NORWALK, Conn., Feb. 11, 2021 /PRNewswire/ -- Terex Corporation
(NYSE: TEX) today announced fourth quarter 2020 income from
continuing operations of $14.9 million, or $0.21 per share, on net sales of $786.7 million. In the fourth quarter of
2019, the reported income from continuing operations was
$18.5 million, or $0.26 per share, on net sales of $885.0 million. Income from continuing
operations, as adjusted, for the fourth quarter of 2019 was
$25.7 million, or $0.36 per share. The Glossary at the end of
this press release contains further details regarding these
non-GAAP measures.
For the full year 2020, Terex reported income from continuing
operations of $9.0 million, or
$0.13 per share, on net sales of
$3.1 billion compared with income
from continuing operations of $209.7
million, or $2.92 per share,
on net sales of $4.4 billion for the
full year 2019. Income from continuing operations, as
adjusted, for the full year 2019 was $233.5
million, or $3.25 per
share.
AWP's fourth quarter 2020 results reflected modestly improving
customer sentiment in the segment's largest markets, North America and Europe. Restructuring charges impacted AWP
operating margins in the quarter. Materials Processing demonstrated
strong operational performance by delivering operating margins of
15% in the quarter, while sales were down 3%.
"Despite the challenges associated with managing through the
pandemic, Terex delivered another quarter of improving operating
performance" said John Garrison,
Chairman and Chief Executive Officer. "I would like to thank the
Terex team members, dealers and suppliers throughout the world who
have helped us safely maintain our operations and serve customers.
Because of their contributions, Terex entered 2021 well positioned
for growth. Terex will continue to deliver to our customers
innovative products and solutions that yield superior productivity
and return on investment."
Additionally, the Company announced that its Board of Directors
had reinstated its quarterly dividend for 2021. The Board of
Directors has declared a quarterly dividend of $0.12 per share. The dividend is to be paid on
March 19, 2021 to all stockholders of
record as of the close of business on March
5, 2021.
John Sheehan, Senior Vice
President and Chief Financial Officer, said, "Through aggressive
working capital management, we were able to generate over
$140 million of free cash flow in
2020. Our disciplined liquidity management supported Terex entering
2021 in a very strong financial position, with $670 million of cash and over $1.1 billion of total available liquidity.
We will use this liquidity to fund our growth opportunities.
Our strong balance sheet and expected 2021 free cash flow
generation of approximately $100
million allowed our Board of Directors to reinstate our
quarterly dividend for 2021."
Mr. Garrison continued, "Our entire organization is focused on
delivering margin expansion in 2021 by realizing the benefits of
our previously announced cost actions along with improved customer
demand and production volumes. Renewed optimism and improved
customer sentiment will drive customer demand for Terex's products
and services. As a result, our expectations are that 2021 sales
will be approximately $3.45 billion,
and EPS will be approximately $1.95
to $2.35."
Mr. Garrison concluded, "We are confident that the Company is
well positioned with its operating strategy to drive improved
execution, profitability, innovation and growth in 2021."
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 Glossary at the end of this press release contains further
details about this subject.
Total amounts in tables of this release may not calculate due to
rounding.
Conference call
The Company has scheduled a conference call to review the
financial results on Friday, February 12,
2021 beginning at 9:00 a.m.
ET. John 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.
Forward-Looking Statements
Certain information in this press release includes
forward-looking statements (within the meaning of Section 27A of
the Securities Act of 1933, Section 21E of the Securities Exchange
Act of 1934 and the Private Securities Litigation Reform Act of
1995) regarding future events or our future financial performance
that involve certain contingencies and uncertainties, including
those discussed in our Annual Report on Form 10-K for the year
ended December 31st, 2020, in the
sections entitled "Management's Discussion and Analysis of
Financial Condition and Results of Operations – Contingencies and
Uncertainties." In addition, when included in this press release or
in documents incorporated herein by reference, the words "may,"
"expects," "should," "intends," "anticipates," "believes," "plans,"
"projects," "estimates," "will" 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. We have based these forward-looking
statements on current expectations and projections about future
events. These statements are not guarantees of future
performance. Such statements are inherently subject to a
variety of risks and uncertainties that could cause actual results
to differ materially from those reflected in such forward-looking
statements. Such risks and uncertainties, many of which are
beyond our control, include, among others:
- our business has been, and could be further, adversely impacted
by global health pandemics such as the outbreak of a new strain of
coronavirus ("COVID-19");
- our business is highly competitive and is affected by our cost
structure, pricing, product initiatives and other actions taken by
competitors;
- we are dependent upon third-party suppliers, making us
vulnerable to supply shortages and price increases;
- our operations are subject to a number of potential risks that
arise from operating a multinational business, including compliance
with changing regulatory environments and political
instability;
- a material disruption to one of our significant
facilities;
- our business is sensitive to government spending;
- our business is affected by the cyclical nature of markets we
serve;
- our financial results could be adversely impacted by the
United Kingdom's ("U.K.")
departure from the European Union ("E.U.");
- changes affecting the availability of the London Interbank
Offered Rate ("LIBOR") may have consequences on us that cannot yet
reasonably be predicted;
- 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;
- 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;
- our business is global and subject to changes in exchange rates
between currencies, commodity price changes, regional economic
conditions and trade restrictions;
- our retention of key management personnel;
- possible work stoppages and other labor matters;
- 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;
- compliance with changing laws and regulations, particularly
environmental and tax laws and regulations;
- litigation, product liability claims and other
liabilities;
- our compliance with the U.S. Foreign Corrupt Practices Act and
similar worldwide anti-corruption laws;
- increased regulatory focus on privacy and data security issues
and expanding laws;
- our ability to comply with an injunction and related
obligations imposed by the United States Securities and Exchange
Commission ("SEC");
- our ability to successfully implement our strategy
- disruption or breach in our information technology systems and
storage of sensitive data; and
- other factors.
Actual events or our actual future results may differ materially
from any forward-looking statement due to these and other risks,
uncertainties and material factors. The forward-looking
statements contained herein speak only as of the date of this press
release and the forward-looking statements contained in documents
incorporated herein by reference speak only as of the date of the
respective documents. We expressly disclaim any obligation or
undertaking to release publicly any updates or revisions to any
forward-looking statement contained or incorporated by reference in
this press release to reflect any change in our expectations with
regard thereto or any change in events, conditions or circumstances
on which any such statement is based.
About Terex
Terex Corporation is a global manufacturer of aerial work
platforms and materials processing machinery. The Company designs,
builds, and supports products used in construction, maintenance,
manufacturing, energy, minerals and materials management
applications. The Company's products are manufactured in North and
South America, Europe, Australia, and Asia and sold worldwide. The Company engages
with customers through all stages of the product life cycle, from
initial specification and financing to parts and service support.
Terex uses its website (www.terex.com) to make information
available to its investors.
Contact Information
Terex Corporation
Randy Wilson
Director, Investor Relations
203-221-5415
|
TEREX CORPORATION
AND SUBSIDIARIES
|
CONDENSED
CONSOLIDATED STATEMENT OF OPERATIONS
|
(unaudited)
|
(in millions, except
per share data)
|
|
|
Three Months
Ended
December 31,
|
|
Twelve Months
Ended
December 31,
|
|
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
Net sales
|
$
|
786.7
|
|
|
|
885.0
|
|
|
|
3,076.4
|
|
|
|
4,353.1
|
|
Cost of goods
sold
|
|
(637.5)
|
|
|
|
(716.4)
|
|
|
|
(2,537.1)
|
|
|
|
(3,465.3)
|
|
Gross
profit
|
|
149.2
|
|
|
|
168.6
|
|
|
|
539.3
|
|
|
|
887.8
|
|
Selling, general and
administrative expenses
|
|
(117.6)
|
|
|
|
(145.7)
|
|
|
|
(470.9)
|
|
|
|
(552.8)
|
|
Income (loss) from
operations
|
|
31.6
|
|
|
|
22.9
|
|
|
|
68.4
|
|
|
|
335.0
|
|
Other income
(expense)
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
1.1
|
|
|
|
1.1
|
|
|
|
3.6
|
|
|
|
6.5
|
|
Interest
expense
|
|
(15.9)
|
|
|
|
(18.3)
|
|
|
|
(65.9)
|
|
|
|
(87.9)
|
|
Other income (expense)
– net
|
|
5.0
|
|
|
|
(3.2)
|
|
|
|
4.9
|
|
|
|
(6.1)
|
|
Income (loss) from
continuing operations before income taxes
|
|
21.8
|
|
|
|
2.5
|
|
|
|
11.0
|
|
|
|
247.5
|
|
(Provision for)
benefit from income taxes
|
|
(6.9)
|
|
|
|
16.0
|
|
|
|
(2.0)
|
|
|
|
(37.8)
|
|
Income (loss) from
continuing operations
|
|
14.9
|
|
|
|
18.5
|
|
|
|
9.0
|
|
|
|
209.7
|
|
Income (loss) from
discontinued operations – net of tax
|
|
0.9
|
|
|
|
(3.6)
|
|
|
|
(0.4)
|
|
|
|
(155.4)
|
|
Gain (loss) on
disposition of discontinued operations- net of tax
|
|
1.9
|
|
|
|
9.6
|
|
|
|
(19.2)
|
|
|
|
0.1
|
|
Net income
(loss)
|
$
|
17.7
|
|
|
|
24.5
|
|
|
|
(10.6)
|
|
|
|
54.4
|
|
Basic earnings (loss)
per share:
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from
continuing operations
|
$
|
0.22
|
|
|
|
0.26
|
|
|
|
0.13
|
|
|
|
2.95
|
|
Income (loss) from
discontinued operations – net of tax
|
|
0.01
|
|
|
|
(0.05)
|
|
|
|
(0.01)
|
|
|
|
(2.18)
|
|
Gain (loss) on
disposition of discontinued operations – net of tax
|
|
0.03
|
|
|
|
0.13
|
|
|
|
(0.27)
|
|
|
|
—
|
|
Net income
(loss)
|
$
|
0.26
|
|
|
|
0.34
|
|
|
|
(0.15)
|
|
|
|
0.77
|
|
Diluted earnings
(loss) per share:
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from
continuing operations
|
$
|
0.21
|
|
|
|
0.26
|
|
|
|
0.13
|
|
|
|
2.92
|
|
Income (loss) from
discontinued operations – net of tax
|
|
0.01
|
|
|
|
(0.05)
|
|
|
|
(0.01)
|
|
|
|
(2.16)
|
|
Gain (loss) on
disposition of discontinued operations – net of tax
|
|
0.03
|
|
|
|
0.13
|
|
|
|
(0.27)
|
|
|
|
—
|
|
Net income
(loss)
|
$
|
0.25
|
|
|
|
0.34
|
|
|
|
(0.15)
|
|
|
|
0.76
|
|
Weighted average
number of shares outstanding in per share calculation
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
69.4
|
|
|
|
71.2
|
|
|
|
69.6
|
|
|
|
71.1
|
|
Diluted
|
|
70.3
|
|
|
|
71.9
|
|
|
|
70.1
|
|
|
|
71.8
|
|
|
|
|
TEREX CORPORATION
AND SUBSIDIARIES
|
CONDENSED
CONSOLIDATED BALANCE SHEET
|
(unaudited)
|
(in millions, except
par value)
|
|
|
December 31,
2020
|
|
December 31,
2019
|
|
|
Assets
|
|
|
|
|
|
Current
assets
|
|
|
|
|
|
Cash and cash
equivalents
|
$
|
665.0
|
|
$
|
535.1
|
Other current
assets
|
|
1,213.6
|
|
|
1,484.6
|
Total current
assets
|
|
1,878.6
|
|
|
2,019.7
|
Non-current
assets
|
|
|
|
|
|
Property, plant and
equipment – net
|
|
406.6
|
|
|
389.4
|
Other non-current
assets
|
|
746.6
|
|
|
786.5
|
Total non-current
assets
|
|
1,153.2
|
|
|
1,175.9
|
Total
assets
|
$
|
3,031.8
|
|
$
|
3,195.6
|
|
|
|
|
|
|
Liabilities and
Stockholders' Equity
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
Current portion of
long-term debt
|
$
|
7.6
|
|
$
|
6.9
|
Other current
liabilities
|
|
715.7
|
|
|
865.5
|
Total current
liabilities
|
|
723.3
|
|
|
872.4
|
Non-current
liabilities
|
|
|
|
|
|
Long-term debt, less
current portion
|
|
1,166.2
|
|
|
1,168.8
|
Other non-current
liabilities
|
|
220.8
|
|
|
222.1
|
Total non-current
liabilities
|
|
1,387.0
|
|
|
1,390.9
|
Total
liabilities
|
|
2,110.3
|
|
|
2,263.3
|
|
|
|
|
|
|
Total stockholders'
equity
|
|
921.5
|
|
|
932.3
|
Total liabilities and
stockholders' equity
|
$
|
3,031.8
|
|
$
|
3,195.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TEREX CORPORATION
AND SUBSIDIARIES
|
CONDENSED
CONSOLIDATED STATEMENT OF CASH FLOWS
|
(unaudited)
|
(in
millions)
|
|
|
Year Ended
December 31
|
|
|
2020
|
|
2019
|
|
Operating
Activities
|
|
|
|
|
Net income
(loss)
|
$
|
(10.6)
|
|
$
|
54.4
|
|
Depreciation and
amortization
|
|
49.7
|
|
|
49.6
|
|
Changes in operating
assets and liabilities and non-cash charges
|
|
186.3
|
|
|
69.4
|
|
Net cash provided by
(used in) operating activities
|
|
225.4
|
|
|
173.4
|
|
Investing
Activities
|
|
|
|
|
|
|
Capital
expenditures
|
|
(64.5)
|
|
|
(108.9)
|
|
Other investing
activities, net
|
|
26.0
|
|
|
212.7
|
|
Net cash provided by
(used in) investing activities
|
|
(38.5)
|
|
|
103.8
|
|
Financing
Activities
|
|
|
|
|
|
|
Net cash provided by
(used in) financing activities
|
|
(82.8)
|
|
|
(103.7)
|
|
Effect of exchange
rate changes on cash and cash equivalents
|
|
25.9
|
|
|
(5.5)
|
|
Net increase
(decrease) in cash and cash equivalents
|
|
130.0
|
|
|
168.0
|
|
Cash and cash
equivalents at beginning of period
|
|
540.1
|
|
|
372.1
|
|
Cash and cash
equivalents at end of period
|
$
|
670.1
|
|
$
|
540.1
|
|
|
|
|
|
|
|
|
|
|
TEREX CORPORATION
AND SUBSIDIARIES
|
SEGMENT RESULTS
DISCLOSURE
|
(unaudited)
|
(in
millions)
|
|
|
Q4
|
|
Year to
Date
|
|
2020
|
2019
|
|
2020
|
2019
|
|
|
|
%
of
|
|
|
%
of
|
|
|
|
%
of
|
|
|
%
of
|
Net
Sales
|
Net
Sales
|
|
Net
Sales
|
Net
Sales
|
Consolidated
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales
|
$
|
786.7
|
|
$
|
885.0
|
|
|
$
|
3,076.4
|
|
|
$
|
4,353.1
|
|
|
Income from
operations
|
$
|
31.6
|
4.0%
|
$
|
22.9
|
2.6%
|
|
$
|
68.4
|
|
2.2%
|
$
|
335.0
|
|
7.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AWP
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales
|
$
|
412.3
|
|
$
|
500.1
|
|
|
$
|
1,782.9
|
|
|
$
|
2,726.6
|
|
|
Income from
operations
|
$
|
(1.9)
|
(0.5)%
|
$
|
4.4
|
0.9%
|
|
$
|
0.5
|
|
—%
|
$
|
196.2
|
|
7.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MP
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales
|
$
|
366.3
|
|
$
|
378.5
|
|
|
$
|
1,256.8
|
|
|
$
|
1,602.6
|
|
|
Income from
operations
|
$
|
54.7
|
14.9%
|
$
|
44.7
|
11.8%
|
|
$
|
143.4
|
|
11.4%
|
$
|
227.9
|
|
14.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corp and Other /
Eliminations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales
|
$
|
8.1
|
|
$
|
6.4
|
|
|
$
|
36.7
|
|
|
$
|
23.9
|
|
|
Loss from
operations
|
$
|
(21.2)
|
*
|
$
|
(26.2)
|
*
|
|
$
|
(75.5)
|
|
*
|
$
|
(89.1)
|
|
*
|
* - 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 December 31, 2020, unless
otherwise indicated.
2021 Outlook
The Company's 2021 outlook for earnings per share is a non-GAAP
financial measure because it excludes the impact of potential
future acquisitions, divestitures, restructuring, and other unusual
items. The Company is not able to reconcile this forward-looking
non-GAAP financial measure to its 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 2021 GAAP financial results. This forward
looking information provides guidance to investors about the
Company's EPS expectations excluding unusual items 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, net of proceeds from
sale of capital assets (excluding the acquisition of our
Northern Ireland properties), plus
the estimated level of net working capital in divested businesses
at the closing date. 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):
|
|
Year Ended
December 31, 2020
|
|
Year Ended
December 31, 2019
|
|
Net cash provided by
(used in) operating activities
|
|
$
|
225.4
|
|
|
$
|
173.4
|
|
|
Increase (decrease)
in TFS assets
|
|
(40.1)
|
|
|
(31.1)
|
|
|
Capital expenditures,
net of proceeds from sale of capital assets
|
|
(44.0)
|
|
(1)
|
(94.4)
|
|
(2)
|
Deal related net
working capital adjustment
|
|
—
|
|
|
38.5
|
|
|
Free cash
flow
|
|
$
|
141.3
|
|
|
$
|
86.4
|
|
|
|
(1) Includes $17.8 million of
proceeds from sale of capital assets within Proceeds (payments)
from the disposition of discontinued operations in the Consolidated
Statement of Cash Flows
|
(2) Includes $10.2 million of
proceeds from sale of capital assets within Proceeds (payments)
from the disposition of discontinued operations in the Consolidated
Statement of Cash Flows
|
|
|
Q4
2019
|
|
Income (loss)
from
Continuing Operations
before Taxes
|
(Provision for)
benefit from
Income Taxes (1)
|
Income (loss)
from Continuing
Operations
|
Earnings
(loss)
per share (2)
|
As Reported
(GAAP)
|
|
$
|
2.5
|
|
16.0
|
|
18.5
|
|
$
|
0.26
|
|
Restructuring &
Related
|
|
9.8
|
|
(1.9)
|
|
7.9
|
|
0.11
|
|
Transformation
|
|
3.4
|
|
(0.9)
|
|
2.5
|
|
0.03
|
|
Other
|
|
1.2
|
|
(0.1)
|
|
1.1
|
|
0.02
|
|
Tax & Interim
Period (3)
|
|
—
|
|
(4.3)
|
|
(4.3)
|
|
(0.06)
|
|
As Adjusted
(Non-GAAP)
|
|
$
|
16.9
|
|
8.8
|
|
25.7
|
|
$
|
0.36
|
|
|
|
|
|
|
|
(1) Tax effect on
adjustments is calculated using the applicable jurisdictional
blended tax rate
|
(2) Based on diluted
average shares outstanding of 71.9 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
|
|
|
|
FY
2019
|
|
Income (loss)
from
Continuing Operations
before Taxes
|
(Provision for)
benefit from
Income Taxes (1)
|
Income (loss)
from Continuing
Operations
|
Earnings
(loss)
per share (2)
|
As Reported
(GAAP)
|
|
$
|
247.5
|
|
(37.8)
|
|
209.7
|
|
$
|
2.92
|
|
Restructuring &
Related
|
|
22.4
|
|
(4.7)
|
|
17.7
|
|
0.24
|
|
Transformation
|
|
13.7
|
|
(2.8)
|
|
10.9
|
|
0.15
|
|
Deal
Related
|
|
(7.5)
|
|
0.2
|
|
(7.3)
|
|
(0.10)
|
|
Other
|
|
0.6
|
|
(0.1)
|
|
0.5
|
|
0.01
|
|
Tax & Interim
Period (3)
|
|
—
|
|
2.0
|
|
2.0
|
|
0.03
|
|
As Adjusted
(Non-GAAP)
|
|
$
|
276.7
|
|
(43.2)
|
|
233.5
|
|
$
|
3.25
|
|
|
|
|
|
|
|
(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
|
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SOURCE Terex Corporation