23.07.2014

Genie maintains sales momentum

Genie/Terex AWP has reported a strong second quarter and half year with revenues up 18.5 and 17 percent respectively.

Total revenues for the first half were $1.3 billion, 17 percent higher than for the same period last year, while operating income increased 13 percent to $195.7 million. The backlog at the end of the period was down nearly 16 percent on this time last year and 20 percent down on the quarter.

Moving on to the second quarter, total revenues increased 18.5 percent to $717.9 million while operating income was up more than 12 percent to $113.5 million.

Terex chief executive Ron Defeo said: “Our results for the second quarter and first six months of the year were mixed both from a business and geographical perspective. Our Aerial Work Platforms segment had a strong quarter but margins were slightly lower than a year ago due to product mix and planned investments in new product development and manufacturing footprint. We expect this dynamic to continue through the remainder of the year, although on increasing sales versus the prior year. From a geographical perspective, Western Europe and North America were the growth drivers with increases of 35 and 15 percent respectively, with the rest of world somewhat offsetting these strengths.”

“The company’s overall outlook for 2014 remains unchanged. We expect continued strength from our AWP segment and improvement from our Cranes and MHPS segments to drive improved performance for the second half of 2014 compared with the first six months. While we see a slightly weaker end-market than we originally anticipated, from an EPS perspective, the impact on operating earnings is expected to be somewhat offset by both a lower effective tax rate and a lower anticipated share count. We reiterate our annual outlook for earnings per share of between $2.50 and $2.80, excluding restructuring and other unusual items, although now on net sales of between $7.3 billion and $7.5 billion.”

Terex as a whole reported a six percent rise in first half revenues to $3.7 billion, while pre-tax profits more than doubled to $171.4 million.