30.04.2014

Genie lifts sales 15%

Genie/Terex AWP has reported first quarter revenues of $584.9 million, almost 15 percent higher than in the same quarter of 2013. Operating income for the period increased almost 14 percent to $82.2 million, while the company’s order book jumped 77.6 percent in the quarter to $522.9 million, although it is still over nine percent down on this time last year.

The Terex group as a whole reported a hike in pre-tax profits of more than 32 percent to $43 million, on flat revenues of 1.65 billion.

Terex chief executive Ron DeFeo said: “We remain encouraged by the performance of our Aerial Work Platform segment, which delivered excellent results in the first quarter. Performance across our remaining businesses was mixed. The Materials Processing, Construction and Material Handling & Port Solutions segments all delivered quarters roughly in-line with our expectations. While both the MHPS and Construction segments had an operating loss in the quarter, we planned for and continue to expect better operating results from these businesses for the balance of 2014. Our Cranes segment had a disappointing first quarter, but recent order trends suggest improvements as the year progresses, particularly in the second half of the year.”

“The Company’s overall outlook for 2014 has not changed. We expect continued strength from AWPs and improvement from our other segments throughout the remainder of 2014. We reiterate our annual outlook for net sales of between $7.3 billion and $7.7 billion. Terex remains focused on improving profit through organic means, integrating the businesses more thoroughly, and generating free cash flow.”

Vertikal Comment

Another solid quarter of growth from Genie and more importantly the order book has started to recover from the relatively low levels at the start of the year. An encouraging set of results which show the business gaining a little on its major competitor, JLG, which has opened quite a gap between the two companies.

All in all a very good result which bodes well for the year as a whole.