Interest and Other income (expense): Net interest expense increased by approximately $7 million from the third quarter of 2011 due to the increase in debt mainly related to the acquisition of Demag Cranes AG. Other expense in the third quarter of 2012 was $3.6 million compared to other income in the prior year quarter of $50.0 million. The change was primarily driven by income in the prior year period of approximately $76 million from the sale of shares of Bucyrus International. Additionally, the Company recorded an expense of $49.9 million primarily associated with redemption of the Company’s 10-7/8% Senior Notes and purchase of 25% of the Company’s 4% Convertible Notes.Taxes: The effective tax rate for the third quarter of 2012 was 23.7% as compared to an effective tax rate of 50.8% for the third quarter of 2011. The lower effective tax rate for the third quarter of 2012 was primarily attributable to jurisdictional mix of income and reductions in the provision for uncertain tax benefits.
Terex Announces Third Quarter 2012 Results
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