LONDON, UK / ACCESSWIRE / March 21, 2018 / Active-Investors.com has just released a free earnings report on Terex Corp. (NYSE: TEX). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=TEX. The Company posted its financial results on February 13, 2018, for the fourth quarter of the fiscal year 2017 (Q4 FY17) and for the full fiscal year 2017 (FY17). The Company's quarterly net sales and adjusted earnings per share (EPS) grew on a y-o-y basis; outshining market consensus estimates. Register today and get access to over 1000 Free Research Reports by joining our site below:
Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Terex most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:
Earnings Highlights and Summary
In Q4 FY17, Terex's net sales rose to $1.06 billion from $974.7 million in Q4 FY16. The Company's net sales for the reported quarter outperformed market expectations of $999.2 million.
The machinery products Company reported a loss from continuing operations of $31.7 million, or $0.37 loss per diluted share, in Q4 FY17 compared to a loss from continuing operations of $313.9 million, or $2.96 loss per diluted share, in Q4 FY16. The Company's adjusted income from continuing operations was $28.3 million, or $0.33 per diluted share, in Q4 FY17 compared to $10.7 million, or $0.10 per diluted share, in Q4 FY16. Meanwhile, Wall Street had expected the Company to report an adjusted net loss of $0.25 per share.
For the full year FY17, Terex's net sales were $4.36 billion compared to $4.44 billion in FY16. The Company reported an income from continuing operations of $60.0 million, or $0.63 per diluted share, in FY17 compared to a loss from continuing operations $193.0 million, or $1.79 loss per diluted share, in FY16. Additionally, the Company's adjusted income from continuing operations stood at $128.4 million, or $1.35 per diluted share, in in FY17 compared to $95.3 million, or $0.88 per diluted share, in FY16.
During Q4 FY17, the Westport, Connecticut-based Company's incurred cost of goods sold of $859.6 million compared to $870.0 million in Q4 FY16. The Company's gross profit increased to $204.0 million in Q4 FY17 from $104.7 million in Q4 FY16. The Company's selling, general, and administrative expenses (SG&A) were $164.2 million in the reported quarter compared to $376.8 million in the prior year's same quarter. The Company's income from operations stood at $39.8 million in Q4 FY17 versus a loss from operations of $272.1 million in Q4 FY16. Furthermore, the Company's interest expenses totaled $15.5 million in Q4 FY17 compared to $26.4 million in Q4 FY16.
Terex's Arial Work Platforms (AWP) segment's net sales increased to $449.4 million in Q4 FY17 from $379.0 million in the prior year's comparable quarter. The segment's income from operations also grew to $30.3 million, or 6.7% of segment net sales, in Q4 FY17 from $18.2 million, or 4.8% of segment net sales, in Q4 FY16.
In the reported period, the Company's Crane segment's net sales were $324.4 million, which came in marginally lower than the $327.0 million reported in Q4 FY16. Meanwhile, the segment reported an income from operations of $1.8 million in Q4 FY17 versus a loss from operations of $280.2 million in Q4 FY16.
During Q4 FY17, Terex's Materials Processing (MP) segment's net sales rose to $283.0 million from $236.3 million in Q4 FY16. Furthermore, the segment's income from operations increased to $35.5 million, or 12.5% of segment net sales, in Q4 FY17 from $22.4 million, or 9.5% of segment net sales, in Q4 FY16.
Cash Flow and Balance Sheet
During the full fiscal year ended December 31, 2017, Terex's net cash provided by operating activities was $153.0 million versus $377.1 million in in the year ago. The Company had a cash and cash equivalents balance of $626.5 million as on December 31, 2017, compared to $428.5 million at the close of books on December 31, 2016. Furthermore, the Company had a long-term debt amounting to $979.6 million as on December 31, 2017, compared to $1.56 billion as on December 31, 2016.
In a separate press release on February 07, 2018, the Company's Board of Directors announced a new share repurchase program of up to $325 million. Meanwhile, the Company has completed its previous share repurchase program in Q4 FY17.
In its guidance for the full year FY18, Terex's management expects EPS, excluding restructuring, transformation investments, and other unusual items, to be between $2.35 and $2.65, while its net sales are forecasted to grow 10% y-o-y.
Stock Performance Snapshot
March 20, 2018 - At Tuesday's closing bell, Terex's stock was marginally up 0.39%, ending the trading session at $38.83.
Volume traded for the day: 1.12 million shares.
Stock performance in the past twelve-month period – up 25.99%
After yesterday's close, Terex's market cap was at $3.14 billion.
Price to Earnings (P/E) ratio was at 30.70.
The stock has a dividend yield of 1.03%.
The stock is part of the Industrial Goods sector, categorized under the Farm & Construction Machinery industry. This sector was up 0.3% at the end of the session.
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