29.04.2022

Steady growth for Genie

Genie - Terex has reported its first quarter results with a solid improvement in both revenues and profit.

Total revenues for the three months was $551.5 million, an increase of 15.7 percent on the same quarter last year, Operating profit increased by more than 32 percent to $32.5 million. The backlog/order book increased by 77 percent to $2.3 billion.

Terex as a whole saw revenues improve 16 percent to just over $1 billion, while pre-tax profits improved almost 35 percent to $64.2 million.

Terex chief executive John Garrison said: "The team delivered solid financial results for the quarter considering the current operating environment. We continue to experience global supply chain disruptions and significant inflationary pressures due to the pandemic and geopolitical risks. Our team members are focused on overcoming these challenges to improve delivery performance for customers and dealers. I want to thank all our dedicated Terex team members for their hard work in this demanding environment."

"We are committed to investing in new technologies and products, including our recent investment in Viatec and Ecotec recycling solutions. These investments will capitalise on demand trends in electrification and recycling to drive growth."

Chief financial officer Julie Beck added: "The team delivered exceptional expense management in this dynamic environment to help offset increasing costs. The Company has a strong balance sheet with low leverage and ample liquidity to support its growth initiatives."

Terex Cranes numbers are included in the material Processing division and no longer disclosed,

Vertikal Comment

Given all the constraints and challenges this is not a bad result from Genie and compares favourably with those competitors that have reported so far, especially when it comes to operating profit. The key challenge for all of them now is to turn the big backlog into revenue, before they start to sour.

All in all, a positive set of numbers.