Terex Corp. posted $1,402.5 million in revenue in the second quarter, compared to $1,181.7 million in the second quarter of 2017, an 18.7-percent leap. The company posted increased sales and backlog in all three of its business segments.
Terex’ AWP business segment, which includes Genie aerial equipment and Terex light towers, posted $751.1 million in sales compared to $593 million in the year-ago quarter, a 26.7-percent hike.
For the first six months of 2018, total revenue for Terex Corp. was $2,663.4 million, compared to $2,188.6 million a year ago, a 21.7-percent upswing. The AWP division had revenue of $1.39 billion, compared to $1.065 billion a year ago, a 30.5-percent uptick.
The Cranes segment also enjoyed increased revenue, with $335.3 million in the second quarter, up from $303.8 million a year ago, a 10.4-percent rise. For the first six months, Cranes increased 14.4 percent year over year, from $567.7 million to $649.3 million.
“Terex significantly improved its second quarter, as adjusted, earnings per share compared to last year,” said John Garrison, Terex president and CEO. “These strong financial results reflect operational improvements, the considerable benefit of executing our disciplined capital allocation strategy and broad-based improvements in our global markets.
“Aerial Work Platforms and Materials Processing continue to execute very well. Our Cranes segment improved as expected compared to the first quarter, but continued to be impacted by material shortages… We increased sales and backlog in all three segments and increased production to meet strong global demand.”
“Q2 was another strong quarter for our Genie brand, driven by solid operational performance and continued global demand for aerial work platforms and telehandlers,” added Genie president Matt Fearon. “Rental fleets are growing, they have high utilization and their outlook for the second half of 2018 and 2019 remains positive.”
Steve Filipov, president of Terex Cranes said the company’s Tower Crane business is growing driven by higher demand in Europe, North America and Asia. “A critical element of our Cranes improvement plan is to successfully introduce new products,” said Filipov. “The 3-axle Demag AC 55-3 all-terrain crane is the latest addition to our portfolio. By reinvigorating our product portfolio, we are re-establishing ourselves as a leader in the all-terrain segment.”