31.10.2025

Tough quarter for Genie

Terex has published its third quarter results, with the Genie business (Terex Utilities is now in the Environmental Solutions group) reporting a sharp decline in sales and profit.
The Crane division is now lost in the Material Processing business making it impractical to cover.

Genie

YTD
Revenues for the nine months to the end of September declined 19 percent to $1.97 billion.
Operating profit for the period plummeted 45.5 percent $93 million due to the lower volumes and product mix.

Third Quarter
Revenues in the third quarter were 13.2 percent lower at $537 million, however, order intake for the period improved 2.65 fold from $83 million last year to $582 million this year, leaving the order book/backlog at the end of September 32 percent lower than a year ago at $397 million.

Operating profit for the quarter declined just over 28 percent to $45 million, the cause was put down to lower volumes an unfavourable product mix and ‘tariff headwinds’ partially offset by a discrete item of $18 million pertaining to the release of a customs related contingency, and cost reduction actions.

Terex Group YTD

Terex as a whole saw revenues slip improve almost six percent for the nine months to $4.1 billion, while pre-tax profits slumped 49 percent to $209 million, following declines this time last year.

Full year forecasts: Terex has tweaked its full year group revenues forecast to $5.3 – 5.5 billion, with Genie expected to have full year revenues of around $2.1 billion – low double digit decline.

Chief executive Simon Meester said: "We continue to deliver solid financial performance. Environmental Solutions continued to grow and achieve strong margins in line with our expectations. Materials Processing executed in line with our expectations in spite of challenging conditions in some of its markets, and Aerials achieved modestly better than expected operating margins. Our ability to hold our outlook for the entire year, given the turbulent macro environment, market headwinds and changes in tariffs, is a testament to the growing resiliency of the Terex portfolio, and the commitment, dedication and skill of our team."

Vertikal Comment

This result is pretty much in line with the other third quarter results we have posted so far, or heard of. Genie does look to be suffering a little more than some, but not as bad as others.

The announcement that Terex hopes to divest itself of the Genie business in the new year almost hangs over these numbers, so there is not much to say.
What it does highlight is how the economic uncertainty introduced by the current US regime is having a substantial impact on locally based companies as well as importers. How a company deals with such short to mid-term situations can make or break a business.

Interesting times.