Terex Corporation (NYSE: TEX) today announced income from continuing operations of $21.3 million, or $0.18 per share for the second quarter of 2013, as compared to income from continuing operations of $83.6 million, or $0.75 per share for the second quarter of 2012. Excluding the after-tax impacts of: restructuring and related charges of approximately $54.1 million, or $0.47 per share, expenses related to debt retirement of $3.5 million, or $0.03 per share, and the reversal of an accrual for redeemable non-controlling interest of ($3.1) million, or ($0.03) per share, income from continuing operations as adjusted was $75.8 million, or $0.65 per share in the second quarter of 2013. The Glossary at the end of the release contains more details on these items. There were certain items in the second quarter of 2012 that, in the aggregate, did not have a significant impact on income from continuing operations.
Net sales were $1,908.2 million in the second quarter of 2013, a decrease of 5.1% from $2,011.5 million in the second quarter of 2012. Income from operations was $85.3 million in the second quarter of 2013, a decrease of $89.7 million when compared to income from operations of $175.0 million in the second quarter of 2012. Excluding the pre-tax impact of restructuring and related charges of approximately $65 million, income from operations as adjusted was $150.3 million in the second quarter of 2013.
All results are for continuing operations, unless stated otherwise. All per share amounts are on a fully diluted basis. A comprehensive review of the quarterly financial performance is contained in the presentation that will accompany the Company’s earnings conference call.
“As we communicated in mid-June, the marketplace overall has softened compared to what we originally anticipated for 2013,” commented Ron DeFeo, Terex Chairman and Chief Executive Officer. “The second quarter results reflect this lighter order environment overall, as our Cranes, Construction and Material Handling & Port Solutions (MHPS) segments all experienced lower revenues than originally expected. However, we do continue to see strong performance from our Aerial Work Platforms (AWP) business, and good operational execution by our Materials Processing business in a challenging environment. Overall by geography, North America continues to improve, but now at a slower pace. Europe remains challenging, particularly for our Cranes, Construction and MHPS segments, and the markets in the rest of the world remain mixed.”
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