Terex Announces First Quarter 2012 Results

Terex Corporation (NYSE: TEX) today announced income from continuing operations of $20.5 million, or $0.18 per share for the first quarter of 2012, as compared to income from continuing operations of $5.0 million, or $0.04 per share for the first quarter of 2011. Excluding the impact of a write down of an acquisition related note receivable of approximately $12 million, or $0.11 per share, income from continuing operations as adjusted was approximately $33 million, or $0.29 per share in the first quarter of 2012. Excluding certain items, loss from continuing operations as adjusted was a loss of $20.3 million, or a loss of $0.17 per share, in the first quarter of 2011. The glossary at the end of this press release contains further details regarding these items.

Net sales were $1,819.4 million in the first quarter of 2012, an increase of 44.8% from $1,256.2 million in the first quarter of 2011. Excluding the impact of the acquisition of Demag Cranes AG, net sales increased approximately 16% from the comparable prior year period. Income from operations was $63.8 million in the first quarter of 2012, an improvement of $73.1 million when compared to a loss from operations of $9.3 million in the first quarter of 2011. Excluding the impact of a write down of an acquisition related note receivable of approximately $12 million, income from operations as adjusted was $76.1 million. Excluding certain items from the first quarter of 2011, loss from operations as adjusted was approximately $3.8 million.

All results are for continuing operations, unless stated otherwise. Results for Demag Cranes AG are reported as the Material Handling & Port Solutions (MHPS) segment. All per share amounts are on a fully diluted basis.

“We are pleased that 2012 is developing as planned,” stated Ron DeFeo, Terex Chairman and CEO. “While we still have a significant amount of work ahead of us, we have taken a solid step towards our margin expansion and cash flow objectives for the year. In fact, this is the first time in almost 10 years that we have generated positive operating cash flow in the first quarter, excluding the tax payment made this quarter as a result of the divestiture of the Mining business. We have traditionally used cash in operations in the first quarter, but our improved profitability combined with progress in factory efficiency and inventory focus, helped deliver our improved cash flow.”

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