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Terex Corporation's CEO Discusses Second Quarter Results - Earnings Call Transcript

As usual, a replay of the call will be archived on the Terex website, www.terex.com under audio archives.

I'll begin with some overall commentary and highlights and Phil will follow with a more detailed financial report and I'll give you some segment comments before we open it up to your questions.

I'd like to ask – a request that you ask one question and a follow-up in order to give everyone a chance to participate.

For this call we prepared a presentation to guide through our commentary. This is available on our website and we'll be using it, so I'll begin by referring to the forward-looking statement on Page 2. I encourage you to read and review the material as well as our other disclosures available in public documents.

So now let me begin on Page 3. The second quarter results demonstrate the potential as well as the opportunity that remains for Terex investors. We believe our performance will improve substantially over the next several years.

It will do this as we focus on those factors that we feel we can control and continue to improve our execution. The numbers in the quarter represent a good start. Earnings per share of $0.75 reflects favorably with last year's level of an adjusted $0.10.

And on a year-to-date basis, we reported an adjusted EPS of $1.04. That of course compares with a modest loss in the prior year. These results were driven by excellent performances within our aerial work platform business, materials to processing and crane businesses with significant positive contributions also coming from construction and the new MHPS segment.

This performance should begin to frame the multiyear potential that we believe exists within Terex as we concentrate on improved execution at all levels. I'll highlight some of the details in a discussion following Phil's comments by each section.

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