Terex (TEX) Tops Q1 EPS by 19c, Beats on Revenues; Boosts FY18 EPS Guidance
Terex (NYSE: TEX) reported Q1 EPS of $0.55, $0.19 better than the analyst estimate of $0.36. Revenue for the quarter came in at $1.26 million versus the consensus estimate of $1.12 billion.
- Q1 Earnings per Share $0.59, $0.55 as adjusted
- Increased sales 25% and backlog 54%, growth in every segment
- Disciplined capital allocation results in 5 million shares repurchased for $205 million
- Increasing 2018 full year EPS guidance from $2.35 - $2.65 to $2.70 - $3.00
“Terex significantly improved its first quarter earnings per share compared to last year,” stated John L. Garrison, Terex President and CEO. “This strong financial performance reflects the improvements made to our operations and capital structure, and broad-based improvements in our global markets.”
“Aerial Work Platforms (AWP) and Materials Processing (MP) are off to a great start,” Mr. Garrison continued. “Our Cranes segment improved compared to the prior year, but performed below our expectations in the quarter.”
“We continue to invest in our Execute to Win business system, which remains focused on enhancing our capabilities in Commercial Excellence, Lifecycle Solutions and Strategic Sourcing” commented Mr. Garrison. “We are seeing benefits from Commercial Excellence in our performance, and expect to start to realize benefits from Strategic Sourcing in the second half of 2018.”
“We remain committed to our Disciplined Capital Allocation Strategy. During the quarter we repurchased approximately five million shares of Terex stock for $205 million through our previously announced program," said Mr. Garrison.
“We are increasing our full year 2018 adjusted EPS guidance from $2.35 to $2.65 to $2.70 to $3.00,” continued Mr. Garrison. “This improvement reflects our first quarter results and capital market actions, and our expectation for continued growth and operational improvements over the balance of 2018.”
GUIDANCE:
Terex sees FY2018 EPS of $2.70-$3.00, versus the consensus of $2.49.
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