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 (NYSE: TEX) reported strong Q2 2024 results with sales of $1.4 billion, consistent with the prior year. Income from operations increased 22% sequentially to $193 million, with an operating profit margin of 14.0%, up 180 bps sequentially. Earnings per share reached $2.08, with adjusted EPS of $2.16. The company achieved a return on invested capital of 25.9%.
Terex updated its full-year 2024 outlook, projecting adjusted EPS between $7.15 and $7.45. The company also announced an agreement to purchase Environmental Solutions Group (ESG), expected to close in H2 2024, which will strengthen its portfolio in the waste and recycling market.
Terex (NYSE: TEX) has announced a quarterly dividend of $0.17 per share. The dividend will be paid on September 19, 2024 to stockholders of record as of the close of business on August 9, 2024. This announcement demonstrates Terex's commitment to providing regular returns to its shareholders, maintaining its dividend policy. The consistent dividend payout may be seen as a sign of the company's financial stability and confidence in its future performance.
Dover (NYSE: DOV) has announced the sale of its Environmental Solutions Group (ESG) business to Terex (NYSE: TEX) for $2 billion. ESG, part of Dover's Engineered Products segment, is a leading provider of refuse collection vehicles, compactors, and balers, along with related aftermarket equipment and digital offerings. The Chattanooga-based unit generated approximately $750 million in revenue in 2023.
The transaction is expected to close before the end of 2024, subject to regulatory approvals and customary closing conditions. Dover's CEO, Richard J. Tobin, expressed gratitude to ESG's management team for their transformational efforts over the past decade. Centerview Partners and Skadden, Arps, Slate, Meagher & Flom LLP served as financial advisor and legal counsel to Dover, respectively.
Terex (NYSE: TEX) has announced a $2.0 billion acquisition of Environmental Solutions Group (ESG) from Dover The deal, valued at $1.725 billion after tax benefits, represents 8.4x 2024E EBITDA including synergies. ESG is a leader in refuse collection vehicles and waste compaction equipment, with brands including Heil, Marathon, and Curotto-Can.
Key points of the acquisition:
- Reduces cyclicality and expands Terex's presence in the waste and recycling market
- Expected to unlock $25 million in synergies by 2026
- Enhances Terex's North American market exposure to 65%
- Anticipated to be double-digit percentage adjusted EPS accretive in 2025
- Creates a new Environmental Solutions segment, combining ESG with Terex's Utilities business
The transaction is expected to close in the second half of 2024, subject to regulatory approvals.
Terex (NYSE: TEX) has announced its upcoming second quarter 2024 financial results conference call, scheduled for Wednesday, July 31, 2024, at 8:30 a.m. Eastern Time. The call will be hosted by Simon Meester, President and CEO, and Julie Beck, Senior VP and CFO. Terex will release its financial results after market close on Tuesday, July 30, 2024, which will be available on the company's investor relations website.
Participants are advised to access the webcast 15 minutes before the start time. A replay of the webcast will be accessible on the Terex investor relations website for those unable to attend the live call.
Terex (NYSE: TEX) has announced participation in several industrial investor conferences. KeyBanc's 2024 Industrials & Basic Materials Conference will take place on Wednesday, May 29th. Stifel's 2024 Cross Sector Insight Conference is scheduled for Wednesday, June 5th at 10:55 AM EDT. Additionally, Terex will present at Deutsche Bank's Global Industrials, Materials & Building Products Conference on Thursday, June 6th at 1:50 PM EDT. These appearances aim to engage with investors, discuss company performance, and outline future business strategies.
Terex (NYSE: TEX) has declared a quarterly dividend of $0.17 per share, as announced by its Board of Directors. This dividend will be paid on June 20, 2024, to all shareholders of record as of June 6, 2024. The declaration underscores the company's ongoing commitment to returning value to its investors.
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