Terex Corp. posted net sales of $1,290.1 million in the third quarter of 2023, compared to $1,120.5 million in the third quarter of 2022, a 15.1-percent increase. For the first nine months of 2023, Terex’s net sales totaled $3,928.9 million compared to $3,200.1 million for the first nine months of 2022, a 22.7-percent hike.
Income from operations in the third quarter was $163.2 million, compared to $120.8 million in the year-ago quarter, a 35.1-percent jump.
In the Aerial Work Platforms segment, best known as Genie Industries, net sales in the third quarter were $751 million, compared to $662.6 million in last year’s third quarter, a 13.3-percent boost. For the first nine months of 2023, aerial revenues reached $2,261.8 million compared to $1,811.8 million for the first nine months of 2022, a 24.8-percent incline.
Terex’s Materials Processing division posted $541.1 million for the third quarter, compared to $457.9 million a year ago, an 18.2-percent rise. For the first nine months of the year, MP totaled $1,672.3 million in net sales, compared to $1,391.3 million in the prior-year period, a 20.2-percent increase.
“We demonstrated strong execution in the third quarter and delivered a 15-percent increase in sales and a 46-percent improvement in EPS over the prior year,” said Terex chairman and CEO John Garrison. “I want to thank all our dedicated team members for their hard work and continued commitment to our Zero Harm Safety Culture and improving deliveries to our customers and dealers. As a result of continued strong performance, we are raising our full-year 2023 EPS outlook to ~$7.05. We remain confident in our ability to execute on our strategy to deliver long-term shareholder value.”