While quoting activity for mobile cranes has been stable, the Cranes segment backlog has been negatively impacted by certain European macro-economic factors including capital markets tightening and declining government spending, affecting crawler and all-terrain cranes specifically. This was partially offset by continued strength in orders from North and South America, Australia and the Middle East.
MHPS backlog decreased due to lower Material Handling orders. This was largely offset by strength in Terex Port Solutions. Components of the large order related to the European port projects announced in the second quarter of 2012, which will be delivered next year starting in the second half of 2013, have started to be included in the Company’s reported backlog.
The Company’s MP segment also experienced continued order weakness in Europe as financing and end market demand are still challenging and have caused dealers to delay the replenishment of their historically low inventories. The Company has also seen some weakening of demand for MP mobile equipment in North America. This was partially offset by increased order activity from Australia, the Middle East and Latin America from small mines and aggregate producers in those regions.
The Glossary contains further details regarding backlog.
The Company will host a one-hour conference call to review the financial results on Thursday, October 25, 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,
. 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.
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.