Stock Monitor: Deere Post Earnings Reporting
LONDON, UK / ACCESSWIRE / May 30, 2018 / If you want access to our free earnings report on Terex Corp. (NYSE: TEX), all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=TEX. Terex posted its financial results for the first quarter of fiscal year 2018 (Q1 FY18) on May 01, 2018. The American manufacturer Company's quarterly sales and earnings surpassed market estimates for Q1 FY18. In addition, the Company raised its outlook for fiscal year 2018. Register today and get access to over 1,000 Free Research Reports by joining our site below:
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Earnings Highlights and Summary
For the first quarter 2018, Terex's sales surged 25% to $1.26 billion compared to $1.01 billion in first quarter 2017. Additionally, the ompany posted backlog of 54%. The Company's net sales for the reported quarter outpaced market expectations of $1.12 billion.
In Q1 FY18, Terex's cost of goods sold jumped 21% to $1.03 billion versus $854.6 million in Q1 FY17. The Company aggregated gross profit was $230.9 million in the reported quarter compared to $152.3 million in the year ago comparable period, increasing 52% on a y-o-y basis. The Company incurred selling, general, and administrative (SG&A) expenses of $159.6 million in Q1 FY18 compared to $157.0 million in Q1 FY17.
In the reported quarter, Terex posted income from operations of $71.3 million compared to loss of $4.7 million in prior year's corresponding period.
Terex reported net income of $50.3 million in Q1 FY18 compared to loss of $4.6 million in Q1 FY17. The Company posted earnings per share (EPS) of $0.62 in the reported quarter versus a loss of $0.04 per share in the year ago same quarter. The Company's adjusted EPS rocketed 1,000% to $0.55 in Q1 FY18 compared to $0.05 in Q1 FY17, outperforming market estimates of $0.37 per share.
Terex's Segments Details
Terex operates through three segments: (i) Aerial Work Platforms (AWP); (ii) Cranes; and (iii) Material Processing (MP).
In the reported quarter, the AWP segment generated net sales of $638.9 million compared to $472.4 million in the year-ago corresponding period, increasing 35% on a y-o-y basis. The segment's operating income advanced to $60.1 million in Q1 FY18 compared to $21.7 million in Q1 FY17, primarily driven by increased sales volume, improved factory utilization, and foreign exchange rate changes.
During Q1 FY18, the Cranes segment's net sales improved by 19% to $314.0 million compared to $263.9 million in Q1 FY17, primarily due to higher demand for all terrain cranes, tower cranes, and utility equipment. The segment reported an operating loss $9.7 million in Q1 FY18 compared to loss of $31.9 million in Q1 FY17.
The MP segment added net sales of $303.3 million, up by 21.8% in the reported quarter versus $249.1 million in the comparable quarter last year, primarily strengthen by higher demand for mobile crushing and screening equipment and Fuchs material handlers. The segment recorded an operating income of $39 million in Q1 FY18 versus $25.6 million in Q1 FY17.
As of March 31, 2018, Terex's cash and cash equivalents stood at $447.9 million compared to $813.9 million as of March 31, 2017. Its long-term debt (less current portion) was $1.08 billion as of March 31, 2018, versus $979.6 million as of December 31, 2017.
In the reported quarter, Terex used $44.4 million of cash in operating activities compared to cash usage of $164.6 million in the prior year's corresponding period. During the first quarter ended March 31, 2018, Terex repurchased approximately 5 million shares at a total cost of $205 million.
Outlook for FY18
For FY18, Terex increased its adjusted EPS guidance to be in range of $2.70-$3.00 from previously quoted $2.35-$2.65. The Company's positive outlook is backed by its first quarter results and capital market actions, and operational improvements over the balance of 2018.
Stock Performance Snapshot
May 29, 2018 - At Tuesday's closing bell, Terex's stock declined 1.08%, ending the trading session at $40.25.
Volume traded for the day: 1.17 million shares.
Stock performance in the last month – up 9.08%; and past twelve-month period – up 22.30%
After yesterday's close, Terex's market cap was at $3.14 billion.
Price to Earnings (P/E) ratio was at 16.60.
The stock has a dividend yield of 0.99%.
The stock is part of the Industrial Goods sector, categorized under the Farm & Construction Machinery industry.
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