Terex Corp. said its AWP segment, which includes Genie-branded MEWPs and telehandlers, recorded first-quarter sales of $686 million, up 24.4 percent from the same period a year ago. It cited demand from fleet replacement and price increases to compensate for rising costs. Incremental margin on higher sales contributed to a 12-percent increase in net income for the segment, to $83 million.
Overall sales for Terex totaled $1.2 billion for the quarter, up 23.3 percent.
“We entered 2023 with significant momentum as we continued to successfully execute against our growth strategy amidst elevated macroeconomic volatility and lingering supply chain constraints,” said chairman and CEO John L. Garrison, Jr., in a statement. “We delivered strong first quarter results, with sales growing 23 percent, operating margin expansion of 460bps, and EPS more than doubling over the prior year. We are raising our full-year EPS outlook as a result of this impressive performance, strong demand for our products, and a healthy backlog of $4.1 billion.”
The company increased its 2023 outlook, bumping its sales expectations to between $4.8 billion and $5 billion. Previously expectations forecase 2023 sales between $4.6 billion and $4.8 billion.
Source: Terex
