Terex Corp., parent company of mobile elevating work platform giant Genie, posted $1,403.1 million in net sales in the second quarter of 2023, compared to $1,077.1 million in the second quarter of 2022 for a 30.3-percent increase. Income from operations totaled $209.9 million in the second quarter, more than doubling last year’s second-quarter number of $103.9 million. Net income also more than doubled, $159.8 million compared to $74.1 million in the year-ago quarter.
Net sales in Genie’s AWP division was $824.9 million, compared to $597.7 million a year ago, for a 38-percent hike. Terex’s Materials Processing posted $577.4 million in net sales, compared to $480.7 million in last year’s second quarter, a 20.1-percent increase.
"The Terex team delivered another quarter of outstanding performance," said Terex chairman and CEO John Garrison Jr. "I want to thank our team members for their continued commitment to our Zero Harm safety culture and for improving deliveries to our customers and dealers. We successfully overcame supply chain challenges to deliver a 30-percent increase in sales over the prior year. Our team delivered innovative new products combined with disciplined pricing, expense management, and manufacturing efficiency initiatives to improve operating margins by 540 basis points. As a result of the team's exceptional execution and the strength of our customer backlog, we are raising our full-year EPS outlook to approximately $7.00.
"Terex continues to be exceptionally well-positioned to provide solutions to meet the increasing requirements of our customers and dealers. We continue to see growing evidence of onshoring in North America manufacturing and an increased focus by global players to achieve their sustainability goals. Our MP team is focused on developing innovative solutions for growing aggregate, material handling, and environmental and waste recycling markets. Our Utilities team is helping customers meet rising challenges related to ongoing infrastructure modernization, which remains critical to driving electrification and reducing carbon emissions. The Genie team has been executing extremely well, introducing innovative new products, taking significant cost reduction actions to streamline operations to increase profitability while ensuring the product transfers to our new permanent Monterrey facility remain on track. Looking ahead, we are increasing our full-year revenue and operating margin guidance ranges for both MP and AWP as a result of their strong performance."
Terrific first six months
Terex’s performance for the first six months of 2023 also is exceptional with $2,638.8 million, compared to $2,079.6 million for the first six months of 2022, a 26.9-percent jump. Income from operations also more than doubled, from $178.4 million in the first six months of 2022 to $357.6 million in the first half of 2023. Net income also more than doubled, from $126.4 million to $272 million.
For the first six months of 2023, Terex’s AWP segment posted $1510.8 in net sales compared to $1.149.2 million, a 31.5-percent hike. The Materials Processing segment totaled $1.131.2 million for the first six months of the year, compared to $933.4 million for the first six months of 2022, a 21.2-percent increase.
Terex Corp. is headquartered in Westport, Conn., with its Genie division based in Redmond, Wash.
