– Fourth quarter earnings per portion of $0.82 up vastly year-over-year
– Fourth quarter working margin of 7.0% improved 300 foundation aspects year-over-year
– Fat year sales of $3.9 billion elevated 26% year-over-year
– Fat year working margins of 8.4% improved 620 foundation aspects year-over-year
– Repaid $503 million of debt in 2021 resulting in derive leverage of 1.1x
– 2022 Outlook: Gross sales of $4.1 to $4.3 billion and earnings per portion of $3.55 to $4.05
NORWALK, Conn., Feb. 10, 2022 /PRNewswire/ — Terex Corporation (NYSE: TEX) reported fourth quarter 2021 profits from continuing operations of $58.0 million, or $0.82 per portion, on derive sales of $990.1 million. Within the fourth quarter of 2020, reported profits from continuing operations become $14.9 million, or $0.21 per portion, on derive sales of $786.7 million.
For the corpulent year 2021, Terex reported profits from continuing operations of $217.5 million, or $3.07 per portion, on derive sales of $3.9 billion in comparison with profits from continuing operations of $9.0 million, or $0.13 per portion, on derive sales of $3.1 billion for the corpulent year 2020.
Materials Processing persisted to present a proof for strong operational performance delivering working margins of 13.8% within the quarter. AWP’s fourth quarter 2021 outcomes mirrored strong world customer quiz and strict worth self-discipline with working margins bettering 530 foundation aspects.
“I’m elated with the persisted resilience demonstrated by Terex physique of workers members to elevate watch over via a animated working atmosphere. We delivered vastly improved 2021 outcomes and made growth on our Attain, Innovate and Develop formula,” said Chairman and Chief Govt Officer John L. Garrison, Jr.
Julie Beck, Senior Vice President and Chief Monetary Officer, said, “We were able to generate $125 million of free cash hunch in 2021. Our strong steadiness sheet and anticipated 2022 free cash hunch expertise of $175 to $225 million permits us to fund growth investments, similar to our new Genie Mexico facility and digitalization initiatives.”
Garrison persisted, “Buyer quiz remains strong for our merchandise and providers and products. The total organization remains targeted on overcoming provide disruptions to amplify production and produce for our possibilities. As a result, we query 2022 sales will most most likely be $4.1 to $4.3 billion with EPS of $3.55 to $4.05. We are confident that Terex is nicely positioned to force innovation and growth in 2022.”
Non-GAAP Measures and Different Items
Outcomes of operations replicate continuing operations. All per portion amounts are on an fully diluted foundation. A comprehensive review of the quarterly financial performance is contained within the presentation that can accompany the Firm’s earnings conference name.
On this press open, Terex refers to an whole lot of GAAP (U.S. on the total accredited accounting rules) and non-GAAP financial measures. These non-GAAP measures might well also objective not be similar to equally titled measures being disclosed by other corporations. Terex believes that this non-GAAP recordsdata is priceless to determining its working outcomes and the ongoing performance of its underlying corporations.
The Thesaurus on the discontinue of this press open contains further small print about this topic.
Convention name
The Firm has scheduled a conference name to search out out about the financial outcomes on Friday, February 11, 2022 starting at 8: 30 a.m. ET. John Garrison, Chairman and CEO, and Julie Beck, Senior Vice President and Chief Monetary Officer, will host the name. A simultaneous webcast of this name can even be accessed at https://investors.terex.com. Participants are inspired to acquire admission to the name 10 minutes earlier than the starting time. The determination will additionally be archived within the Match Archive at https://investors.terex.com.
Ahead-Looking out Statements
Particular recordsdata on this press open includes forward-searching statements (within the which formula of Allotment 27A of the Securities Act of 1933, Allotment 21E of the Securities Alternate Act of 1934 and the Non-public Securities Litigation Reform Act of 1995) referring to future occasions or our future financial performance that dangle sure contingencies and uncertainties, in conjunction with those talked about in our Annual File on Create 10-K for the year ending December 31, 2021, and subsequent experiences we file with the U.S. Securities and Alternate Price every so continuously, within the sections entitled “Administration’s Discussion and Prognosis of Monetary Condition and Outcomes of Operations – Contingencies and Uncertainties.” In addition to, when integrated on this press open the words “might well also objective,” “expects,” “will bear to peaceable,” “intends,” “anticipates,” “believes,” “plans,” “projects,” “estimates,” “will” and the negatives thereof and analogous or identical expressions are supposed to name forward-searching statements. Alternatively, the absence of these words does not mean that the assertion will not be forward-searching. We bear now basically based these forward-searching statements on original expectations and projections about future occasions. These statements must not ensures of future performance. Such statements are inherently topic to a unfold of risks and uncertainties that can perchance well perchance motive steady outcomes to alter materially from those mirrored in such forward-searching statements. Such risks and uncertainties, a whole lot of that are beyond our elevate watch over, consist of, among others:
- our enterprise has been, and can objective be further, adversely impacted by world health pandemics such because the outbreak of a brand new pressure of coronavirus (“COVID-19”);
- our enterprise is extremely aggressive and is struggling from our worth structure, pricing, product initiatives and other actions taken by competitors;
- we’re dependent upon third-acquire together suppliers, making us at probability of fill shortages and payment increases;
- consolidation within our customer injurious and suppliers;
- our operations are topic to a preference of attainable risks that arise from working a multinational enterprise, in conjunction with compliance with altering regulatory environments and political instability;
- a materials disruption to one of our important providers and products;
- our enterprise is sensitive to government spending;
- our ability to integrate acquired corporations;
- our enterprise is struggling from the cyclical nature of markets we befriend;
- our must conform to restrictive covenants contained in our debt agreements;
- our ability to generate sufficient cash hunch to service our debt tasks and operate our enterprise;
- our ability to acquire admission to the capital markets to build conclude funds and provide liquidity;
- the financial condition of suppliers and possibilities, and their persisted acquire admission to to capital;
- publicity from providing credit score pork up for a pair of of our possibilities;
- we are able to also objective ride losses in design over recorded reserves;
- our enterprise is world and topic to adjustments in alternate rates between currencies, commodity stamp adjustments, regional economic prerequisites and alternate relatives;
- our retention of key administration personnel and knowledgeable labor;
- seemingly work stoppages and other labor issues;
- adjustments in import/export regulatory regimes, imposition of tariffs, escalation of world alternate conflicts and unfairly traded imports, particularly from China, might well perchance continue to negatively influence our enterprise;
- compliance with altering licensed pointers and laws, particularly environmental and tax licensed pointers and laws;
- litigation, product liability claims and other liabilities;
- our compliance with the USA (“U.S.”) International Defective Practices Act and identical worldwide anti-corruption licensed pointers;
- elevated regulatory point of interest on privateness and recordsdata safety complications and extending licensed pointers;
- our ability to conform to an injunction and connected tasks imposed by the U.S. Securities and Alternate Price (“SEC”);
- our ability to successfully implement our formula;
- disruption or breach in our recordsdata expertise programs and storage of sensitive recordsdata; and
- other factors.
Proper occasions or our steady future outcomes might well also objective differ materially from any forward-searching assertion due to those and other risks, uncertainties and materials factors. The forward-searching statements contained herein communicate fully as of the date of this press open. We expressly disclaim any responsibility or endeavor to open publicly any updates or revisions to any forward-searching assertion contained on this press open to replicate any alternate in our expectations in regards thereto or any alternate in occasions, prerequisites or conditions on which this form of assertion is basically based.
About Terex
Terex is a world manufacturer of aerial work platforms and offers processing equipment. We produce, device and pork up merchandise frail in construction, repairs, manufacturing, vitality, minerals and offers administration capabilities. Terex merchandise and alternate recommendations allow possibilities to minimize their environmental influence in conjunction with electrical and hybrid offerings that voice tranquil and emission-free performance, merchandise that pork up renewable vitality, and merchandise that support within the recovery of priceless offers from varied kinds of raze. Our merchandise are manufactured in North The US, Europe, Australia and Asia and sold worldwide. We elevate with possibilities via all phases of the product existence cycle, from preliminary specification and financing to parts and service pork up.
Contact Info:
Terex Corporation
Randy Wilson
Director, Investor Relations & Corporate Treasury
(203) 221-5415
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(unaudited) |
|||||||||||
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(in hundreds and hundreds, with the exception of per portion recordsdata) |
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|||||||||||
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||||||||
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|
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||||||||||
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|
|
|
|
|
|
|
|
||||
|
Uncover sales |
$ |
990.1 |
|
|
786.7 |
|
|
3,886.8 |
|
|
3,076.4 |
|
Cost of issues sold |
|
(818.2) |
|
|
(637.5) |
|
|
(3,129.4) |
|
|
(2,537.1) |
|
Sinister earnings |
|
171.9 |
|
|
149.2 |
|
|
757.4 |
|
|
539.3 |
|
Promoting, total and administrative costs |
|
(102.1) |
|
|
(117.6) |
|
|
(429.4) |
|
|
(470.9) |
|
Profits (loss) from operations |
|
69.8 |
|
|
31.6 |
|
|
328.0 |
|
|
68.4 |
|
Different profits (expense) |
|
|
|
|
|
|
|
|
|
|
|
|
Hobby profits |
|
0.8 |
|
|
1.1 |
|
|
3.7 |
|
|
3.6 |
|
Hobby expense |
|
(10.9) |
|
|
(15.9) |
|
|
(51.5) |
|
|
(65.9) |
|
Loss on early extinguishment of debt |
|
(1.7) |
|
|
— |
|
|
(29.4) |
|
|
— |
|
Different profits (expense) – derive |
|
10.3 |
|
|
5.0 |
|
|
13.0 |
|
|
4.9 |
|
Profits (loss) from continuing operations earlier than profits taxes |
|
68.3 |
|
|
21.8 |
|
|
263.8 |
|
|
11.0 |
|
(Provision for) bear the earnings of profits taxes |
|
(10.3) |
|
|
(6.9) |
|
|
(46.3) |
|
|
(2.0) |
|
Profits (loss) from continuing operations |
|
58.0 |
|
|
14.9 |
|
|
217.5 |
|
|
9.0 |
|
Profits (loss) from discontinued operations – derive of tax |
|
— |
|
|
0.9 |
|
|
— |
|
|
(0.4) |
|
Attain (loss) on disposition of discontinued operations- derive of tax |
|
0.8 |
|
|
1.9 |
|
|
3.4 |
|
|
(19.2) |
|
Uncover profits (loss) |
$ |
58.8 |
|
|
17.7 |
|
|
220.9 |
|
|
(10.6) |
|
Traditional earnings (loss) per portion: |
|
|
|
|
|
|
|
|
|
|
|
|
Profits (loss) from continuing operations |
$ |
0.83 |
|
|
0.22 |
|
|
3.12 |
|
|
0.13 |
|
Profits (loss) from discontinued operations – derive of tax |
|
— |
|
|
0.01 |
|
|
— |
|
|
(0.01) |
|
Attain (loss) on disposition of discontinued operations – derive of tax |
|
0.01 |
|
|
0.03 |
|
|
0.05 |
|
|
(0.27) |
|
Uncover profits (loss) |
$ |
0.84 |
|
|
0.26 |
|
|
3.17 |
|
|
(0.15) |
|
Diluted earnings (loss) per portion: |
|
|
|
|
|
|
|
|
|
|
|
|
Profits (loss) from continuing operations |
$ |
0.82 |
|
|
0.21 |
|
|
3.07 |
|
|
0.13 |
|
Profits (loss) from discontinued operations – derive of tax |
|
— |
|
|
0.01 |
|
|
— |
|
|
(0.01) |
|
Attain (loss) on disposition of discontinued operations – derive of tax |
|
0.01 |
|
|
0.03 |
|
|
0.05 |
|
|
(0.27) |
|
Uncover profits (loss) |
$ |
0.83 |
|
|
0.25 |
|
|
3.12 |
|
|
(0.15) |
|
Weighted sensible preference of shares prominent in per portion calculation |
|
|
|
|
|
|
|
|
|
|
|
|
Traditional |
|
69.8 |
|
|
69.4 |
|
|
69.7 |
|
|
69.6 |
|
Diluted |
|
70.9 |
|
|
70.3 |
|
|
70.9 |
|
|
70.1 |
|
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|||||
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|
|||||
|
(unaudited) |
|||||
|
(in hundreds and hundreds, with the exception of par worth) |
|||||
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|||||
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||||
|
Sources |
|
|
|
|
|
|
Present sources |
|
|
|
|
|
|
Cash and cash equivalents |
$ |
266.9 |
|
$ |
665.0 |
|
Different original sources |
|
1,500.9 |
|
|
1,213.6 |
|
Complete original sources |
|
1,767.8 |
|
|
1,878.6 |
|
Non-original sources |
|
|
|
|
|
|
Property, plant and equipment – derive |
|
429.6 |
|
|
406.6 |
|
Different non-original sources |
|
666.1 |
|
|
746.6 |
|
Complete non-original sources |
|
1,095.7 |
|
|
1,153.2 |
|
Complete sources |
$ |
2,863.5 |
|
$ |
3,031.8 |
|
|
|
|
|
|
|
|
Liabilities and Stockholders’ Equity |
|
|
|
|
|
|
Present liabilities |
|
|
|
|
|
|
Present part of prolonged-term debt |
$ |
5.6 |
|
$ |
7.6 |
|
Different original liabilities |
|
904.3 |
|
|
715.7 |
|
Complete original liabilities |
|
909.9 |
|
|
723.3 |
|
Non-original liabilities |
|
|
|
|
|
|
Long-term debt, less original part |
|
668.5 |
|
|
1,166.2 |
|
Different non-original liabilities |
|
175.5 |
|
|
220.8 |
|
Complete non-original liabilities |
|
844.0 |
|
|
1,387.0 |
|
Complete liabilities |
|
1,753.9 |
|
|
2,110.3 |
|
|
|
|
|
|
|
|
Complete stockholders’ equity |
|
1,109.6 |
|
|
921.5 |
|
Complete liabilities and stockholders’ equity |
$ |
2,863.5 |
|
$ |
3,031.8 |
|
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|
|
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|
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|
||||||
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|
||||||
|
(unaudited) |
||||||
|
(in hundreds and hundreds) |
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||||||
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||||
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|
Running Actions |
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|
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|
||
|
Uncover profits (loss) |
$ |
220.9 |
|
$ |
(10.6) |
|
|
Depreciation and amortization |
|
50.2 |
|
|
49.7 |
|
|
Changes in working sources and liabilities and non-cash charges |
|
22.3 |
|
|
186.3 |
|
|
Uncover cash equipped by (frail in) working actions |
|
293.4 |
|
|
225.4 |
|
|
Investing Actions |
|
|
|
|
|
|
|
Capital expenditures |
|
(59.7) |
|
|
(64.5) |
|
|
Different investing actions, derive |
|
(42.5) |
|
|
26.0 |
|
|
Uncover cash equipped by (frail in) investing actions |
|
(102.2) |
|
|
(38.5) |
|
|
Financing Actions |
|
|
|
|
|
|
|
Uncover cash equipped by (frail in) financing actions |
|
(580.1) |
|
|
(82.8) |
|
|
Enact of alternate price adjustments on cash and cash equivalents |
|
(14.3) |
|
|
25.9 |
|
|
Uncover amplify (decrease) in cash and cash equivalents |
|
(403.2) |
|
|
130.0 |
|
|
Cash and cash equivalents at starting of year |
|
670.1 |
|
|
540.1 |
|
|
Cash and cash equivalents at year discontinue |
$ |
266.9 |
|
$ |
670.1 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
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|
|||||||||||||
|
(unaudited) |
|||||||||||||
|
(in hundreds and hundreds) |
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|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Uncover sales |
$ |
990.1 |
|
$ |
786.7 |
|
|
$ |
3,886.8 |
|
$ |
3,076.4 |
|
|
Profits from operations |
$ |
69.8 |
7.0% |
$ |
31.6 |
4.0% |
|
$ |
328.0 |
8.4% |
$ |
68.4 |
2.2% |
|
|
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Uncover sales |
$ |
534.4 |
|
$ |
412.3 |
|
|
$ |
2,178.8 |
|
$ |
1,782.9 |
|
|
Profits (loss) from operations |
$ |
25.4 |
4.8% |
$ |
(1.9) |
(0.5)% |
|
$ |
152.1 |
7.0% |
$ |
0.5 |
—% |
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|
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Uncover sales |
$ |
454.1 |
|
$ |
366.3 |
|
|
$ |
1,691.8 |
|
$ |
1,256.8 |
|
|
Profits from operations |
$ |
62.6 |
13.8% |
$ |
54.7 |
14.9% |
|
$ |
240.9 |
14.2% |
$ |
143.4 |
11.4% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Uncover sales |
$ |
1.6 |
|
$ |
8.1 |
|
|
$ |
16.2 |
|
$ |
36.7 |
|
|
Loss from operations |
$ |
(18.2) |
* |
$ |
(21.2) |
* |
|
$ |
(65.0) |
* |
$ |
(75.5) |
* |
|
– No longer a meaningful share |
|
|
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||||||||||
GLOSSARY
On this document, Terex refers to an whole lot of GAAP (U.S. on the total accredited accounting rules) and non-GAAP financial measures. These non-GAAP measures might well also objective not be similar to equally titled measures disclosed by other corporations. Terex items non-GAAP financial measures in reporting its financial outcomes to present investors with further analytical tools which it believes is priceless in evaluating its working outcomes and the ongoing performance of its underlying corporations. Terex does not, nor does it counsel that investors divulge such non-GAAP financial measures in isolation from, or in its put for, financial recordsdata keen in line with GAAP.
The amounts described beneath are unaudited, are reported in hundreds and hundreds of U.S. dollars (with the exception of portion recordsdata and percentages), and are as of or for the period ended December 31, 2021, unless in every other case indicated.
2022 Outlook
The Firm’s 2022 outlook for earnings per portion is a non-GAAP financial measure which potential of it excludes the influence of attainable future acquisitions, divestitures, restructuring, and other abnormal objects. The Firm is unable to reconcile this forward-searching non-GAAP financial measure to its most at as soon as comparable forward-searching GAAP financial measures with out unreasonable efforts since the Firm is unable to foretell with an sensible diploma of certainty the steady timing and influence of such objects. The unavailable recordsdata will bear a important influence on the Firm’s corpulent-year 2022 GAAP financial outcomes. This forward searching recordsdata provides steering to investors about the Firm’s EPS expectations with the exception of strange objects that the Firm does not divulge is reflective of its ongoing operations.
Free Cash Float
The Firm calculates a non-GAAP measure of free cash hunch. The Firm defines free cash hunch as Uncover cash equipped by (frail in) working actions, plus (minus) increases (decreases) in Terex Monetary Services finance receivables consisting of sales-form leases and commercial loans (“TFS Sources”), less Capital expenditures, derive of proceeds from sale of capital sources. The Firm believes that this measure of free cash hunch provides administration and investors further priceless recordsdata on cash expertise or exercise in our most foremost operations. The next desk reconciles Uncover cash equipped by (frail in) working actions to free cash hunch (in hundreds and hundreds):
|
|
|
Year Ended |
|
Year Ended |
|
|
Uncover cash equipped by (frail in) working actions |
|
$ 293.4 |
|
$ 225.4 |
|
|
Amplify (decrease) in TFS sources |
|
(110.6) |
|
(40.1) |
|
|
Capital expenditures, derive of proceeds from sale of capital sources |
|
(57.8) |
|
(44.0) |
|
|
Free cash hunch |
|
$ 125.0 |
|
$ 141.3 |
|
|
|
|
|
Acquire out about long-established advise material to download multimedia: https://www.prnewswire.com/news-releases/terex-experiences-strong-fourth-quarter-and-corpulent-year-2021-outcomes-301479299.html
SOURCE Terex Corporation
