Terex (NYSE: TEX) reported Q1 EPS of $0.56, $0.32 better than the analyst estimate of $0.24. Revenue for the quarter came in at $864.2 million versus the consensus estimate of $832.03 million.

"Our first quarter results reflect a strong start to the year, as the global markets recover from the pandemic. I am proud of our team members as they continue to overcome the disruptions caused by COVID-19 and deliver improved performance," said Terex Chairman and Chief Executive Officer John L. Garrison, Jr.

Due to improved market conditions and operational execution, Terex increased its full-year outlook for sales to approximately $3.7 billion with an EPS range of $2.35 to $2.55, which includes a $0.30 charge associated with capital structure refinancing.

"Our portfolio of specialized machinery businesses will benefit from the global economic expansion," Garrison said. "We are committed to aggressively implementing our Execute, Innovate and Grow strategy to improve margins and grow Terex."

"AWP continues to improve its execution and operating margins, while meeting strong customer demand. MP had another excellent quarter with strong performance across its portfolio of businesses," Mr. Garrison stated.

John Sheehan, Senior Vice President and Chief Financial Officer, said, "Through aggressive working capital management, we generated $40 million of free cash flow in the quarter. Our strong financial results and liquidity enabled us to prepay $196 million of term loans. We will continue to use our liquidity to fund future growth opportunities, such as the recent announcement of our new Monterrey, Mexico AWP facility."

Mr. Sheehan continued, "The Company refinanced a large portion of its capital structure, including its revolving credit facility and $600 million of bonds, to take advantage of the availability of favorable interest rates. Our strong cash flow generation positioned us to obtain lower interest rates and extend debt maturities to the end of the decade."

Mr. Garrison concluded, "We are confident that the Company will execute its strategy to drive improved execution, profitability, innovation and growth."

For earnings history and earnings-related data on Terex (TEX) click here.