• Gross sales of $1.2 billion and working margin of 10.1% and 10.5% as adjusted¹
• EPS of $1.31 and changed¹ EPS of $1.46
• Go back on invested capital of 23.7%
• Complete-year adjusted¹ EPS outlook of $5.85 to $6.25

NORWALK, Conn., Oct. 30, 2024 /PRNewswire/ — Terex Company (NYSE: TEX), a world commercial apparatus producer of fabrics processing equipment, wastefulness and recycling answers, cell raising paintings platforms, and kit for the electrical significance trade, lately introduced its effects for the 3rd quarter 2024.

CEO Observation
“The Terex team adapted quickly to in-quarter industry channel adjustments and executed at a high level throughout the third quarter,” stated Simon Meester, Terex President and Prominent Govt Officer. “In early October, we completed the acquisition of Environmental Solutions Group (“ESG”) strengthening our portfolio and leveraging our operating system to drive sustainable, accelerated long-term growth. ESG adds a non-cyclical, financially accretive, and market-leading business to Terex’s portfolio with tangible synergies in the fast-growing waste and recycling end market.”

3rd Quarter Operational and Monetary Highlights

• Internet gross sales of $1.2 billion have been 6% not up to the 3rd quarter of 2023, attributable to declines in Subject material Processing (“MP”), in part offset by way of negligible expansion in Aerial Paintings Platforms (“AWP”).
• Source of revenue from operations was once $122 million, or 10.1% of web gross sales, in comparison to $163 million, or 12.6% of web gross sales, right through the prior 12 months². Adjusted¹ source of revenue from operations was once $127 million, or 10.5% of web gross sales for the 3rd quarter of 2024. The year-over-year exchange was once basically because of decrease gross sales quantity and destructive geographic and product combine.
• Source of revenue from proceeding operations was once $88 million, or $1.31 consistent with proportion, in comparison to $119 million, or $1.75 consistent with proportion, within the 3rd quarter of 2023. Adjusted¹ source of revenue from proceeding operations was once $98 million, or $1.46 consistent with proportion for the 3rd quarter of 2024, in comparison to $117 million, or $1.72 consistent with proportion, within the 3rd quarter of 2023.
• Go back on invested capital of 23.7% continues to noticeably exceed our value of capital.

Trade Section Overview

Fabrics Processing

• Internet gross sales of $444 million have been unwell $97 million year-over-year, attributable to channel changes and decrease end-market call for in sure gardens.
• Source of revenue from operations was once $56 million, or 12.6% of web gross sales, in comparison to $92 million, or 17.0% of web gross sales, within the prior 12 months². Adjusted¹ source of revenue from operations was once $59 million, or 13.3% of web gross sales for the 3rd quarter of 2024. The exchange was once basically because of decrease gross sales quantity and destructive product and geographic combine. The crew continues to explode value relief movements and align manufacturing plans with marketplace necessities.

Aerial Paintings Platforms

• Internet gross sales of $769 million have been up 2.4% year-over-year or $18 million. Right through the 3rd quarter, shoppers adjusted supply schedules to align with fleet productiveness and shorter apparatus top occasions.
• Source of revenue from operations of $83 million, or 10.8% of web gross sales, was once unwell from $93 million, or 12.4% of web gross sales, within the prior 12 months². Adjusted¹ source of revenue from operations was once $85 million, or 11.1% of web gross sales for the 3rd quarter of 2024. The exchange resulted from destructive product combine and better freight prices. The crew continues to explode value relief movements and align manufacturing plans with marketplace necessities.

Robust Steadiness Sheet and Liquidity

• As of September 30, 2024, the Corporate had liquidity (coins and availability beneath our revolving series of credit score) of $952 million and web leverage of 0.4x.
• Terex deployed $29 million for capital expenditures right through the 3rd quarter of 2024 to assistance trade expansion and operational enhancements.
• Thru September 30, 2024, Terex has returned $66 million to shareholders thru proportion repurchases and dividends.
• On October 8, 2024, the Corporate finished the purchase of ESG, which was once funded with a mix of 6.25% Senior Notes, promise mortgage borrowings, and coins readily available. The Corporate expects web leverage to be roughly 2.5x for the 12 months ended December 31, 2024.

CFO Commentary
“Our Q3 results reflect lower than expected volume in the quarter.  We continue to take action to reduce costs and align production with demand,” commented Julie Beck, Senior Vice President and Prominent Monetary Officer. “I am very pleased that our future financial results will enjoy the accretive addition of ESG, reducing our cyclicality going forward. I am also pleased with the results of our ESG acquisition-related funding actions. We maintain a strong and agile balance sheet that will continue to enable us to fund strategic growth initiatives, and return capital to shareholders.”

Complete-Day 2024 Outlook
(in thousands and thousands, apart from consistent with proportion knowledge)

Terex Outlook comprises ESG submit October 8, 2024 near contribution of ~$200M gross sales, ~18.5% working margin, and $40M EBITDA.

Non-GAAP Measures and Alternative Pieces

Result of operations mirror proceeding operations. All consistent with proportion quantities are on a completely diluted foundation.  A complete overview of the quarterly monetary efficiency is contained within the presentation that may accompany the Corporate’s profits convention name.

On this press let go, Terex refers to diverse GAAP (U.S. typically authorised accounting rules) and non-GAAP monetary measures. Those non-GAAP measures might not be similar to in a similar fashion titled measures being disclosed by way of alternative firms. Control believes that presenting those non-GAAP monetary measures lend traders with supplementary analytical equipment which might be helpful in comparing our working effects and the continued efficiency of our underlying companies as a result of they (i) lend significant supplemental data referring to monetary efficiency by way of apart from have an effect on of one-time pieces and alternative pieces affecting comparison between classes, (ii) allow traders to view efficiency the usage of the similar equipment that control makes use of to price range, produce working and strategic selections, and assessment our core working efficiency throughout classes, and (iii) differently lend supplemental data that can be helpful to traders in comparing our monetary effects. We don’t, nor do we advise that traders, imagine such non-GAAP monetary measures in isolation from, or as an alternative choice to, monetary data ready in keeping with GAAP.

The Word list on the stop of this press let go incorporates additional information about this matter.

Convention name

The Corporate has scheduled a convention name to study the monetary effects on Wednesday, October 30, 2024 starting at 8:30 a.m. ET.  Simon A. Meester, President and CEO, and Julie Beck, Senior Vice President and Prominent Monetary Officer, will host the decision. A coincident webcast of this name may also be accessed at https://investors.terex.com. Members are inspired to get entry to the decision quarter-hour previous to the creation day. The decision can be archived within the Match Archive at https://investors.terex.com. 

Ahead-Having a look Statements

Positive data on this press let go comprises forward-looking statements (inside the which means of Division 27A of the Securities Business of 1933, Division 21E of the Securities Change Business of 1934 (the “Exchange Act”) and the Personal Securities Litigation Reform Business of 1995) referring to while occasions or our while monetary efficiency that contain sure contingencies and uncertainties, together with the ones mentioned in our Annual File on Method 10-Ok for the 12 months ended December 31, 2023, and next stories we document with the U.S. Securities and Change Fee from day to day, within the categories entitled “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Contingencies and Uncertainties.”  As well as, when incorporated on this press let go the phrases “may,” “expects,” “should,” “intends,” “anticipates,” “believes,” “plans,” “projects,” “estimates,” “will” and the negatives thereof and analogous or homogeneous expressions are supposed to spot forward-looking statements.  On the other hand, the absence of those phrases does no longer cruel that the observation isn’t forward-looking.  Now we have based totally those forward-looking statements on up-to-date expectancies and projections about while occasions.  Those statements aren’t promises of while efficiency.  Such statements are inherently matter to numerous dangers and uncertainties that would reason latest effects to fluctuate materially from the ones mirrored in such forward-looking statements.  Such dangers and uncertainties, lots of which might be past our keep an eye on, come with, amongst others:

• we is also not able to effectively combine bought companies, together with the Environmental Answers Crew trade;
• we would possibly not understand anticipated advantages for any bought companies inside of the time-frame expected or in any respect;
• our operations are matter to a variety of doable dangers that stand from working a multinational trade, together with political and financial instability and compliance with converting regulatory environments;
• adjustments within the availability and value of sure fabrics and parts, which would possibly lead to provide chain disruptions;
• consolidation inside of our buyer bottom and providers;
• our trade would possibly undergo if our apparatus fails to accomplish as anticipated;
• a subject material disruption to one in all our important amenities;
• our trade is delicate to basic financial statuses, govt spending priorities and the cyclical nature of markets we handover;
• our consolidated monetary effects are reported in U.S. greenbacks hour sure property and alternative reported pieces are denominated within the currencies of alternative international locations, growing forex alternate and translation chance;
• we now have a vital quantity of debt exceptional and wish to agree to restrictive covenants contained in our debt contracts;
• our talent to generate enough coins tide to carrier our debt tasks and perform our trade;
• our talent to get entry to the capital markets to boost budget and lend liquidity;
• the monetary status of consumers and their endured get entry to to capital;
• publicity from offering credit score assistance for a few of our shoppers;
• we would possibly enjoy losses in abundance of recorded reserves;
• our trade is very aggressive and matter to pricing power;
• our talent to effectively enforce our technique and the latest effects derived from such technique;
• higher cybersecurity blackmails and extra refined pc crime;
• higher regulatory focal point on privateness and information safety problems and increasing regulations;
• our talent to draw, create, have interaction and conserve crew contributors;
• imaginable paintings stoppages and alternative exertions issues;
• litigation, product legal responsibility claims and alternative liabilities;
• adjustments in import/export regulatory regimes, imposition of price lists, escalation of world industry conflicts and unfairly traded imports, in particular from China, may proceed to negatively have an effect on our trade;
• compliance with environmental rules may well be expensive and failure to satisfy sustainability expectancies or requirements or reach our sustainability targets may adversely have an effect on our trade;
• our compliance with the U.S. Overseas Corrupt Practices Business and homogeneous international anti-corruption regulations;
• our talent to agree to an injunction and similar tasks imposed by way of the U.S. Securities and Change Fee; and
• alternative components.

Fresh occasions or our latest while effects would possibly fluctuate materially from any forward-looking observation because of those and alternative dangers, uncertainties and subject material components.  The forward-looking statements contained herein discuss simplest as of the day of this press let go.  We expressly abjure any legal responsibility or enterprise to let go publicly any updates or revisions to any forward-looking observation contained on this press let go to mirror any exchange in our expectancies with reference thereto or any exchange in occasions, statuses or instances on which the sort of observation is based totally.

About Terex
Terex Company is a world commercial apparatus producer of fabrics processing equipment, wastefulness and recycling answers, cell raising paintings platforms (MEWPs), and kit for the electrical significance trade. We design, manufacture, and assistance merchandise worn in repairs, production, power, minerals and fabrics control, development, wastefulness and recycling, and the leisure trade. We lend best-in-class lifecycle assistance to our shoppers thru our international portions and services and products group, and deal complementary virtual answers, designed to assistance our shoppers maximize their go back on their funding. Positive Terex merchandise and answers allow shoppers to drop their have an effect on at the state together with electrical and hybrid choices that ship tranquility and emission-free efficiency, merchandise that assistance renewable power, and merchandise that backup within the fix of helpful fabrics from diverse varieties of wastefulness. Our merchandise are manufactured in North The us, Europe, and Asia Pacific and offered international.

Touch Data
Derek Everitt
VP Investor Members of the family
Electronic mail:  [email protected]

GLOSSARY

Non-GAAP Measures Definitions

In an aim to lend traders with supplementary data in regards to the Corporate’s effects, Terex refers to diverse GAAP (U.S. typically authorised accounting rules) and non-GAAP monetary measures which control believes supplies helpful data to traders. Those non-GAAP measures might not be similar to in a similar fashion titled measures being disclosed by way of alternative firms. As well as, the Corporate believes that non-GAAP monetary measures must be thought to be along with, and no longer rather of, GAAP monetary measures. Terex believes that this non-GAAP data turns out to be useful to working out its working effects and the continued efficiency of its underlying companies. Control of Terex makes use of each GAAP and non-GAAP monetary measures to ascertain inner budgets and objectives and to guage the Corporate’s monetary efficiency in opposition to such budgets and objectives.

The quantities described under are unaudited, are reported in thousands and thousands of U.S. greenbacks (apart from proportion knowledge and percentages), and are as of or for the duration ended September 30, 2024, until differently indicated.

2024 Outlook
The Corporate’s 2024 outlook for profits consistent with proportion is a non-GAAP monetary measure as it excludes doable while acquisitions, divestitures, restructuring, and alternative extraordinary pieces. The Corporate isn’t in a position to reconcile this forward-looking non-GAAP monetary measure to its maximum without delay similar forward-looking GAAP monetary measures with out unreasonable efforts since the Corporate is not able to are expecting with an inexpensive level of sure bet the precise timing and have an effect on of such pieces. The unavailable data can have a vital have an effect on at the Corporate’s full-year 2024 GAAP monetary effects. This ahead browsing data supplies steerage to traders in regards to the Corporate’s EPS expectancies apart from extraordinary pieces that the Corporate does no longer imagine is reflective of its ongoing operations.

EBITDA
EBITDA is outlined as profits, earlier than passion, alternative non-operating source of revenue (loss), source of revenue (loss) resulting from non-controlling passion, taxes, depreciation and amortization. The Corporate calculates this by way of subtracting refer to pieces from Internet source of revenue (loss): (Achieve) loss on disposition of discontinued operations- web of tax; and (Source of revenue) loss from discontinued operations – web of tax. Later provides the Provision for (have the benefit of) source of revenue taxes; Pastime & Alternative (Source of revenue) Expense; the Depreciation and Amortization quantities reported within the Consolidated Remark of Money Flows much less amortization of debt issuance prices which might be recorded in Pastime expense. Adjusted EBITDA is outlined as EBITDA plus sure SG&A and alternative source of revenue/bills.

The Corporate believes that disclosure of EBITDA and Adjusted EBITDA can be useful to these reviewing its efficiency, as EBITDA supplies data on its talent to satisfy debt carrier, capital expenditure and dealing capital necessities, and may be a trademark of profitability.

Distant Money Tide
The Corporate calculates a non-GAAP measure of loose coins tide. The Corporate defines loose coins tide as Internet coins supplied by way of (worn in) working actions much less Capital expenditures, web of proceeds from sale of capital property. The Corporate believes that this measure of loose coins tide supplies control and traders additional helpful data on coins while or importance in our number one operations. Please see desk reconciles Internet coins supplied by way of (worn in) working actions to loose coins tide (in thousands and thousands):

Internet Leverage
The Corporate calculates a non-GAAP measure of web leverage. The Corporate defines web leverage as Internet Debt divided by way of adjusted endmost 365 days (LTM) EBITDA. The Corporate believes that this measure displays its talent to safeguard its web debt tasks with effects from core operations. Quantities described under are reported in thousands and thousands, apart from web leverage.

Debt & Internet Debt
Debt is calculated the usage of the Condensed Consolidated Steadiness Sheet quantities for Stream portion of long-term debt plus Lengthy-term debt, much less up-to-date portion plus debt from liabilities held on the market. Internet Debt is calculated as Debt much less Money and coins equivalents, together with quantities in property held on the market. Those measures backup within the analysis of the Corporate’s monetary status.

ROIC
ROIC and alternative Non-GAAP Measures (as calculated under) help in appearing how successfully we make the most of capital invested in our operations. ROIC is motivated by way of dividing the sum of NOPAT for each and every of the former 4 quarters by way of the typical of Debt much less Money and coins equivalents plus Stockholders’ fairness for the former 5 quarters. NOPAT for each and every quarter is calculated by way of multiplying Source of revenue (loss) from operations by way of one minus the annualized efficient tax charge as adjusted. Debt is calculated the usage of quantities for Stream portion of long-term debt plus Lengthy-term debt, much less up-to-date portion. We calculate ROIC the usage of the endmost 4 quarters’  NOPAT as this represents the latest 12-month duration at any given level of choice. To deliver for the denominator of the ROIC ratio to correctly fit the operational duration mirrored within the numerator, we come with the typical of 5 quarters’ finishing steadiness sheet quantities in order that the denominator comprises the typical of the outlet thru finishing balances (on a quarterly foundation) thereby offering, over the similar day duration because the numerator, 4 quarters of reasonable invested capital.

Within the calculation of ROIC, we regulate the annualized efficient tax charge to mirror control’s expectation of the full-year efficient tax charge and amortize the one-time tax get advantages derived from recording of a deferred tax asset on the subject of our Swiss operations in 2023 to build a measure this is extra helpful to working out our working effects and the continued efficiency of our underlying trade as proven within the tables under. Our control and Board of Administrators importance ROIC as one measure to evaluate operational efficiency, together with in reference to sure repayment techniques. We importance ROIC as a metric as a result of we imagine it measures how successfully we make investments our capital and gives a greater measure to match ourselves to look firms to help in assessing how we power operational growth. We imagine ROIC measures go back at the quantity of capital invested in our companies and is a correct and descriptive measure of our efficiency. We additionally imagine including Debt much less Money and coins equivalents to Stockholders’ fairness supplies a greater comparability throughout homogeneous companies referring to overall capitalization, and ROIC highlights the extent of price inauguration as a proportion of capital invested. Because the tables under display, our ROIC at September 30, 2024 was once 23.7%.

Q3 2024
Quantities described under are reported in thousands and thousands, apart from for the annualized efficient tax charge as adjusted. Quantities are as of and for the 3 months ended for the classes referenced within the tables under.

GAAP to Non-GAAP Reconciliation: Q3 2024

GAAP to Non-GAAP Reconciliation: YTD Q3 2024

GAAP to Non-GAAP Reconciliation: Q3 2023

GAAP to Non-GAAP Reconciliation: YTD Q3 2023

SOURCE Terex Company

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