Terex Corporation (NYSE: TEX) today announced income from continuing operations of $30.2 million, or $0.27 per share for the third quarter of 2012, as compared to income from continuing operations of $36.9 million, or $0.33 per share for the third quarter of 2011. Excluding the costs associated with the debt repayments and certain other items in the quarter, income from continuing operations as adjusted in the third quarter of 2012 was $0.62 per share. Excluding the gain on the sale of Bucyrus International shares and certain other items, income from continuing operations as adjusted in the third quarter of 2011 was $0.30 per share. The glossary at the end of this press release contains further details regarding these items.
Net sales were $1,822.0 million in the third quarter of 2012, an increase of 1.0% from $1,803.6 million in the third quarter of 2011. Excluding the impact of the acquisition of Demag Cranes AG, net sales decreased approximately 8%, of which 5.4% relates to foreign currency fluctuations, from the comparable prior year period. Income from operations was $131.9 million in the third quarter of 2012, an improvement of $79.3 million when compared to income from operations of $52.6 million in the third quarter of 2011. Excluding the impact of certain items in the third quarter of 2012, income from operations as adjusted was approximately $140 million. Excluding the impact of certain items in the third quarter of 2011, income from operations as adjusted was approximately $78 million.
All results are for continuing operations, unless stated otherwise. All per share amounts are on a fully diluted basis.
“Our earnings this quarter are in-line with our expectations, and reflect our continued focus on price discipline and cost containment,” commented Ron DeFeo Terex Chairman and CEO. “The mix of performance was varied, with our Cranes, Aerial Work Platforms (AWP) and Material Handling & Port Solutions (MHPS) segments achieving favorable results, while the results of our Construction and Materials Processing (MP) segments showed some softening. Overall, we remain optimistic that the end markets for many of our products will continue to improve.”
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