Terex Corp. posted $1,077.1 million in second quarter 2022 revenues compared to $1,038.7 million in the second quarter of 2021, a 3.7-percent increase, driven by strong growth in the company’s Materials Processing segment. The company posted a 51-percent year-over-year backlog growth to $3.5 billion.
Terex’s increase was primarily the result of improved price realization across all segments and healthy demand for its products. The increase was partially offset by a 5-percent negative impact from changes in foreign exchange rates. Income from continuing operations of $74.1 million, or $1.07 per share, in the second quarter of 2022, a 2.5-percent increase compared to income from continuing operations of $72.3 million, or $1.02 per share, in the second quarter of 2021.
In Terex’s Aerial Work Platforms segment, net sales were $597.7 million for the second quarter, up 0.4 percent or $2.5 million compared to last year. Excluding the impact of foreign exchange rates of approximately $21 million, net sales increased 4 percent. The increase was primarily because of price realization and higher demand in all major geographies except for China.
In Terex’s Materials Processing segment, net sales were $480.7 million, a 9.1-percent increase compared to last year’s second quarter, primarily from price realization and robust end-market demand for aggregates and material handlers in all major geographies. Excluding the impact of foreign exchange rates of about $30 million, net sales increased 15.9 percent. Income from operations increased $7.4 million to $79.5 million or 16.5 percent of net sales, compared to $72.1 million or 16.4 percent of net sales a year ago.
Increasing electric portfolio
“We are pleased with our solid financial performance in the quarter as a result of continued execution of our strategy and relentless focus on delivering for our customers and dealers,” said Terex chairman and CEO John Garrison Jr. “We grew sales 9 percent when adjusting for FX rates and ended the quarter with backlog of $3.5 billion, an increase of 51 percent year over year, emphasizing sustained strong demand from our customers.
“We are proud of our execution this quarter amidst global supply chain disruptions and significant inflationary pressures. As a result of the strong performance in the first half of the year we are raising our full year EPS outlook to $3.80 to $4.20. We remain focused on executing our multi-year growth plan and continue to invest in new technologies and products. We were first in the industry to introduce an all-electric bucket truck, supporting aggressive sustainability goals at electric utilities; we acquired ProAll, expanding our concrete product offering; and we invested in Acculon Energy, accelerating and further advancing Genie battery technology and electrification offerings. Our industry-leading and innovative new products, steady backlog, recognized brands and strong balance sheet position us well to navigate the near-term macro challenges to deliver long-term value."
For the first six months of 2022, Terex reported $2,079.6 million compared to $1,902.9 million for the first six months of 2021, a 9.3-percent leap.