Terex Corporation (NYSE:TEX) today announced fourth quarter 2015
income from continuing operations was $14.6 million, or $0.13 per
share, on net sales of $1.6 billion. In the fourth quarter of 2014,
income from continuing operations was $79.9 million, or $0.71 per
share, on net sales of $1.8 billion. Income from continuing
operations as adjusted was $55.4 million, or $0.50 per share, in
the fourth quarter of 2015 compared to $80.3 million, or $0.72 per
share excluding the $0.49 per share tax benefit related to the ASV
disposition and certain other items, in the fourth quarter of 2014.
All per share amounts are on a fully diluted basis. (The Glossary
at the end of this press release contains further details regarding
these items.)
For the full year 2015, Terex reported income from continuing
operations of $142.5 million, or $1.30 per share, on net sales of
$6.5 billion, compared to income from continuing operations of
$259.0 million, or $2.27 per share, on net sales of $7.3 billion
for the full year 2014. Income from continuing operations as
adjusted for the full year 2015 was $201.9 million, or $1.84 per
share, compared to $268.5 million, or $2.35 per share, in 2014
which excluded a $0.49 per share tax benefit related to the ASV
disposition and certain other items.
“The macro operating environment in the fourth quarter was
challenging,” said John L. Garrison, Terex President and CEO.
“Global economic volatility has made our customers more cautious
overall, resulting in fourth quarter order activity that was below
expectations in most business segments and product categories. On a
positive note, free cash flow for the year came in at a strong $290
million, nearly double our 2015 net income. Cash flow generation
will be a primary focus going forward.”
Mr. Garrison continued, “Looking ahead to 2016, we do not see
market conditions improving. We anticipate lower fleet replacement
from North American AWP rental customers. The oil and gas and
commodity market decline will continue to impact demand across many
of our products. We are developing and implementing plans to align
our cost structure with these market realities. We expect 2016
earnings per share to be between $1.30 and $1.60, excluding
restructuring and other unusual items, and net sales to be about
10% lower than 2015.”
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 Wednesday, February 17, 2016, at 8:30 a.m.
ET. John L. Garrison, President and Chief Executive officer will
lead 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; the effect of the announcement and pendency of the merger
with Konecranes Plc (“Konecranes”) on our customers, employees,
suppliers, vendors, distributors, dealers, retailers, operating
results and business generally, and the diversion of management’s
time and attention; our ability to successfully integrate acquired
businesses, including the pending merger with Konecranes; our 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
highly 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; the
carrying value of our goodwill and other indefinite-lived
intangible assets could become impaired; 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, commodity price changes,
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 our actual future results 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,
Cranes, Material Handling & Port Solutions, Materials
Processing and Construction. 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.
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
CONSOLIDATED STATEMENT OF
INCOME
(unaudited)
(in millions, except per share data)
Three Months Twelve Months Ended December 31,
Ended December 31, 2015 2014 2015 2014 Net sales $
1,577.7 $ 1,789.4 $ 6,543.1 $ 7,308.9 Cost of goods sold
(1,266.6) (1,450.4) (5,234.6) (5,855.4) Gross
profit 311.1 339.0 1,308.5 1,453.5 Selling, general and
administrative expenses (225.6) (268.6) (918.6) (1,030.4) Goodwill
and intangible asset impairment (34.7) —
(34.7) — Income (loss) from operations 50.8 70.4 355.2 423.1
Other income (expense) Interest income 1.2 1.8 4.3 6.6 Interest
expense (24.7) (28.2) (104.6) (119.1) Loss on early extinguishment
of debt (0.1) — (0.1) (2.6) Amortization of debt issuance costs
(1.4) (1.4) (5.3) (7.4) Other income (expense) – net (5.5)
(3.2) (22.9) (3.4) Income (loss) from
continuing operations before income taxes 20.3 39.4 226.6 297.2
(Provision for) benefit from income taxes (5.6) 41.5
(81.0) (37.7) Income (loss) from continuing
operations 14.7 80.9 145.6 259.5 Income (loss) from discontinued
operations – net of tax — — — 1.4 Gain (loss) on disposition of
discontinued operations- net of tax 1.9 0.1
3.4 58.6 Net income (loss) 16.6 81.0 149.0 319.5 Net loss
(income) attributable to noncontrolling interest (0.1)
(1.0) (3.1) (0.5) Net income (loss)
attributable to Terex Corporation $ 16.5 $ 80.0 $ 145.9 $ 319.0
Amounts attributable to Terex Corporation common stockholders:
Income (loss) from continuing operations $ 14.6 $ 79.9 $ 142.5 $
259.0 Income (loss) from discontinued operations – net of tax — — —
1.4 Gain (loss) on disposition of discontinued operations – net of
tax 1.9 0.1 3.4 58.6 Net income (loss)
attributable to Terex Corporation $ 16.5 $ 80.0 $ 145.9 $ 319.0
Basic Earnings (Loss) per Share Attributable to Terex
CorporationCommon Stockholders: Income (loss) from continuing
operations $ 0.13 $ 0.74 $ 1.33 $ 2.36 Income (loss) from
discontinued operations – net of tax — — — 0.01 Gain (loss) on
disposition of discontinued operations – net of tax 0.02
— 0.03 0.54 Net income (loss) attributable to
Terex Corporation $ 0.15 $ 0.74 $ 1.36 $ 2.91 Diluted Earnings
(Loss) per Share Attributable to Terex CorporationCommon
Stockholders: Income (loss) from continuing operations $ 0.13 $
0.71 $ 1.30 $ 2.27 Income (loss) from discontinued operations – net
of tax — — — 0.01 Gain (loss) on disposition of discontinued
operations – net of tax 0.02 — 0.03
0.51 Net income (loss) attributable to Terex Corporation $ 0.15 $
0.71 $ 1.33 $ 2.79 Weighted average number of shares outstanding in
per share calculation Basic 108.5 107.8 107.4
109.7 Diluted 109.4 112.2 109.6
114.2
TEREX CORPORATION AND
SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE
SHEET
(unaudited)
(in millions, except par value)
December 31, December 31, 2015 2014 Assets
Current assets Cash and cash equivalents $ 466.5 $ 478.2 Trade
receivables (net of allowance of $29.6 and $30.5 at December 31,
2015 and 2014, respectively) 939.2 1,086.4 Inventories 1,445.7
1,460.9 Prepaid assets 225.4 248.0 Other current assets 67.4
82.7 Total current assets 3,144.2 3,356.2 Non-current assets
Property, plant and equipment – net 675.8 690.3 Goodwill 1,023.2
1,131.0 Intangible assets – net 249.5 325.4 Other assets
544.4 425.1 Total assets $ 5,637.1 $ 5,928.0
Liabilities and Stockholders’ Equity Current liabilities Notes
payable and current portion of long-term debt $ 80.2 $ 152.5 Trade
accounts payable 737.7 736.1 Accrued compensation and benefits
188.2 204.0 Accrued warranties and product liability 68.3 74.2
Customer advances 142.7 197.4 Other current liabilities
241.5 278.9 Total current liabilities 1,458.6
1,643.1 Non-current liabilities Long-term debt, less current
portion 1,751.0 1,636.3 Retirement plans 375.7 432.5 Other
non-current liabilities 139.8 177.0 Total liabilities
3,725.1 3,888.9 Commitments and contingencies
Stockholders’ equity Common stock, $.01 par value – authorized
300.0 shares; issued 128.8 and 124.6 shares at December 31, 2015
and 2014, respectively 1.3 1.2 Additional paid-in capital 1,273.3
1,251.5 Retained earnings 2,104.6 1,984.9 Accumulated other
comprehensive income (loss) (649.6) (429.8) Less cost of shares of
common stock in treasury – 21.1 and 19.2 shares at December 31,
2015 and 2014, respectively (852.2) (801.9) Total
Terex Corporation stockholders’ equity 1,877.4 2,005.9
Noncontrolling interest 34.6 33.2 Total stockholders’
equity 1,912.0 2,039.1 Total liabilities and
stockholders’ equity $ 5,637.1 $ 5,928.0
TEREX CORPORATION AND
SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF
CASH FLOWS
(unaudited)
(in millions)
Twelve Months Ended December 31, 2015 2014
Operating Activities Net income $ 149.0 $ 319.5 Adjustments to
reconcile net income to net cash provided by (used in)
operatingactivities: Depreciation and amortization 128.2 155.7
Changes in operating assets and liabilities (net of effects of
acquisitions anddivestitures): Trade receivables 74.1 (4.2)
Inventories (90.6) (27.1) Trade accounts payable 41.7 85.8 Customer
advances (47.1) (75.2) Other, net (42.4) (43.8) Net
cash (used in) provided by operating activities $ 212.9 $ 410.7
Investing Activities Capital expenditures (103.8) (81.5) Proceeds
(payments) from disposition of discontinued operations (0.2) 162.2
Other investing activities, net (68.7) 14.3 Net cash
(used in) provided by investing activities (172.7)
95.0 Financing Activities Net cash provided by (used in) financing
activities (14.4) (396.7) Effect of Exchange Rate
Changes on Cash and Cash Equivalents (37.5) (38.9)
Net Decrease in Cash and Cash Equivalents (11.7) 70.1 Cash and Cash
Equivalents at Beginning of Period 478.2 408.1 Cash
and Cash Equivalents at End of Period $ 466.5 $ 478.2
TEREX CORPORATION AND
SUBSIDIARIES
SEGMENT RESULTS DISCLOSURE
(unaudited)
(in millions)
Fourth Quarter Year-to-Date 2015 2014 2015 2014 % of
% of % of % of Net Sales Net Sales Net Sales Net Sales
Consolidated Net sales $ 1,577.7 $ 1,789.4 $ 6,543.1 $
7,308.9 Income from operations $ 50.8 3.2% $ 70.4 3.9% $ 355.2 5.4%
$ 423.1 5.8%
AWP Net sales $ 455.3 $ 468.2 $ 2,213.4
$ 2,369.7 Income from operations $ 42.7 9.4% $ 38.7 8.3% $ 269.3
12.2% $ 302.8 12.8%
Cranes Net sales $ 437.3 $ 474.3
$ 1,699.7 $ 1,791.1 Income from operations $ 18.9 4.3% $ 34.6 7.3%
$ 57.5 3.4% $ 85.9 4.8%
MHPS Net sales $ 390.0 $
515.6 $ 1,445.8 $ 1,783.4 Loss from operations $ (15.9) (4.1%) $
(31.2) (6.1%) $ (8.6) (0.6%) $ (17.2) (1.0%)
MP Net
sales $ 164.1 $ 164.4 $ 636.5 $ 653.1 Income from operations $ 10.5
6.4% $ 18.2 11.1% $ 57.1 9.0% $ 60.6 9.3%
Construction Net sales $ 155.9 $ 206.4 $ 673.6 $ 836.6
Income (loss) from operations $ (9.1) (5.8%) $ 0.6 0.3% $ (10.2)
(1.5%) $ 1.2 0.1%
Corp & Eliminations Net sales $
(24.9) $ (39.5) $ (125.9) $ (125.0) Income (loss) from operations $
3.7 (14.9%) $ 9.5 (24.1%) $ (9.9) 7.9% $ (10.2) 8.2%
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 periods ended December 31, 2015 and 2014,
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.
After-tax gains or expense and per share amounts (Income
from continuing operations as adjusted) are calculated using
pre-tax amounts, applying a tax rate based on jurisdictional rates
to arrive at an after-tax amount. This number is divided by the
weighted average diluted shares to provide the impact on earnings
per share. The Company assesses the impact of these items because
when discussing earnings per share, the Company adjusts for items
it believes are not reflective of operating activities in the
periods.
Fourth Quarter 2015
Pre-Tax Tax Rate After-Tax
EPS* Merger Related $ (5.9)
**
$ (5.0) $ (0.04) Restructuring and Related (4.0)
**
(3.2) (0.03) Goodwill and Intangible Impairment
(34.7) ** (32.6) (0.30) Total EPS Effect
$ (44.6) $ (40.8) $ (0.37)
* Based on weighted average diluted shares of 109.4M
** Based on a jurisdictional blend
Fourth Quarter 2014
Pre-Tax Tax Rate After-Tax
EPS* Restructuring and Related $ (31.5) ** $ (21.8) $
(0.19) Portfolio Management (19.1) ** (19.7) (0.18) ASV Tax Benefit
— N/A 55.8 0.49 Valuation Allowance & Related Tax Items
— N/A (14.7) (0.13) Total EPS Effect
$ (50.6) $ (0.4) $ (0.01)
* Based on weighted average diluted shares of 112.2M
** Based on a jurisdictional blend
Full Year 2015 Pre-Tax
Tax Rate After-Tax EPS*
Merger Related $ (14.5) ** $ (12.9) $ (0.12) Restructuring and
Related (16.4) ** (12.3) (0.11) Product Campaign (2.5) ** (1.6)
(0.01) Goodwill and Intangible Impairment (34.7)
** (32.6) (0.30) Total EPS Effect $
(68.1) $ (59.4) $ (0.54)
* Based on weighted average diluted shares of 109.6M
** Based on a jurisdictional blend
Full Year 2014 Pre-Tax
Tax Rate After-Tax EPS* Debt –
Early Extinguishment $ (2.6) ** $ (1.7) $ (0.01)
Restructuring and Related (42.2) ** (29.2) (0.26) Portfolio
Management (19.1) ** (19.7) (0.17) ASV Tax Benefit — N/A 55.8 0.49
Valuation Allowance & Related Tax Items —
N/A (14.7) (0.13) Total EPS Effect $ (63.9)
$ (9.5) $ (0.08)
* Based on weighted average diluted shares of 114.2M
** Based on a jurisdictional blend
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.
Dec 31, Sep 30,
% Dec 31, % 2015 2015 change 2014
change Consolidated Backlog $ 1,738.3 $ 1,482.2 17.2% $ 2,001.0
(13.2%) AWP $ 567.5 $ 298.4 90.2% $ 698.4 (18.7%) Cranes $ 431.9 $
427.1 1.1% $ 538.5 (19.8%) MHPS $ 538.7 $ 575.6 (6.4%) $ 574.8
(6.3%) MP $ 54.3 $ 61.9 (12.3%) $ 51.4 5.6% Construction $ 145.9 $
119.2 22.4% $ 137.9 5.8%
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.
December 31, 2015 December 31, 2014 Long term
debt, less current portion $ 1,751.0 $ 1,636.3 Notes payable and
current portion of long-term debt 80.2 152.5 Debt
1,831.2 1,788.8 Less: Cash and cash equivalents (466.5)
(478.2) Net Debt $ 1,364.7 $ 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 Condensed 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 Twelve months ended December 31,
ended December 31, 2015 2014 2015 2014 Income (loss)
from operations $ 50.8 $ 70.4 $ 355.2 $ 423.1 Depreciation 25.2
27.5 98.4 110.5 Amortization 7.3 10.1 29.8 44.9 Bank fee
amortization not included in Income (loss) from operations
(1.4) (1.4) (5.3) (7.4) EBITDA 81.9 106.6
478.1 571.1 Operating profit adjustments 40.3 47.7
55.2 58.4 Adjusted EBITDA $ 122.2 $ 154.3 $ 533.3 $
629.5
Free cash flow is defined as net cash provided by (used
in) operating activities less capital expenditure.
Three months Twelve months ended
December 31, ended December 31, 2015 2014 2015 2014
Net cash provided by (used in) operating activities $ 269.5 $ 294.1
$ 212.9 $ 410.7 Plus: Increase/(decrease) in TFS Assets 9.2 (44.5)
186.7 11.1 Less: Increase in cash for securitization settlement
(1.4) — (6.2) — Less: Capital expenditures (30.4)
(22.9) (103.8) (81.5) Free Cash Flow $ 246.9 $ 226.7
$ 289.6 $ 340.3
Operating Margin is defined as the ratio of Income (Loss)
from Operations to Net Sales.
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, which is a non-GAAP measure, 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”) do 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’ adjusted
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 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 that
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.
Dec '15 Sep '15 Jun '15
Mar '15 Dec '14 Provision for (benefit from) income
taxes $ 5.6 $ 30.8 $ 33.0 $ 11.6 Divided by: Income (loss) before
income taxes 20.3 76.9 119.3 10.1
Effective tax rate 27.6% 40.1% 27.7% 114.9% Income (loss)
from operations as adjusted $ 53.1 $ 109.4 $ 147.2 $ 46.5
Multiplied by: 1 minus Effective tax rate 72.4% 59.9%
72.3% (14.9%) Adjusted net operating income (loss)
after tax $ 38.4 $ 65.5 $ 106.4 $ (6.9) Debt (as defined
above) $ 1,831.2 $ 1,897.6 $ 1,906.6 $ 1,872.9 $ 1,788.8 Less: Cash
and cash equivalents (466.5) (301.1) (332.7)
(351.3) (478.2) Debt less Cash and cash equivalents $
1,364.7 $ 1,596.5 $ 1,573.9 $ 1,521.6 $ 1,310.6 Total Terex
Corporation stockholders’ equity as adjusted $ 1,528.0 $ 1,549.7 $
1,630.8 $ 1,543.3 $ 1,843.2 Debt less Cash and cash
equivalents plus Total Terex Corporation stockholders’ equity as
adjusted $ 2,892.7 $ 3,146.2 $ 3,204.7 $ 3,064.9 $ 3,153.8
December 31, 2015 ROIC 6.6% Adjusted net operating income
(loss) after tax (last 4 quarters) $ 203.4 Average Debt less Cash
and cash equivalents plus Total Terex Corporation stockholders’
equity as adjusted (5 quarters) $ 3,092.5 Reconciliation of income
(loss) from operations: Dec '15 Sep '15 Jun '15 Mar '15 Income
(loss) from operations as reported $ 50.8 $ 111.9 $ 148.3 $ 44.2
(Income) loss from operations for TFS 2.3 (2.5)
(1.1) 2.3 Income (loss) from operations as adjusted $
53.1 $ 109.4 $ 147.2 $ 46.5 Reconciliation of Terex Corporation
stockholders’ equity: Terex Corporation stockholders’ equity as
reported $ 1,877.4 $ 1,889.9 $ 1,915.0 $ 1,747.8 $ 2,005.9 TFS
assets (349.4) (340.2) (284.2) (204.5)
(162.7) Terex Corporation stockholders’ equity as adjusted $
1,528.0 $ 1,549.7 $ 1,630.8 $ 1,543.3 $ 1,843.2
Trailing Three Month Annualized Net Sales is calculated
using the net sales for the quarter multiplied by four.
Four months ended December 30, 2015 2014
Fourth Quarter Net Sales $ 1,577.7 $ 1,789.4 x 4 x 4 Trailing Three
Month Annualized Net Sales $ 6,310.8 $ 7,157.6
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 stated below, working capital was:
December 31, 2015 December 31, 2014
Inventories $ 1,445.7 $ 1,460.9 Trade Receivables 939.2 1,086.4
Less: Trade Accounts Payable (737.7) (736.1) Less: Customer
Advances (142.7) (197.4) Total Working Capital $
1,504.5 $ 1,613.8
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160216006812/en/
TerexTom Gelston, 203-222-5943Vice President, Investor
Relationsthomas.gelston@terex.com
Terex (NYSE:TEX)
Historical Stock Chart
From Aug 2024 to Sep 2024
Terex (NYSE:TEX)
Historical Stock Chart
From Sep 2023 to Sep 2024