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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.
But overall our margin improvement resulted from better price realization, securing some supplier cost reductions and harvesting the restructuring activities taken in 2011. We will continue on this path for the remainder of this year as well as staying on course with Demag integration in the MHPS segment.Lastly, as EBITDA and earnings performance improves, we expect this will result in further cash generation allowing us to improve the balance sheet by a combination of both debt reduction and the lowering of our cost to capital. Excluding our newly acquired businesses, we experienced our strongest growth in North America. Our European businesses did grow in the high single digits for the first six months of the year and our developing markets business was stable. We understand that the markets are nervous and, although, we do see signs of some weakness, we believe the strong markets will offset the weak ones. This environment has been factored into our guidance. We are increasing our full-year 2012 outlook from a range of $1.65 to $1.85 per share to $1.95 to $2.05. We believe at this point in time the strength from our crane and aerial work platform segments will offset whatever weakness we see in our construction, materials processing and overhead industrial crane businesses. Now I'd like to turn it over to Phil who will cover the numbers in detail and I'll review some of the segment information following Phil's commentary. Phil? Phil Widman Thank you, Ron, and good morning. On Slide 4, we provide a summary of our net sales by geography and segment. While North America represents 37% of total net sales, it has been the strongest market mainly for our AWP, cranes and material processing segments with the MHPS service business also contributing to growth. While problems facing the Euro zone economies are widely reported, overall our European net sales increased modestly year-over-year when excluding MHPS. We expect and are seeing European softness in materials processing and construction for the second half business and are adjusting our production schedules accordingly. Read the rest of this transcript for free on seekingalpha.com