Terex posted second quarter second quarter 2016 income from continuing operations of $109.6 million on net sales of $1.3 billion compared to income from continuing operations of $75.9 million on net sales of $1.4 billion a year ago.
However, excluding a benefit of $67.7 million related to the release of tax valuation allowances, after-tax charges of $19.4 million from restructuring and related actions, and after-tax charges of $8.9 million related to merger and divestiture activities, income from continuing operations was $70.2 million.
In comments about the Q2 numbers reported by RER, John Garrison, Terex president and CEO, pointed to a company in transition.
“With the pending sale of our Material Handling & Port Solutions (MHPS) business and parts of our Construction portfolio, we made several structural changes in the quarter,” said Garrison. “MHPS is now accounted for as a discontinued operation. Going forward, we will be a more focused company, centered around three segments: Aerial Work Platforms, Cranes and Materials Processing.