s refinancing activities.
In January, the Westport company, which manufactures lifting and material processing products and services, completed the sale of its material handling and port solutions division to Finnish firm Konecranes in a deal valued at about €1.13 billion ($1.23 billion). It also closed the sale of its loader backhoe business based in Coventry, England, and announced the sale of its India loader backhoe business. Its cranes restructuring program “is making progress,” according to Terex President and CEO John L. Garrison, “with the closing of our Jinan (China) facility, and we continue to address structural costs.”
“Looking forward, we see positive momentum in our backlog, which grew year-over-year for the first time in eight quarters,” Garrison said. “Overall backlog grew 10 percent, rising in each of our segments. In particular, the North American market for AWP (aerial work platforms) products is stronger than we anticipated, with positive customer sentiment tempering the impact of the replacement cycle.”
The company reduced its debt by approximately $600 million and expects savings of approximately $35 million on an annualized basis, he said.
