Welcome to our dedicated page for Terex Corporation news (Ticker: TEX), a resource for investors and traders seeking the latest updates and insights on Terex Corporation stock.
Terex Corporation (NYSE: TEX) is a global manufacturer that specializes in producing a diverse range of equipment for various industries. The company operates through two main segments: Materials Processing (MP) and Aerial Work Platforms (AWP). These segments cater to numerous applications including construction, infrastructure, quarrying, mining, shipping, transportation, refining, energy, utility, and manufacturing.
Terex's core offerings include aerial work platforms, material handlers, cranes, and concrete mixer trucks. The company has a strong presence in non-residential construction and maintenance sectors, as well as in energy, recycling, and materials management. Terex has evolved through a series of acquisitions over several decades and has recently streamlined its focus by divesting less profitable businesses.
One of Terex's key strengths is its customer-centric approach. The company provides comprehensive financial products and services via Terex Financial Services, making equipment acquisition more accessible. Terex's innovative solutions include electric and hybrid machinery that offer quiet, emission-free performance, and products that facilitate renewable energy and material recovery.
Recent developments highlight Terex's commitment to growth and leadership transitions. John L. Garrison, Jr. is set to retire as Chairman and CEO, effective January 1, 2024, to be succeeded by Simon Meester, the current President of AWP. This leadership change is expected to ensure a smooth transition and continued strategic focus.
Financially, Terex has shown strong performance. In Q3 2023, the company reported a 15% increase in sales and a 46% rise in earnings per share (EPS) compared to the previous year. Looking forward, Terex has raised its full-year 2023 EPS outlook to approximately $7.05, reflecting its robust market position and operational efficiency.
Terex's products are manufactured in North America, Europe, Australia, and Asia and are sold worldwide. The company engages with customers at all stages of the product life cycle, from initial specification through to parts and service support. This comprehensive approach ensures high customer satisfaction and loyalty.
For more information, visit www.terex.com.
Terex Corporation (NYSE: TEX) has completed the issuance of $600,000,000 in 5.00% senior notes due 2029 in a private offering. The company plans to use the proceeds along with cash to redeem its 5.625% senior notes due 2025 on April 5, 2021, at a redemption price of 102.813% of the principal amount plus accrued interest. This move aims to optimize their debt structure. The release also includes forward-looking statements which identify potential risks that may impact future performance.
Terex Corporation (NYSE: TEX) announced a private offering of $600 million in 5.00% senior notes due 2029. The proceeds will primarily refinance existing debt, specifically redeeming its 5.625% senior notes due 2025 and refinancing existing senior secured credit facilities. The offering is expected to close on April 1, 2021, subject to customary conditions. The notes will be offered to qualified institutional buyers under Rule 144A and certain non-U.S. persons outside the United States.
Terex Corporation (NYSE:TEX) announced a proposed $600 million private offering of senior notes due 2029. The funds will be used to fully redeem existing 5.625% senior notes due 2025, refinance outstanding debts, and cover associated expenses. The offering is exempt from SEC registration and targeted at qualified institutional buyers. However, there is no guarantee of favorable terms for the refinancing. Forward-looking statements highlight potential risks, including market condition changes and the decision not to proceed with the offering.
Terex Corporation (NYSE: TEX) reported a fourth quarter 2020 income of $14.9 million, or $0.21 per share, on net sales of $786.7 million, down from $18.5 million in Q4 2019. For the full year, income was $9.0 million with net sales of $3.1 billion, significantly lower than 2019's $209.7 million and $4.4 billion respectively. The company reinstated its quarterly dividend of $0.12 per share, to be paid on March 19, 2021. With over $670 million in cash and projected free cash flow of $100 million, Terex expects 2021 sales around $3.45 billion and EPS of $1.95 to $2.35.
Terex Corporation (NYSE: TEX) announced a conference call to discuss its fourth quarter and year-end 2020 financial results on February 12, 2021, at 9:00 a.m. ET. CEO John L. Garrison, Jr. will lead the discussion. Financial results will be available post-market on February 11, 2021, at investors.terex.com. Terex specializes in manufacturing aerial work platforms and materials processing machinery, with a global presence in multiple regions, including North America, Europe, and Asia.
Terex Corporation (NYSE: TEX) has appointed Christopher Rossi to its Board of Directors effective January 1, 2021. Rossi, CEO of Kennametal Inc., has a proven track record in leading business transformations and growth. He previously held senior roles at Dresser-Rand Group, where he played a key role in increasing revenue from $1 billion to $3 billion, culminating in a $7.6 billion acquisition by Siemens in 2015. His experience and leadership are expected to enhance Terex's corporate culture focused on performance and accountability.
Terex Corporation (NYSE: TEX) reported a third-quarter 2020 net income from continuing operations of $22.0 million, or $0.31 per share, compared to $52.4 million, or $0.73 per share, in Q3 2019. Net sales for the quarter reached $765.6 million, down from $1.0 billion a year earlier. The company improved its Aerial Work Platforms (AWP) segment with a 3.0% operating margin and maintained a strong 12.9% operating margin in Materials Processing (MP). Free cash flow was positive at $54 million, indicating effective cost management.
Terex Corporation (NYSE: TEX) will conduct a conference call to discuss its third quarter 2020 financial results on October 28, 2020, at 8:30 a.m. ET. The call will be led by John L. Garrison, Jr., the company's CEO. Financial results will be disclosed post-market on October 27. Interested parties are encouraged to join the webcast 15 minutes early. For more details and replay options, visit the investor relations section of Terex's website.
Terex Corporation (NYSE: TEX) reported a Q2 2020 loss from continuing operations of $(3.2) million, or $(0.05) per share, on net sales of $690.5 million. This contrasts sharply with Q2 2019's income of $81.6 million or $1.14 per share on sales of $1.3 billion. Cash flow remained positive at $71 million, ensuring liquidity of about $1 billion. The company is adjusting production in response to lower demand amid the COVID-19 pandemic but aims to align operations with customer needs and manage costs effectively for future growth.
Terex Corporation (NYSE: TEX) will conduct a conference call to discuss its second quarter 2020 financial results on July 31, 2020, at 10:00 a.m. ET. The call will be led by John L. Garrison, Jr., Chairman, President, and CEO. Financial results will be available on the company's investor website after market close on July 30, 2020. Participants are encouraged to join the webcast 15 minutes early. Terex is a global manufacturer of aerial work platforms and materials processing machinery, serving various industries worldwide.
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