Westport, Conn. – Terex released its third quarter 2020 results with an update on its Aerial Work Platforms (AWP).
Terex announced a third quarter 2020 income from continuing operations of $22 million, or $0.31 per share, on net sales of $765.6 million. In the third quarter of 2019, the reported income from continuing operations was $52.4 million, or $0.73 per share, on net sales of $1.0 billion. This compares to income from continuing operations, as adjusted, of $58.9 million or $0.82 per share in the third quarter of 2019. The Glossary at the end of this press release contains further details regarding these non-GAAP measures.
“Our ability to execute and safely serve customers during this uncertain time drove sequentially stronger financial performance,” said John L. Garrison, Jr., Terex Corporation chairman and CEO. “Our results demonstrate the progress we are making to align our cost structure with the current customer demand environment. We are strategically reducing spending and consolidating our company-wide footprint. These actions will enable us to maintain a competitive cost structure and position us for growth.”
Garrison commented on AWPs.
“Aerial Work Platforms improved its operating performance delivering three per cent operating margin reflecting the gradual sequential improvement in business activity. In addition, both Genie and Terex Utilities are seeing improved utilization levels of their equipment,” he said.
Based on the Company’s current expectations of the markets, overall revenue expectation for 2020 remains unchanged from our outlook communicated in July.
“Finally, I am very proud with how our global team is managing through this challenging year. We are on the path to enter 2021 as an even stronger company,” Garrison concluded.
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