Terex announced net sales of
$1,822 million in the third quarter of 2012, an increase of 1 percent from $1,803.6 million in the third quarter of 2011.
Excluding the impact of the acquisition of Demag Cranes, net sales decreased approximately 8 percent, of which 5.4 percent relates to foreign currency fluctuations, from the comparable prior year period.
Income from operations was $131.9 million in the third quarter of 2012, an improvement of $79.3 million when compared to income from operations of $52.6 million in the third quarter of 2011.
"Our earnings this quarter are in-line with our expectations, and reflect our continued focus on price discipline and cost containment," commented Ron DeFeo Terex chairman and CEO. "The mix of performance was varied, with our Cranes, Aerial Work Platforms (AWP) and Material Handling & Port Solutions (MHPS) segments achieving favorable results, while the results of our Construction and Materials Processing (MP) segments showed some softening. Overall, we remain optimistic that the end markets for many of our products will continue to improve."
DeFeo continued, "The continuing strength in many of our markets, combined with our persistent focus on margin improvement, cash generation, and the integration of our MHPS segment, provide us with continued confidence for favorable long term growth and profitability. However, macro events have created some near term softening of demand and uncertainty for our Construction and MP segments. In addition, order timing and seasonal order patterns have impacted our AWP segment on a near term basis."