Terex Corporation (NYSE: TEX) today announced second quarter 2019
income from continuing operations of $81.6 million, or $1.14 per
share, on net sales of $1.3 billion. In the second quarter of
2018, the reported income from continuing operations was $84.2
million, or $1.10 per share, on net sales of $1.3 billion.
Income from continuing operations, as adjusted, for the second
quarter of 2019 was $86.9 million, or $1.21 per share. This
compares to income from continuing operations, as adjusted, of
$101.1 million or $1.32 per share in the second quarter of 2018.
The Glossary at the end of this press release contains further
details regarding these non-GAAP measures.
“Terex continues to grow, with FX-neutral
revenues up 8% in the second quarter” stated John L. Garrison,
Terex Chairman and CEO. “Global demand for our leading products and
services remained generally stable at a healthy level, and we
continued to meet the needs of our diverse customer base.”
“We generated $168 million of free cash flow in
the quarter,” continued Mr. Garrison. “This strong cash generation
performance reflects our global team’s continuing focus on
improving working capital efficiency. Furthermore, we expect
to complete the sale of Demag® Mobile Cranes in the coming days,
realizing cash proceeds of approximately $125 million.”
“Our improving financial results, with adjusted
operating margins greater than 10% and adjusted EPS increasing 23%
from the adjusted EPS we presented in our Q2 earnings release in
July 2018, demonstrate the impact of executing our Focus, Simplify
and Execute to Win strategy,” stated Mr. Garrison.
“Materials Processing (MP) continued its
excellent performance, increasing sales on a FX-neutral basis by
13% and expanding its operating margin to 15.4%, representing a 220
basis point improvement compared to last year.” Mr. Garrison
added, “MP continues to grow across its broad global portfolio as
customers convert to more efficient mobile material processing
equipment.”
“Aerial Work Platforms (AWP) also grew in the
second quarter, achieving global sales growth of 5% on an
FX-neutral basis, including strong growth in Asia. AWP margin
performance in the quarter was adversely impacted by the weak Euro,
lower production volume to align inventory with global market
demand, and product mix.” Mr. Garrison continued, “Overall,
we expect AWP's financial performance in the second half of 2019 to
be similar to the second half of 2018.”
Mr. Garrison concluded, “Based on our first half
performance, and changes to the outlook in AWP for the balance of
2019, including lower than previously expected sales growth and
reduced production volume, adverse foreign exchange rates and
product mix, we expect full year EPS to be between $3.40 to $3.80,
excluding restructuring, transformation investments, and other
unusual items, on net sales of approximately $4.6 billion. We
reaffirm our full year free cash flow guidance of $165
million.”
Non-GAAP Measures and Other
Items
Results of operations reflect continuing
operations. All per share amounts are on a fully diluted
basis. A comprehensive review of the quarterly financial
performance is contained in the presentation that will accompany
the Company’s earnings conference call.
In this press release, Terex refers to various
GAAP (U.S. generally accepted accounting principles) and non-GAAP
financial measures. These non-GAAP measures may not be
comparable to similarly titled measures being disclosed by other
companies. Terex believes that this non-GAAP information is
useful to understanding its operating results and the ongoing
performance of its underlying businesses.
The Company provides guidance on a non-GAAP
basis as the Company cannot predict with a reasonable degree of
certainty the timing and magnitude of future charges that would be
included in the reported GAAP results.
The Glossary at the end of this press release
contains further details about this subject.
Total amounts in tables of this release may not
add due to rounding.
Conference call
The Company has scheduled a one hour conference
call to review the financial results on Tuesday, July 30, 2019 at
8:30 a.m. ET. John L. Garrison, Chairman and CEO, will host
the call. A simultaneous webcast of this call can be accessed
at https://investors.terex.com. Participants are encouraged
to access the call 10 minutes prior to the starting time. The call
will also be archived in the Event Archive at
https://investors.terex.com.
Contact Information:
Terex Corporation |
Brian J. Henry, Senior Vice
President |
Business Development &
Investor Relations |
(203) 222-5954 |
brian.henry@terex.com |
https://investors.terex.com |
|
Forward-Looking StatementsThis
press release contains forward-looking information regarding future
events or the Company’s future financial performance based on the
current expectations of Terex Corporation. In addition, when
included in this press release, the words “may,” “expects,”
“intends,” “anticipates,” “plans,” “projects,” “estimates” and the
negatives thereof and analogous or similar expressions are intended
to identify forward-looking statements. However, the absence
of these words does not mean that the statement is not
forward-looking. The Company has based these forward-looking
statements on current expectations and projections about future
events. These statements are not guarantees of future
performance.
Because forward-looking statements involve risks
and uncertainties, actual results could differ materially.
Such risks and uncertainties, many of which are beyond the control
of Terex, include among others: Our business is cyclical and weak
general economic conditions affect the sales of our products and
financial results; changes in import/export regulatory regimes and
the escalation of global trade conflicts could continue to
negatively impact sales of our products and our financial results;
our financial results could be adversely impacted by the United
Kingdom’s departure from the European Union; our need to comply
with restrictive covenants contained in our debt agreements; our
ability to generate sufficient cash flow to service our debt
obligations and operate our business; our ability to access the
capital markets to raise funds and provide liquidity; our business
is sensitive to government spending; our business is highly
competitive and is affected by our cost structure, pricing, product
initiatives and other actions taken by competitors; our retention
of key management personnel; the financial condition of suppliers
and customers, and their continued access to capital; exposure from
providing financing and credit support for some of our customers;
we may experience losses in excess of recorded reserves; we are
dependent upon third-party suppliers, making us vulnerable to
supply shortages and price increases; our business is global and
subject to changes in exchange rates between currencies, commodity
price changes, regional economic conditions and trade restrictions;
our operations are subject to a number of potential risks that
arise from operating a multinational business, including compliance
with changing regulatory environments, the Foreign Corrupt
Practices Act and other similar laws and political instability; a
material disruption to one of our significant facilities; possible
work stoppages and other labor matters; compliance with changing
laws and regulations, particularly environmental and tax laws and
regulations; litigation, product liability claims, intellectual
property claims, class action lawsuits and other liabilities; our
ability to comply with an injunction and related obligations
imposed by the United States Securities and Exchange Commission
(“SEC”); disruption or breach in our information technology systems
and storage of sensitive data; our ability to successfully
implement our Execute to Win strategy; and other factors, risks and
uncertainties that are more specifically set forth in our public
filings with the SEC.
Actual events or the actual future results of
Terex may differ materially from any forward-looking statement due
to these and other risks, uncertainties and significant
factors. The forward-looking statements speak only as of the
date of this release. Terex expressly disclaims any
obligation or undertaking to release publicly any updates or
revisions to any forward-looking statement included in this release
to reflect any changes in expectations with regard thereto or any
changes in events, conditions, or circumstances on which any such
statement is based.
About TerexTerex Corporation is
a global manufacturer of aerial work platforms, materials
processing and crane products and services that deliver lifecycle
solutions to maximize customer return on investment. The
Company reports in two business segments: Aerial Work Platforms and
Materials Processing. Terex delivers lifecycle solutions to a
broad range of industries, including the construction,
infrastructure, manufacturing, shipping, transportation, refining,
energy, utility, quarrying and mining industries. Terex
offers financial products and services to assist in the acquisition
of Terex equipment through Terex Financial Services. Terex
uses its website (www.terex.com) and its Facebook page
(www.facebook.com/TerexCorporation) to make information available
to its investors and the market.
TEREX CORPORATION AND SUBSIDIARIES |
CONDENSED CONSOLIDATED STATEMENT OF
OPERATIONS |
(unaudited) |
(in millions, except per share data) |
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
|
|
2019 |
|
2018 |
|
2019 |
|
2018 |
Net sales |
$ |
1,306.9 |
|
|
$ |
1,253.0 |
|
|
$ |
2,443.5 |
|
|
$ |
2,369.6 |
|
Cost of goods sold |
|
(1,035.1 |
) |
|
|
(974.4 |
) |
|
|
(1,933.9 |
) |
|
|
(1,862.4 |
) |
Gross profit |
|
271.8 |
|
|
|
278.6 |
|
|
|
509.6 |
|
|
|
507.2 |
|
Selling, general and administrative expenses |
|
(145.8 |
) |
|
|
(146.2 |
) |
|
|
(283.9 |
) |
|
|
(280.5 |
) |
Income (loss) from operations |
|
126.0 |
|
|
|
132.4 |
|
|
|
225.7 |
|
|
|
226.7 |
|
Other income (expense) |
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
1.8 |
|
|
|
2.0 |
|
|
|
3.5 |
|
|
|
5.3 |
|
Interest expense |
|
(24.6 |
) |
|
|
(18.2 |
) |
|
|
(47.6 |
) |
|
|
(34.1 |
) |
Other income (expense) – net |
|
(1.3 |
) |
|
|
(1.6 |
) |
|
|
(4.5 |
) |
|
|
(0.4 |
) |
Income (loss) from continuing operations before income
taxes |
|
101.9 |
|
|
|
114.6 |
|
|
|
177.1 |
|
|
|
197.5 |
|
(Provision for) benefit from income taxes |
|
(20.3 |
) |
|
|
(30.4 |
) |
|
|
(38.3 |
) |
|
|
(44.6 |
) |
Income (loss) from continuing operations |
|
81.6 |
|
|
|
84.2 |
|
|
|
138.8 |
|
|
|
152.9 |
|
Income (loss) from discontinued operations – net of tax |
|
(17.3 |
) |
|
|
(28.3 |
) |
|
|
(141.7 |
) |
|
|
(49.4 |
) |
Gain (loss) on disposition of discontinued operations- net of
tax |
|
10.8 |
|
|
|
1.9 |
|
|
|
11.4 |
|
|
|
4.6 |
|
Net income (loss) |
$ |
75.1 |
|
|
$ |
57.8 |
|
|
$ |
8.5 |
|
|
$ |
108.1 |
|
Basic Earnings (Loss) per Share: |
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from continuing operations |
$ |
1.14 |
|
|
$ |
1.11 |
|
|
$ |
1.96 |
|
|
$ |
1.97 |
|
Income (loss) from discontinued operations – net of tax |
|
(0.24 |
) |
|
|
(0.37 |
) |
|
|
(2.00 |
) |
|
|
(0.64 |
) |
Gain (loss) on disposition of discontinued operations – net of
tax |
|
0.15 |
|
|
|
0.03 |
|
|
|
0.16 |
|
|
|
0.06 |
|
Net income (loss) |
$ |
1.05 |
|
|
$ |
0.77 |
|
|
$ |
0.12 |
|
|
$ |
1.39 |
|
Diluted Earnings (Loss) per Share: |
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from continuing operations |
$ |
1.14 |
|
|
$ |
1.10 |
|
|
$ |
1.93 |
|
|
$ |
1.93 |
|
Income (loss) from discontinued operations – net of tax |
|
(0.24 |
) |
|
|
(0.37 |
) |
|
|
(1.97 |
) |
|
|
(0.63 |
) |
Gain (loss) on disposition of discontinued operations – net of
tax |
|
0.15 |
|
|
|
0.02 |
|
|
|
0.16 |
|
|
|
0.06 |
|
Net income (loss) |
$ |
1.05 |
|
|
$ |
0.75 |
|
|
$ |
0.12 |
|
|
$ |
1.36 |
|
Weighted average number of shares outstanding in per share
calculation |
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
71.2 |
|
|
|
75.5 |
|
|
|
70.9 |
|
|
|
77.6 |
|
Diluted |
|
71.7 |
|
|
|
76.7 |
|
|
|
71.8 |
|
|
|
79.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TEREX CORPORATION AND SUBSIDIARIES |
CONDENSED CONSOLIDATED BALANCE SHEET |
(unaudited) |
(in millions, except par value) |
|
|
June 30, 2019 |
|
December 31, 2018 |
|
|
Assets |
|
|
|
|
|
Current assets |
|
|
|
|
|
Cash and cash equivalents |
$ |
367.5 |
|
$ |
339.5 |
Other current assets |
|
1,670.1 |
|
|
1,624.0 |
Current assets held for sale |
|
402.0 |
|
|
459.5 |
Total current assets |
|
2,439.6 |
|
|
2,423.0 |
Non-current assets |
|
|
|
|
|
Property, plant and equipment – net |
|
339.5 |
|
|
317.3 |
Other non-current assets |
|
818.1 |
|
|
677.2 |
Non-current assets held for sale |
|
5.9 |
|
|
68.4 |
Total non-current assets |
|
1,163.5 |
|
|
1,062.9 |
Total assets |
$ |
3,603.1 |
|
$ |
3,485.9 |
|
|
|
|
|
|
Liabilities and Stockholders’
Equity |
|
|
|
|
|
Current liabilities |
|
|
|
|
|
Notes payable and current portion of long-term debt |
$ |
6.0 |
|
$ |
4.1 |
Other current liabilities |
|
964.7 |
|
|
1,031.1 |
Current liabilities held for sale |
|
131.3 |
|
|
179.5 |
Total current liabilities |
|
1,102.0 |
|
|
1,214.7 |
Non-current liabilities |
|
|
|
|
|
Long-term debt, less current portion |
|
1,341.7 |
|
|
1,210.6 |
Other non-current liabilities |
|
210.3 |
|
|
113.1 |
Non-current liabilities held for sale |
|
88.5 |
|
|
86.5 |
Total non-current liabilities |
|
1,640.5 |
|
|
1,410.2 |
Total liabilities |
|
2,742.5 |
|
|
2,624.9 |
|
|
|
|
|
|
Total stockholders’
equity |
|
860.6 |
|
|
861.0 |
Total liabilities and
stockholders’ equity |
$ |
3,603.1 |
|
$ |
3,485.9 |
|
|
|
|
|
|
TEREX
CORPORATION AND SUBSIDIARIES |
CONDENSED
CONSOLIDATED STATEMENT OF CASH FLOWS |
(unaudited) |
(in millions) |
|
|
Six Months Ended June 30, |
|
2019 |
|
2018 |
Operating Activities |
|
|
|
Net income (loss) |
$ |
8.5 |
|
|
$ |
108.1 |
|
Depreciation and amortization |
|
25.8 |
|
|
|
31.3 |
|
Changes in operating assets and liabilities and non-cash
charges |
|
(82.6 |
) |
|
|
(103.8 |
) |
Net cash provided by (used in) operating activities |
|
(48.3 |
) |
|
|
35.6 |
|
Investing Activities |
|
|
|
|
|
|
Capital expenditures |
|
(35.1 |
) |
|
|
(50.7 |
) |
Other investing activities, net |
|
9.9 |
|
|
|
17.0 |
|
Net cash provided by (used in) investing activities |
|
(25.2 |
) |
|
|
(33.7 |
) |
Financing Activities |
|
|
|
|
|
|
Net cash provided by (used in) financing activities |
|
97.9 |
|
|
|
(244.4 |
) |
Effect of exchange rate changes on cash and cash equivalents |
|
(1.9 |
) |
|
|
(10.5 |
) |
Net increase (decrease) in cash and cash equivalents |
|
22.5 |
|
|
|
(253.0 |
) |
Cash and cash equivalents at beginning of period |
|
372.1 |
|
|
|
630.1 |
|
Cash and cash equivalents at end of period |
$ |
394.6 |
|
|
$ |
377.1 |
|
|
|
|
|
|
|
TEREX
CORPORATION AND SUBSIDIARIES |
SEGMENT
RESULTS DISCLOSURE |
(unaudited) |
(in millions) |
|
|
Q2 |
|
Year to Date |
|
2019 |
2018 |
|
2019 |
2018 |
|
|
|
% of |
|
|
% of |
|
|
|
% of |
|
|
% of |
Net Sales |
NetSales |
|
NetSales |
NetSales |
Consolidated |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales |
$ |
1,306.9 |
|
|
$ |
1,253.0 |
|
|
|
$ |
2,443.5 |
|
|
$ |
2,369.6 |
|
|
Income from
operations |
$ |
126.0 |
|
9.6 |
% |
$ |
132.4 |
|
10.6 |
% |
|
$ |
225.7 |
|
9.2 |
% |
$ |
226.7 |
|
9.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AWP |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales |
$ |
870.4 |
|
|
$ |
852.3 |
|
|
|
$ |
1,598.3 |
|
|
$ |
1,589.8 |
|
|
Income from operations |
$ |
86.3 |
|
9.9 |
% |
$ |
111.6 |
|
13.1 |
% |
|
$ |
145.9 |
|
9.1 |
% |
$ |
181.8 |
|
11.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MP |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales |
$ |
365.2 |
|
|
$ |
335.2 |
|
|
|
$ |
711.4 |
|
|
$ |
651.1 |
|
|
Income from operations |
$ |
56.3 |
|
15.4 |
% |
$ |
44.3 |
|
13.2 |
% |
|
$ |
105.5 |
|
14.8 |
% |
$ |
84.2 |
|
12.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corp and Other / Eliminations |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales |
$ |
71.3 |
|
|
$ |
65.5 |
|
|
|
$ |
133.8 |
|
|
$ |
128.7 |
|
|
Loss from operations |
$ |
(16.6 |
) |
* |
$ |
(23.5 |
) |
* |
|
$ |
(25.7 |
) |
* |
$ |
(39.3 |
) |
* |
* - Not a
meaningful percentage |
|
GLOSSARY
In an effort to provide investors with
additional information regarding the Company’s results, Terex
refers to various GAAP (U.S. generally accepted accounting
principles) and non-GAAP financial measures which management
believes provides useful information to investors. These
non-GAAP measures may not be comparable to similarly titled
measures being disclosed by other companies. In addition, the
Company believes that non-GAAP financial measures should be
considered in addition to, and not in lieu of, GAAP financial
measures. Terex believes that this non-GAAP information is
useful to understanding its operating results and the ongoing
performance of its underlying businesses. Management of Terex
uses both GAAP and non-GAAP financial measures to establish
internal budgets and targets and to evaluate the Company’s
financial performance against such budgets and targets.
The amounts described below are unaudited, are
reported in millions of U.S. dollars (except share data and
percentages), and are as of or for the period ended June 30,
2019, unless otherwise indicated.
2019 Outlook: The
Company’s 2019 outlook for earnings per share and 2019 full year
adjusted forecasted tax rate are non-GAAP financial measures
because they exclude items such as restructuring and other related
charges, transformation costs, the impact of the release of tax
valuation allowances, gains and losses on divestitures and other
unusual items. The Company is not able to reconcile these
forward-looking non-GAAP financial measures to their most directly
comparable forward-looking GAAP financial measures without
unreasonable efforts because the Company is unable to predict with
a reasonable degree of certainty the exact timing and impact of
such items. The unavailable information could have a significant
impact on the Company’s full-year 2019 GAAP financial results.
Adjusted EPS provides guidance to investors about the Company's EPS
expectations excluding restructuring and other charges that the
Company does not believe is reflective of its ongoing
operations.
After-tax gains or losses and per share
amounts are calculated using pre-tax amounts, applying a
tax rate based on jurisdictional rates to arrive at an after-tax
amount. This number is divided by diluted weighted average
shares outstanding to provide the impact on earnings per
share. The Company highlights the impact of these items
because when discussing earnings per share, the Company adjusts for
items it believes are not reflective of ongoing operating
activities in the periods. Restructuring and related charges
are a recurring item as Terex’s restructuring programs usually
require more than one year to fully implement and the Company is
continually seeking to take actions that could enhance its
efficiency. Although recurring, these charges are subject to
significant fluctuations from period to period due to varying
levels of restructuring activity and the inherent imprecision in
the estimates used to recognize the costs and taxes associated with
severance and termination benefits in the countries in which the
restructuring actions occur.
Free Cash Flow The
Company calculates a non-GAAP measure of free cash flow. The
Company defines free cash flow as Net cash provided by (used in)
operating activities, plus (minus) increases (decreases) in Terex
Financial Services finance receivables consisting of sales-type
leases and commercial loans (“TFS Assets”), less Capital
expenditures. The Company believes that this measure of free
cash flow provides management and investors further useful
information on cash generation or use in our primary
operations. The following table reconciles Net cash provided
by (used in) operating activities to free cash flow (in
millions):
|
|
|
Three Months Ended 6/30/2019 |
|
Six Months Ended 6/30/2019 |
Net cash provided by (used in) operating activities |
|
|
$ |
217.1 |
|
|
$ |
(48.3 |
) |
Increase (decrease) in TFS assets |
|
|
(24.4 |
) |
|
(4.9 |
) |
Capital expenditures |
|
|
(24.3 |
) |
|
(35.1 |
) |
Free cash flow |
|
|
$ |
168.4 |
|
|
$ |
(88.3 |
) |
|
|
|
|
|
|
|
|
|
|
Q2 2019 |
Income (loss) fromContinuing Operationsbefore Taxes |
|
(Provision for)benefit fromIncome Taxes (1) |
|
Income (loss)from ContinuingOperations |
|
Earnings (loss) per share (2) |
|
As Reported (GAAP) |
$ |
101.9 |
|
(20.3 |
) |
81.6 |
|
$ |
1.14 |
|
Restructuring & Related |
8.7 |
|
(1.9 |
) |
6.8 |
|
0.09 |
|
Transformation |
4.0 |
|
(0.7 |
) |
3.3 |
|
0.05 |
|
Deal Related |
(7.0 |
) |
0.3 |
|
(6.7 |
) |
(0.09 |
) |
Other |
2.4 |
|
— |
|
2.4 |
|
0.03 |
|
Tax & Interim Period (3) |
— |
|
(0.5 |
) |
(0.5 |
) |
(0.01 |
) |
As Adjusted (Non-GAAP) |
$ |
110.0 |
|
(23.1 |
) |
86.9 |
|
$ |
1.21 |
|
|
|
|
|
|
(1) Tax effect on
adjustments is calculated using the applicable jurisdictional
blended tax rate |
(2) Based on
diluted average shares outstanding of 71.7 million |
(3) Includes
adjustments without related pre-tax amounts and the tax amount
necessary to align quarterly tax expense (benefit) with the
forecasted full year as adjusted effective tax rate |
|
YTD 2019 |
Income (loss) fromContinuing Operationsbefore Taxes |
|
(Provision for)benefit fromIncome Taxes (1) |
|
Income (loss)from ContinuingOperations |
|
Earnings (loss) per share (2) |
|
As Reported (GAAP) |
$ |
177.1 |
|
(38.3 |
) |
138.8 |
|
$ |
1.93 |
|
Restructuring & Related |
10.4 |
|
(2.3 |
) |
8.1 |
|
0.11 |
|
Transformation |
8.1 |
|
(1.4 |
) |
6.7 |
|
0.09 |
|
Deal Related |
(6.8 |
) |
0.3 |
|
(6.5 |
) |
(0.09 |
) |
Tax & Interim Period (3) |
— |
|
2.1 |
|
2.1 |
|
0.03 |
|
As Adjusted (Non-GAAP) |
$ |
188.8 |
|
(39.6 |
) |
149.2 |
|
$ |
2.07 |
|
|
|
|
|
|
(1) Tax effect on
adjustments is calculated using the applicable jurisdictional
blended tax rate |
(2) Based on
diluted average shares outstanding of 71.8 million |
(3) Includes
adjustments without related pre-tax amounts and the tax amount
necessary to align quarterly tax expense (benefit) with the
forecasted full year as adjusted effective tax rate |
|
The Company has included a presentation from the
financial results for the quarter ended June 30, 2018 as reported
on July 31, 2018 to the financial results for the quarter ended
June 30, 2018 as reported today, as the Company believes this
presentation more fully highlights the change in financial results
caused by decisions made by the Company's management since July 31,
2018.
Q2 2018 |
Income (loss) fromContinuing Operationsbefore Taxes |
|
(Provision for)benefit fromIncome Taxes (1) |
|
Income (loss)from ContinuingOperations |
|
Earnings (loss) per share (2) |
As Originally Reported (July 31, 2018) |
$ |
84.8 |
|
(28.9 |
) |
55.9 |
|
$ |
0.73 |
|
Restructuring & Related |
6.3 |
|
(1.0 |
) |
5.3 |
|
0.07 |
|
Transformation |
7.8 |
|
(1.3 |
) |
6.5 |
|
0.08 |
|
Other |
(1.6 |
) |
0.7 |
|
(0.9 |
) |
(0.01 |
) |
Tax & Interim Period (3) |
— |
|
8.1 |
|
8.1 |
|
0.11 |
|
As
Originally Adjusted (July 31, 2018) |
$ |
97.3 |
|
(22.4 |
) |
74.9 |
|
$ |
0.98 |
|
(Income) loss from discontinued operations |
29.9 |
|
(1.6 |
) |
28.3 |
|
0.37 |
|
Discontinued Operations Adjustments (4) |
(5.4 |
) |
3.3 |
|
(2.1 |
) |
(0.03 |
) |
As Adjusted (Non-GAAP) |
$ |
121.8 |
|
(20.7 |
) |
101.1 |
|
$ |
1.32 |
|
|
|
|
|
|
(1) Tax effect on
adjustments is calculated using the applicable jurisdictional
blended tax rate |
(2) Based on
diluted weighted average shares outstanding of 76.7 million |
(3) Includes
adjustments without related pre-tax amounts and the tax amount
necessary to align quarterly tax expense (benefit) with the
forecasted full year as adjusted effective tax rate |
(4) Includes
Restructuring & Related and Tax & Interim Period
adjustments |
|
Q2 2018 |
Income (loss) fromContinuing Operationsbefore Taxes |
|
(Provision for)benefit fromIncome Taxes (1) |
|
Income (loss)from ContinuingOperations |
|
Earnings (loss) per share (2) |
|
As Reported (GAAP) |
$ |
114.6 |
|
(30.4 |
) |
84.2 |
|
$ |
1.10 |
|
Restructuring & Related |
2.0 |
|
(0.5 |
) |
1.5 |
|
0.02 |
|
Transformation |
6.8 |
|
(1.2 |
) |
5.6 |
|
0.07 |
|
Other |
(1.6 |
) |
0.7 |
|
(0.9 |
) |
(0.01 |
) |
Tax & Interim Period (3) |
— |
|
10.7 |
|
10.7 |
|
0.14 |
|
As Adjusted (Non-GAAP) |
$ |
121.8 |
|
(20.7 |
) |
101.1 |
|
$ |
1.32 |
|
|
|
|
|
|
(1) Tax effect on
adjustments is calculated using the applicable jurisdictional
blended tax rate |
(2) Based on
diluted weighted average shares outstanding of 76.7 million |
(3) Includes
adjustments without related pre-tax amounts and the tax amount
necessary to align quarterly tax expense (benefit) with the
forecasted full year as adjusted effective tax rate |
|
YTD 2018 |
Income (loss) fromContinuing Operationsbefore Taxes |
|
(Provision for)benefit fromIncome Taxes (1) |
|
Income (loss)from ContinuingOperations |
|
Earnings (loss) per share (2) |
|
As Reported (GAAP) |
$ |
197.5 |
|
(44.6 |
) |
152.9 |
|
$ |
1.93 |
|
Restructuring & Related |
3.1 |
|
(0.8 |
) |
2.3 |
|
0.03 |
|
Transformation |
13.1 |
|
(2.3 |
) |
10.8 |
|
0.14 |
|
Extinguishment of Debt |
0.7 |
|
(0.1 |
) |
0.6 |
|
0.01 |
|
Other |
(8.4 |
) |
1.3 |
|
(7.1 |
) |
(0.09 |
) |
Tax & Interim Period (3) |
— |
|
11.5 |
|
11.5 |
|
0.15 |
|
As Adjusted (Non-GAAP) |
$ |
206.0 |
|
(35.0 |
) |
171.0 |
|
$ |
2.17 |
|
|
|
|
|
|
(1) Tax effect on
adjustments is calculated using the applicable jurisdictional
blended tax rate |
(2) Based on
diluted average shares outstanding of 79.3 million |
(3) Includes
adjustments without related pre-tax amounts and the tax amount
necessary to align quarterly tax expense (benefit) with the
forecasted full year as adjusted effective tax rate |
|
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