LONDON, UK / ACCESSWIRE / December 08, 2017 / Active-Investors free earnings report on Terex Corp. (NYSE: TEX) has freshly been issued to its members, and you can also sign up to view this report at www.active-investors.com/registration-sg/?symbol=TEX. The Company posted its financial results on October 31, 2017, for the third quarter fiscal 2017. The Company's revenue and adjusted EPS surpassed analysts' expectation. Register today and get free access to our complimentary member's area where many more reports are available:
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Earnings Highlights and Summary
For three months ended September 30, 2017, Terex's net revenue increased 5.2% to $1.11 billion from $1.06 billion in Q3 FY16. The Company's revenue surpassed analysts' expectations of $1.03 billion.
During Q3 FY17, Terex's gross profit increased 19.1% to $219.0 million from $183.9 million in the same period last year. For the reported quarter, the Company's gross margin increased 230 basis points to 19.7% of revenue from 17.4% of revenue in Q3 FY16.
For the reported quarter, the Company's earnings before interest, tax, depreciation, and amortization (EBITDA) increased 39.2% to $80.6 million from $57.9 million in Q3 FY16. For the reported quarter, the Company's EBITDA margin increased 180 basis points to 7.3% of revenue from 5.5% of revenue in the third quarter of 2016.
During Q3 FY17, Terex's operating income increased 62.1% to $64.2 million from $39.6 million in the same period last year. During Q3 FY17, the Company's operating margin increased 210 basis points to 5.8% of revenue from 3.7% of revenue in the same period last year.
During Q3 FY17, Terex's EBT increased 307.9% to $56.7 million from $13.9 million in the same period last year. During Q3 FY17, the Company's EBT margin increased 380 basis points to 5.1% of revenue from 1.3% of revenue in the same period last year.
For the reported quarter, Terex's net income increased 70% to $56.6 million on a y-o-y basis from $33.3 million in Q3 FY16. During Q3 FY17, the Company's diluted EPS increased 103.2% to $0.63 on a y-o-y basis from $0.31 in the same period last year.
For the reported quarter, Terex's adjusted net income increased 136.8% to $45.0 million on a y-o-y basis from $19.0 million in Q3 FY16. For the reported quarter, the Company's adjusted diluted EPS increased 194.1% to $0.50 on a y-o-y basis from $0.17 in the same period last year. Adjusted diluted EPS surpassed analysts' expectations of $0.36.
Terex's Segment Details
Aerial Work Platforms (AWP) - During Q3 FY17, Terex's AWP segment's revenue increased 14.9% to $556.7 million from $484.4 million in the same period last year. For the reported quarter, the segment's operating income increased 18.3% to $57.5 million from $48.6 million in the third quarter of 2016.
Cranes - During Q3 FY17, the Cranes segment's revenue increased 6.8% to $301.9 million from $282.8 million in the same period last year. For the reported quarter, the segment's operating loss was $1.3 million compared to operating loss of $12.1 million in the third quarter of 2016.
Material Processing (MP) - During Q3 FY17, the MP segment's revenue increased 13.9% to $259.9 million from $228.2 million in the same period last year. For the reported quarter, the segment's operating income increased 45.6% to $28.4 million from $19.5 million in the third quarter of 2016.
As on September 30, 2017, Terex's cash and cash equivalents increased 38.3% to $592.7 million from $428.5 million on December 31, 2016. For the reported quarter, the Company's net long-term debt decreased 37.3% to $980.0 million from $1.56 billion in Q4 FY16.
In the first nine months of 2017, the Company's cash provided by operating activities was negative $56.2 million compared to positive $100.3 million in the same period last year.
During Q3 FY17, Terex repurchased 6.4 million of its shares for $254 million.
On October 11, 2017, the Company's Board of Directors declared a quarterly dividend of $0.08 per share, payable on December 19, 2017, to all stockholders of record as of the close of business on November 09, 2017.
For FY17, the Company expects adjusted diluted EPS to be in the range of $1.20 to $1.30.
Stock Performance Snapshot
December 07, 2017 - At Thursday's closing bell, Terex's stock climbed 1.30%, ending the trading session at $45.91.
Volume traded for the day: 936.51 thousand shares.
Stock performance in the last three-month – up 16.08%; previous six-month period – up 27.21%; past twelve-month period – up 43.02%; and year-to-date – up 45.61%
After yesterday's close, Terex's market cap was at $3.86 billion.
The stock has a dividend yield of 0.70%.
The stock is part of the Industrial Goods sector, categorized under the Farm & Construction Machinery industry. This sector was up 0.8% at the end of the session.
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