Terex Corp. posted $1,235.7 million in revenue in the first quarter of 2023 compared to $1,002.5 million in the first quarter of 2022, a 23.3-percent increase. The increase was primarily driven by higher volumes and demand and improved price realization necessary to mitigate rising costs across all segments. The boost was partially offset by a $42 million negative impact from changes to foreign exchange rates. Net income was $12.1 million compared to $11.7 million in the year-ago quarter. Income from operations was $148 million, up 98 percent year over year.
“We entered 2023 with significant momentum as we continued to successfully execute against our growth strategy amidst elevated macroeconomic volatility and lingering supply chain constraints,” said Terex chairman and CEO John Garrison Jr. “I would like to thank our team members for their dedication to our Zero Harm safety culture and their efforts in serving our customers and dealers. We delivered strong first quarter results, with sales growing 23 percent, operating margin expansion of 460 basis points, and EPS more than doubling over the prior year. We are raising our full-year EPS outlook as a result of this impressive performance, strong demand for our products and a healthy backlog of $4.1 billion.
“We also continued to invest in new technologies and products across our business, and are proud of our recent innovations that support sustainability and help reduce GHG emissions with electric and hybrid options for our customers. During the quarter we showcased our expanded portfolio of products and solutions at various trade shows, highlighting how we help our customers operate their equipment safely and profitably, while also supporting their sustainability goals and lowering their total cost of ownership.”
Income from continuing operations was $109.9 million, or $1.50 per share, compared to $52.3 million, or $0.74 per share, a year ago. EPS was up 116.2 percent year over year.
Aerial Work Platforms
Net sales of AWPs were $685.9 million, a 24.4-percent increase from the first quarter of 2022, driven by higher demand for fleet replacement, end-market growth and price realization necessary to mitigate rising costs. Excluding the impact of foreign exchange rates of approximately $15 million, net sales jumped 27.1 percent year over year.
Income from operations increased to $83.1 million or 12.1 percent of net sales, compared to $32.5 million, or 5.9 percent of net sales a year ago.
The Materials Processing division reported net sales of $553.8 million, a 22.3-percent increase. Income from operations increased to $85.3 million or 15.4 percent of net sales, compared to $64.5 million, or 14.2 percent of net sales a year ago.