TEREX has made second quarter revenue of US$109.6 million ($145.44 million), reflecting what company CEO John Garrison is calling “a company in transition”.
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Overall, Terex’s net sales for the quarter ending 30 June was US$1.298 billion ($1.720 billion), down about 10% from the same time last year. Garrison said Terex “continued to face challenging markets in the second quarter”.
“The North American market for many of our AWP andCranes products was lower than last year, as expected, which was reflected in both our sales and orders in the quarter,” he explained. “We grew AWP sales in Europe and parts of Asia, but not enough to offset the softness in North America. Our Materials Processing segment executed well and improved upon last year’s performance.”He said Terex will “remain focused on what we can control”.“The steps we took earlier in the year to reduce [selling, general, and administrative expenses] helped offset some of the impact of soft markets and competitive pricing, but more is needed,” he outlined. “In the second quarter, we took additional steps to simplify our manufacturing footprint and lower our cost base. After the sale of MHPS, Terex will be a smaller company. We are committed to reducing our cost structure accordingly.”