Terex Corporation (NYSE:TEX) today announced a loss from
continuing operations of $2.1 million, or $0.02 per share for the
first quarter of 2015, as compared to income from continuing
operations of $32.6 million, or $0.28 per share for the first
quarter of 2014. The effective tax rate for the first quarter of
2015 was 114.9% as compared to an effective tax rate of 26.7% for
the first quarter of 2014. Net sales were $1,495.6 million in the
first quarter of 2015, a decrease of $159.0 million when compared
with the $1,654.6 million in the first quarter of 2014. Net sales
were essentially flat on a currency neutral basis. Income from
operations was $44.2 million in the first quarter of 2015, a
decrease of $30.8 million when compared to income from operations
of $75.0 million in the first quarter of 2014.
“Operationally the first quarter was generally in-line with our
expectations in most of our businesses, and we are encouraged by
our order and backlog trends. However, our overall results were
weighed down by lower margins in our AWP segment and an unusually
high tax rate,” commented Ron DeFeo, Terex Chairman and Chief
Executive Officer. “Labor issues at the West Coast ports, severe
weather conditions in some regions in the U.S. and uncertainty
surrounding oil and gas caused our AWP segment to have a slow start
to the year. Currency exchange rates, an unfavorable product mix of
fewer booms and more telehandlers, and higher factory production
rates in the prior year first quarter, also negatively impacted the
year over year margin comparison. Importantly, our AWP segment
exited the first quarter with a meaningfully higher operating
margin run rate than its overall margins for the quarter. This,
coupled with a strong backlog gives us confidence that AWP will
return to more normalized operating margins in the second
quarter.”
Mr. DeFeo continued, “Performance across our remaining business
segments was consistent with our expectations. Our Materials
Processing business had a reasonable start to the year in what is
traditionally a seasonally softer quarter for sales in this
segment. While both the MHPS and Construction segments had an
operating loss in the quarter, we continue to anticipate improving
operating results from these businesses for the balance of 2015.
Our Cranes segment performed generally as planned for the first
quarter. The order trends and product mix in backlog for this
segment continue to suggest improvements as the year progresses.
Although our tax rate was unusually high in the quarter due to the
mix of earnings and losses by country, we expect our full year tax
rate to be consistent with the guidance we provided in
February.”
Outlook: “The Company’s overall
outlook for 2015 has not changed,” Mr. DeFeo added. “We expect
strong performance from our AWP segment and improvement from our
other segments throughout the remainder of 2015. We reiterate our
annual outlook for earnings per share of between $2.00 and $2.30,
excluding restructuring and other unusual items, on net sales of
between $6.2 billion and $6.6 billion.”
Capital Structure: “Capital
allocation activities within the quarter proceeded as planned,”
commented Kevin Bradley, Terex Senior Vice President and Chief
Financial Officer. “During the first quarter we purchased
approximately $48 million of stock under a new $200 million share
repurchase authorization. We also increased our quarterly dividend
as part of our ongoing commitment to enhance shareholder
value."
The Company’s liquidity at March 31, 2015 decreased by $238
million compared to December 31, 2014 and totaled approximately
$840 million, which was comprised of cash balances of $351 million
and borrowing availability under the Company’s revolving credit
facilities of $489 million. The decrease in liquidity was primarily
the result of investments in TFS assets, the share repurchase
program and the seasonal ramp up in production in anticipation of
stronger demand in the second quarter.
Return on Invested Capital (ROIC) was 9.8% at March 31, 2015
compared to 8.6% at March 31, 2014.
Taxes: The higher effective tax
rate in the first quarter of 2015 was primarily due to the
increased impact of losses not benefitted combined with lower
profit before tax in the current year period when compared to the
three months ended March 31, 2014. The Company still expects the
effective tax rate to be between 30% and 32% for 2015.
Backlog: Backlog for orders
deliverable during the next twelve months was $2,141 million at
March 31, 2015, an increase of 7.0% from December 31, 2014 and a
decrease of 9.4% from March 31, 2014. Excluding the impact of
foreign exchange rate changes, backlog at March 31, 2015 increased
1.5% from March 31, 2014 primarily driven by our AWP segment.
All results are for continuing operations. All per share amounts
are on a fully diluted basis. A comprehensive review of the
quarterly financial performance is contained in the presentation
that will accompany the Company’s earnings conference call.
In this press release, Terex refers to various GAAP (U.S.
generally accepted accounting principles) and non-GAAP financial
measures. These non-GAAP measures may not be comparable to
similarly titled measures being disclosed by other companies. Terex
believes that this non-GAAP information is useful to understanding
its operating results and the ongoing performance of its underlying
businesses. Certain financial measures are shown in italics the
first time referenced and are described in the text or the Glossary
at the end of this press release.
Conference call
The Company has scheduled a one hour conference call to review
the financial results on Thursday, April 30, 2015 at 8:30 a.m. ET.
Ronald M. DeFeo, Chairman and CEO, will host the call. A
simultaneous webcast of this call will be available on the
Company’s website, www.terex.com. To listen to the call, select
“Investor Relations” in the “About Terex” section on the home page
and then click on the webcast microphone link. Participants are
encouraged to access the call 10 minutes prior to the starting
time. The call will also be archived on the Company’s website under
“Audio Archives” in the “Investor Relations” section of the
website.
Forward-Looking Statements
This press release contains forward-looking information
regarding future events or the Company’s future financial
performance based on the current expectations of Terex Corporation.
In addition, when included in this press release, the words “may,”
“expects,” “intends,” “anticipates,” “plans,” “projects,”
“estimates” and the negatives thereof and analogous or similar
expressions are intended to identify forward-looking statements.
However, the absence of these words does not mean that the
statement is not forward-looking. The Company has based these
forward-looking statements on current expectations and projections
about future events. These statements are not guarantees of future
performance.
Because forward-looking statements involve risks and
uncertainties, actual results could differ materially. Such risks
and uncertainties, many of which are beyond the control of Terex,
include among others: Our business is cyclical and weak general
economic conditions affect the sales of our products and financial
results; our ability to successfully integrate acquired businesses;
the need to comply with restrictive covenants contained in our debt
agreements; our ability to generate sufficient cash flow to service
our debt obligations and operate our business; our ability to
access the capital markets to raise funds and provide liquidity;
our business is sensitive to government spending; our business is
very competitive and is affected by our cost structure, pricing,
product initiatives and other actions taken by competitors; our
retention of key management personnel; the financial condition of
suppliers and customers, and their continued access to capital; our
providing financing and credit support for some of our customers;
we may experience losses in excess of recorded reserves; impairment
in the carrying value of goodwill and other indefinite-lived
intangible assets; our ability to obtain parts and components from
suppliers on a timely basis at competitive prices; our business is
global and subject to changes in exchange rates between currencies,
regional economic conditions and trade restrictions; our operations
are subject to a number of potential risks that arise from
operating a multinational business, including compliance with
changing regulatory environments, the Foreign Corrupt Practices Act
and other similar laws and political instability; a material
disruption to one of our significant facilities; possible work
stoppages and other labor matters; compliance with changing laws
and regulations, particularly environmental and tax laws and
regulations; litigation, product liability claims, intellectual
property claims, class action lawsuits and other liabilities; our
ability to comply with an injunction and related obligations
imposed by the United States Securities and Exchange Commission
(“SEC”); disruption or breach in our information technology
systems; and other factors, risks and uncertainties that are more
specifically set forth in our public filings with the SEC.
Actual events or the actual future results of Terex may differ
materially from any forward-looking statement due to these and
other risks, uncertainties and significant factors. The
forward-looking statements speak only as of the date of this
release. Terex expressly disclaims any obligation or undertaking to
release publicly any updates or revisions to any forward-looking
statement included in this release to reflect any changes in
expectations with regard thereto or any changes in events,
conditions, or circumstances on which any such statement is
based.
Terex Corporation is a lifting and material handling solutions
company reporting in five business segments: Aerial Work Platforms,
Construction, Cranes, Material Handling & Port Solutions and
Materials Processing. Terex manufactures a broad range of equipment
for use in various industries, including the construction,
infrastructure, manufacturing, shipping, transportation, refining,
energy, utility, quarrying and mining industries. Terex offers
financial products and services to assist in the acquisition of
Terex equipment through Terex Financial Services. Terex uses its
website (www.terex.com) and its
Facebook page (www.facebook.com/TerexCorporation) to make
information available to its investors and the market.
TEREX CORPORATION AND
SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF
INCOME
(unaudited)
(in millions, except per share data)
Three Months Ended March 31, 2015 2014 Net
sales $ 1,495.6 $ 1,654.6 Cost of goods sold (1,219.0 )
(1,321.2 ) Gross profit 276.6 333.4 Selling, general and
administrative expenses (232.4 ) (258.4 ) Income
(loss) from operations 44.2 75.0 Other income (expense) Interest
income 1.0 1.3 Interest expense (28.2 ) (30.4 ) Other income
(expense) – net (6.9 ) (2.9 ) Income (loss) from
continuing operations before income taxes 10.1 43.0 (Provision for)
benefit from income taxes (11.6 ) (11.5 ) Income
(loss) from continuing operations (1.5 ) 31.5 Income (loss) from
discontinued operations – net of tax — 0.9 Gain (loss) on
disposition of discontinued operations- net of tax 3.1
1.5 Net income (loss) 1.6 33.9 Net loss
(income) attributable to noncontrolling interest (0.6 )
1.1 Net income (loss) attributable to Terex
Corporation $ 1.0 $ 35.0 Amounts attributable to
Terex Corporation common stockholders: Income (loss) from
continuing operations $ (2.1 ) $ 32.6 Income (loss) from
discontinued operations – net of tax — 0.9 Gain (loss) on
disposition of discontinued operations – net of tax 3.1
1.5 Net income (loss) attributable to Terex
Corporation $ 1.0 $ 35.0 Basic Earnings (Loss)
per Share Attributable to Terex Corporation Common Stockholders:
Income (loss) from continuing operations $ (0.02 ) $ 0.30
Income (loss) from discontinued operations – net of tax — 0.01 Gain
(loss) on disposition of discontinued operations – net of tax
0.03 0.01 Net income (loss)
attributable to Terex Corporation $ 0.01 $ 0.32
Diluted Earnings (Loss) per Share Attributable to Terex
Corporation Common Stockholders: Income (loss) from
continuing operations $ (0.02 ) $ 0.28 Income (loss) from
discontinued operations – net of tax — 0.01 Gain (loss) on
disposition of discontinued operations – net of tax 0.03
0.01 Net income (loss) attributable to Terex
Corporation $ 0.01 $ 0.30 Weighted average number of
shares outstanding in per share calculation Basic 106.3
110.8 Diluted 106.3 117.3
TEREX CORPORATION AND
SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE
SHEET
(unaudited)
(in millions, except par value)
March 31, December 31, 2015 2014 Assets Current assets Cash
and cash equivalents $ 351.3 $ 478.2 Trade receivables (net of
allowance of $26.9 and $30.5 at March 31, 2015 and December 31,
2014, respectively) 1,131.4 1,086.4 Inventories 1,520.7 1,460.9
Prepaid assets 270.5 248.0 Other current assets 85.6
82.7 Total current assets 3,359.5 3,356.2 Non-current
assets Property, plant and equipment – net 647.9 690.3 Goodwill
1,031.5 1,131.0 Intangible assets – net 290.9 325.4 Other assets
404.3 425.1 Total assets $ 5,734.1
$ 5,928.0 Liabilities and Stockholders’ Equity
Current liabilities Notes payable and current portion of long-term
debt $ 160.2 $ 152.5 Trade accounts payable 738.1 736.1 Accrued
compensation and benefits 195.8 204.0 Accrued warranties and
product liability 67.2 74.2 Customer advances 224.6 197.4 Other
current liabilities 307.7 278.9 Total
current liabilities 1,693.6 1,643.1
Non-current liabilities Long-term debt, less current portion
1,712.7 1,636.3 Retirement plans 390.8 432.5 Other non-current
liabilities 155.7 177.0 Total
liabilities 3,952.8 3,888.9 Commitments
and contingencies Stockholders’ equity Common stock, $.01 par value
– authorized 300.0 shares; issued 125.3 and 124.6 shares at March
31, 2015 and December 31, 2014, respectively 1.3 1.2 Additional
paid-in capital 1,245.4 1,251.5 Retained earnings 1,979.3 1,984.9
Accumulated other comprehensive income (loss) (629.6 ) (429.8 )
Less cost of shares of common stock in treasury – 20.9 and 19.2
shares at March 31, 2015 and December 31, 2014, respectively
(848.6 ) (801.9 ) Total Terex Corporation stockholders’
equity 1,747.8 2,005.9 Noncontrolling interest 33.5
33.2 Total stockholders’ equity 1,781.3
2,039.1 Total liabilities, and stockholders’ equity $
5,734.1 $ 5,928.0
TEREX CORPORATION AND
SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF
CASH FLOWS
(unaudited)
(in millions)
Three Months Ended March 31, 2015 2014
Operating Activities Net income $ 1.6 $ 33.9 Adjustments to
reconcile net income to net cash provided by (used in) operating
activities: Depreciation and amortization 32.9 39.1
Changes in operating assets and liabilities (net of effects of
acquisitions and divestitures): Trade receivables (101.4 )
61.2 Inventories (132.7 ) (195.5 ) Trade accounts payable 49.8 54.8
Customer advances 36.6 46.2 Other, net 2.5
(14.5 ) Net cash provided by (used in) operating activities $
(110.7 ) $ 25.2 Investing Activities Capital expenditures
(26.2 ) (19.0 ) Other investing activities, net (24.1 )
(6.9 ) Net cash (used in) provided by investing activities
(50.3 ) (25.9 ) Financing Activities Net cash
provided by (used in) financing activities 64.5
(17.4 ) Effect of Exchange Rate Changes on Cash and Cash
Equivalents (30.4 ) 0.5 Net Increase
(Decrease) in Cash and Cash Equivalents (126.9 ) (17.6 ) Cash and
Cash Equivalents at Beginning of Period 478.2
408.1 Cash and Cash Equivalents at End of Period $ 351.3
$ 390.5
TEREX CORPORATION AND
SUBSIDIARIES
SEGMENT RESULTS DISCLOSURE
(unaudited)
(in millions)
First Quarter 2015 2014 %
of % of Net Sales Net Sales
Consolidated Net sales $ 1,495.6 $ 1,654.6
Gross profit 276.6 18.5 % 333.4 20.1 % SG&A 232.4
15.5 % 258.4 15.6 % Income from operations $ 44.2 3.0
% $ 75.0 4.5 %
AWP Net sales $ 507.2 $ 584.9
Gross profit 93.1 18.4 % 133.1 22.8 % SG&A 49.8
9.8 % 50.9 8.7 % Income from operations $ 43.3
8.5 % $ 82.2 14.1 %
Construction Net sales $ 153.9
$ 195.7 Gross profit 16.6 10.8 % 19.1 9.8 % SG&A
21.1 13.7 % 24.1 12.3 % Loss from
operations $ (4.5 ) (2.9 %) $ (5.0 ) (2.6 %)
Cranes
Net sales $ 386.9 $ 393.6 Gross profit 61.5 15.9 %
60.0 15.2 % SG&A 57.9 15.0 % 60.2
15.3 % Income (loss) from operations $ 3.6 0.9 % $ (0.2 ) (0.1 %)
MHPS Net sales $ 321.9 $ 368.2 Gross
profit 72.4 22.5 % 84.6 23.0 % SG&A 76.7 23.8 %
90.9 24.7 % Loss from operations $ (4.3 ) (1.3 %) $
(6.3 ) (1.7 %)
MP Net sales $ 145.7 $ 150.0
Gross profit 32.8 22.5 % 32.2 21.5 % SG&A 22.1
15.2 % 21.3 14.2 % Income from operations $
10.7 7.3 % $ 10.9 7.3 %
Corp & Eliminations Net
sales $ (20.0 ) $ (37.8 ) Gross profit 0.2 (1.0 %) 4.4 (11.6 %)
SG&A 4.8 (24.0 %) 11.0 (29.1 %)
Loss from operations $ (4.6 ) 23.0 % $ (6.6 ) 17.5 %
GLOSSARY
In an effort to provide investors with additional information
regarding the Company’s results, Terex refers to various GAAP (U.S.
generally accepted accounting principles) and non-GAAP financial
measures which management believes provides useful information to
investors. These non-GAAP measures may not be comparable to
similarly titled measures being disclosed by other companies. In
addition, the Company believes that non-GAAP financial measures
should be considered in addition to, and not in lieu of, GAAP
financial measures. Terex believes that this non-GAAP information
is useful to understanding its operating results and the ongoing
performance of its underlying businesses. Management of Terex uses
both GAAP and non-GAAP financial measures to establish internal
budgets and targets and to evaluate the Company’s financial
performance against such budgets and targets.
The amounts described below are unaudited, are reported in
millions of U.S. dollars (except per share data and percentages),
and are as of or for the period ended March 31, 2015, unless
otherwise indicated.
As changes in foreign currency exchange rates have a
non-operating impact on the translation of our financial results,
we believe excluding the effect of these changes assists in the
assessment of our business results between periods. We calculate
the translation effect of foreign currency exchange rate changes by
translating the current period results at the rates that the
comparable prior periods were translated to isolate the foreign
exchange component of the fluctuation from the operational
component.
Backlog is defined as firm orders that are expected to be
filled within one year. The disclosure of backlog aids in the
analysis of the Company’s customers’ demand for product, as well as
the ability of the Company to meet that demand. The backlog of the
various Terex businesses is not necessarily indicative of sales to
be recognized in a specified future period.
Mar 31, Dec 31, %
Mar 31, % 2015 2014 change 2014 change Consolidated Backlog
$ 2,141.0 $ 2,001.0 7.0 % $ 2,363.7 (9.4 %) AWP $ 699.0 $ 698.4 0.1
% $ 522.9 33.7 % Construction $ 204.0 $ 137.9 47.9 % $ 214.1 (4.7
%) Cranes $ 563.4 $ 538.5 4.6 % $ 673.4 (16.3 %) MHPS $ 595.8 $
574.8 3.7 % $ 878.4 (32.2 %) MP $ 78.8 $ 51.4 53.3 % $ 74.9 5.2 %
Debt is calculated using the Condensed Consolidated
Balance Sheet amounts for Notes payable and current portion of
long-term debt plus Long-term debt, less current portion. Net
Debt is calculated as Debt less Cash and cash equivalents.
These measures aid in the evaluation of the Company’s financial
condition.
March 31, 2015 December 31, 2014 Long
term debt, less current portion $ 1,712.7 $ 1,636.3 Notes payable
and current portion of long-term debt 160.2
152.5 Debt $ 1,872.9 $ 1,788.8 Less: Cash and
cash equivalents (351.3 ) (478.2 ) Net Debt $ 1,521.6
$ 1,310.6
EBITDA is defined as earnings, before interest, taxes,
depreciation and amortization. The Company calculates this by
adding the amount of depreciation and amortization expenses that
have been deducted from income from operations back into income
from operations to arrive at EBITDA. Depreciation and amortization
amounts reported in the Consolidated Statement of Cash Flows
include amortization of debt issuance costs that are recorded in
Other income (expense) - net and, therefore, are not included in
EBITDA. Terex believes that disclosure of EBITDA will be helpful to
those reviewing its performance, as EBITDA provides information on
Terex’s ability to meet debt service, capital expenditure and
working capital requirements, and is also an indicator of
profitability.
Three Months Ended March 31, 2015 2014
Income (loss) from operations $ 44.2 $ 75.0 Depreciation 25.3 27.1
Amortization 7.6 11.8 Bank fee amortization not included in Income
(loss) from operations (1.3 ) (2.1 ) EBITDA $ 75.8
$ 111.8
Free cash flow is defined as the sum of net cash provided
by (used in) operating activities, the change in TFS assets, less
capital expenditures. The Company has changed the definition to
include changes in TFS assets to more closely align with how
companies with captive finance companies calculate free cash
flow.
Three Months Ended March 31, 2015 2014
Net cash provided by (used in) operating activities $ (110.7 ) $
25.2 Increase in TFS assets 41.8 19.6 Capital expenditures
(26.2 ) (19.0 ) Free Cash Flow $ (95.1 ) $ 25.8
Return on Invested Capital (“ROIC”) is determined by
dividing the sum of Net Operating Profit After Tax (“NOPAT”)(as
defined below) for each of the previous four quarters by the
average of the sum of Total Terex Corporation stockholders’ equity
plus Debt (as defined above) less Cash and cash equivalents for the
previous five quarters. NOPAT for each quarter is calculated by
multiplying Income (loss) from operations by a figure equal to one
minus the effective tax rate of the Company. The Company believes
that returns on capital deployed in Terex Financial Services
(“TFS”) does not represent its primary operations and, therefore,
TFS finance receivable assets and results from operations have been
excluded from the calculation below. The effective tax rate is
equal to the (Provision for) benefit from income taxes divided by
Income (loss) from continuing operations before income taxes for
the respective quarter. The Company calculates ROIC using the last
four quarters’ NOPAT as this represents the most recent 12-month
period at any given point of determination. In order for the
denominator of the ROIC ratio to properly match the operational
period reflected in the numerator, the Company includes the average
of five quarters’ ending balance sheet amounts so that the
denominator includes the average of the opening through ending
balances (on a quarterly basis) thereby providing, over the same
time period as the numerator, four quarters of average invested
capital.
Terex management and the Board of Directors use ROIC as one of
the primary measures to assess operational performance and in
connection with certain compensation programs. Terex utilizes ROIC
as a unifying metric because management believes that it measures
how effectively the Company invests its capital and provides a
better measure to compare the Company to peer companies to assist
in assessing how it drives operational improvement. ROIC measures
return on the amount of capital invested in the Company’s primary
businesses, excluding TFS, as opposed to another metric such as
return on Terex Corporation stockholders’ equity that only
incorporates book equity, and is thus a more accurate and
descriptive measure of the Company’s performance. Terex also
believes that adding Debt less Cash and cash equivalents to Total
Terex Corporation stockholders’ equity provides a better comparison
across similar businesses regarding total capitalization, and those
ROIC highlights the level of value creation as a percentage of
capital invested.
See reconciliation of adjusted amounts below on table following
ROIC table. Amounts are as of and for the three months ended for
the periods referenced in the table below.
Mar '15 Dec '14 Sep '14 Jun '14 Mar '14 Provision for
(benefit from) income taxes $ 11.6 $ (41.5 ) $ 27.7 $ 40.0 Divided
by: Income (loss) before income taxes 10.1
39.4 86.4 128.4 Effective tax
rate 114.9 % (105.3 %) 32.1 % 31.2 % Income (loss) from
operations as adjusted $ 46.5 $ 72.3 $ 119.7 $ 162.6 Multiplied by:
1 minus Effective tax rate (14.9 %) 205.3 %
67.9 % 68.8 % Adjusted net operating income (loss) after tax
$ (6.9 ) $ 148.4 $ 81.3 $ 111.9 Debt
(as defined above) $ 1,872.9 $ 1,788.8 $ 1,851.9 $ 1,922.5 $
2,055.9 Less: Cash and cash equivalents (351.3 )
(478.2 ) (344.5 ) (364.3 ) (390.5 ) Debt less
Cash and cash equivalents $ 1,521.6 $ 1,310.6 $ 1,507.4 $ 1,558.2 $
1,665.4 Total Terex Corporation stockholders’ equity as
adjusted $ 1,543.3 $ 1,843.2 $ 2,010.5 $
2,138.5 $ 2,012.0 Debt less Cash and cash
equivalents plus Total Terex Corporation stockholders’ equity as
adjusted $ 3,064.9 $ 3,153.8 $ 3,517.9 $
3,696.7 $ 3,677.4 March 31, 2015 ROIC
9.8 % Adjusted net operating income (loss) after tax (last 4
quarters) $ 334.7 Average Debt less Cash and cash
equivalents plus Total Terex Corporation stockholders’ equity as
adjusted (5 quarters) $ 3,422.1 Reconciliation of
income (loss) from operations: Mar '15 Dec '14 Sep '14 Jun '14
Income (loss) from operations as reported $ 44.2 $ 70.4 $ 116.8 $
160.9 (Income) loss from operations for TFS 2.3
1.9 2.9 1.7 Income (loss)
from operations as adjusted $ 46.5 $ 72.3 $ 119.7
$ 162.6 Reconciliation of Terex Corporation
stockholders’ equity: Terex Corporation stockholders’ equity as
reported $ 1,747.8 $ 2,005.9 $ 2,217.7 $ 2,331.6 $ 2,183.2 TFS
assets (204.5 ) (162.7 ) (207.2 )
(193.1 ) (171.2 ) Terex Corporation stockholders’ equity as
adjusted $ 1,543.3 $ 1,843.2 $ 2,010.5 $
2,138.5 $ 2,012.0
Trailing Three Month Annualized Net Sales is calculated
using the net sales for the quarter multiplied by four.
Three months ended March 31, 2015 2014
First Quarter Net Sales $ 1,495.6 $ 1,654.6 x 4 x 4 Trailing Three
Month Annualized Net Sales $ 5,982.4 $ 6,618.4
Working Capital is calculated using the Consolidated
Balance Sheet amounts for Trade receivables (net of allowance) plus
Inventories less Trade accounts payable and customer advances. The
Company views excessive working capital as an inefficient use of
resources, and seeks to minimize the level of investment without
adversely impacting the ongoing operations of the business. For the
periods below, working capital was:
March 31, 2015 December
31, 2014 March 31, 2014 Inventories $ 1,520.7 $ 1,460.9 $ 1,788.2
Trade Receivables 1,131.4 1,086.4 1,141.4 Less: Trade Accounts
Payable (738.1 ) (736.1 ) (753.5 ) Less: Customer Advances
(224.6 ) (197.4 ) (347.5 ) Total Working Capital $
1,689.4 $ 1,613.8 $ 1,828.6
Terex CorporationTom Gelston, 203-222-5943Vice President,
Investor Relationsthomas.gelston@terex.com
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