The principal driver of the sequential decrease in backlog was a decrease in AWP’s backlog primarily resulting from the seasonal ordering patterns of AWP customers as customers tend to place orders for delivery in time for the busier warmer months in North America. In addition, Construction and MP segment backlog decreased primarily due to weakness in Western European demand and, as a result, the Company is planning to take steps to realign production to match current demand levels. These decreases were partially offset by an increase in Cranes backlog primarily due to continued strong demand for rough terrain cranes in North America, the Middle East and Latin America, as well as the return of demand for all-terrain and crawler products where the Company has largely firmed up production for these products through the back half of the year.
In MHPS, the port solutions business secured two large orders recently for major European port projects worth more than $200 million over the next several years. However, deliveries for these orders will take place beyond the standard 12 month backlog reporting period and therefore are not included in the reported figures.
The Glossary contains further details regarding backlog.
Conference callThe Company will host a one-hour conference call to review the financial results on Thursday, July 26, 2012 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.
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts