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Terex Announces Second Quarter 2012 Results

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.

                             
  Jun ‘12   Mar ‘12   Dec ‘11   Sept ‘11 Jun ‘11

Provision for (benefit from) income taxes asadjusted

$ 44.1 $ 8.8 $ (6.1) $ 7.0

Divided by: Income (loss) before income taxesas adjusted

  124.6   30.4   (9.5)   (8.9)
Effective tax rate as adjusted 35.4% 28.9% 64.2% (78.7%)
 

Income (loss) income from operations asadjusted

$ 175.5 $ 64.2 $ 30.7 $ 53.1

Multiplied by: 1 minus Effective tax rate asadjusted

  64.6%   71.1%   35.8%   178.7%
Adjusted net operating income (loss) after tax $ 113.4 $ 45.6 $ 11.0 $ 94.9
 
Debt (as defined above) $ 2,402.8 $ 2,608.5 $ 2,300.4 $ 2,316.6 $ 1,426.5
Less: Cash and cash equivalents   (841.5)   (973.2)   (774.1)   (684.9)   (702.0)
Debt less Cash and cash equivalents $ 1,561.3 $ 1,635.3 $ 1,526.3 $ 1,631.7 $ 724.5
 

Total Terex Corporation stockholders’ equity as  adjusted

$ 2,089.2 $ 1,881.0 $ 1,781.5 $ 1,854.4 $ 1,999.3
 

Debt less Cash and cash equivalents plus  Total Terex Corporation stockholders’ equity as  adjusted

 

$

3,650.5

 

$

3,516.3 $ 3,307.8 $ 3,486.1 $ 2,723.8
 
June 30, 2012 ROIC         7.9 %
Adjusted net operating income (loss) after tax (last 4 quarters)       $ 264.9

Average Debt less Cash and cash equivalents plus Total Terex   Corporation stockholders’ equity as adjusted (5 quarters)

$ 3,336.9
 
                             
Reconciliation of Loss before income taxes:   Threemonths ended

6/30/12

Threemonths ended

3/31/12

Threemonths ended

12/31/11

Three

months ended

9/30/11

Income (loss) from continuing operations before   income taxes

$ 124.6 $ 30.4 $ (9.5) $ 67.3
Less: Gain realized on sale of BUCY shares   -   -   -   (76.2)
Income (loss) before income taxes as adjusted $ 124.6 $ 30.4 $ (9.5) $ (8.9)
 
Reconciliation of income (loss) from operations:
Income (loss) from operations as reported $ 175.0 $ 63.8 $ 31.1 $ 52.6
Income (loss) from operations for TFS   0.5   0.4   (0.4)   0.5
Income (loss) from operations as adjusted $ 175.5 $ 64.2 $ 30.7 $ 53.1
 

Reconciliation of Provision for (Benefit from) income   taxes:

Provision for (benefit from) income taxes as   reported

$ 44.1 $ 8.8 $ (6.1) $ 34.2

Provision for income taxes on realized gain for sale   of BUCY shares

  -   -   -   (27.2)

Provision for (benefit from) income taxes as   adjusted

$ 44.1 $ 8.8 $ (6.1) $ 7.0
 

Reconciliation of Terex Corporation stockholders’   equity:

  As of

6/30/12

  As of

3/31/12

As of

12/31/11

As of

9/30/11

As of

6/30/11

Terex Corporation stockholders’ equity as reported $ 1,989.6 $ 1,996.7 $ 1,906.4 $ 1,991.7 $ 2,178.2
TFS assets (129.9) (115.7) (124.6) (138.0) (127.5)
Redeemable noncontrolling interest 229.5 - - - -
Deferred (gain) loss on marketable securities   -   -   (0.3)   0.7   (51.4)
Terex Corporation stockholders’ equity as adjusted $ 2,089.2 $ 1,881.0 $ 1,781.5 $ 1,854.4 $ 1,999.3
 

Total Capitalization is a measure that aids in the evaluation of the Company’s balance sheet. It is an integral component of certain financial metrics that are often used to evaluate the Company’s valuation, liquidity and overall health. Total capitalization as of June 30, 2012 is defined as the sum of:

· Total Terex Corporation stockholders’ equity; and

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