Terex (TEX) Tops Q2 EPS by 6c; Boosts FY18 EPS Outlook
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Terex (NYSE: TEX) reported Q2 EPS of $0.98, $0.06 better than the analyst estimate of $0.92. Revenue for the quarter came in at $1.4 billion versus the consensus estimate of $1.4 billion.
“Terex significantly improved its second quarter, as adjusted, earnings per share compared to last year,” stated John L. Garrison, Terex President and CEO. “These strong financial results reflect operational improvements, the considerable benefit of executing our disciplined capital allocation strategy and broad-based improvements in our global markets.”
“Aerial Work Platforms (AWP) and Materials Processing (MP) continue to execute very well,” Mr. Garrison continued. “Our Cranes segment improved as expected compared to the first quarter, but continued to be impacted by material shortages.”
“We made progress implementing our Execute to Win business system across our three priority areas: Commercial Excellence; Lifecycle Solutions; and Strategic Sourcing” commented Mr. Garrison. “The initial benefits of Commercial Excellence are positively impacting our current performance. We will start to see benefits from Strategic Sourcing in the second half of 2018.”
“We remain committed to our Disciplined Capital Allocation Strategy. During the quarter we repurchased 2.9 million shares for $116 million. Over the past 18 months we repurchased approximately 34 million shares, or roughly one-third of our outstanding shares,” said Mr. Garrison. “In addition, we recently announced a new $300 million share repurchase authorization.”
“We are updating our full year 2018 adjusted EPS guidance range from $2.70 to $3.00 to $2.80 to $3.00,” continued Mr. Garrison. “This improvement reflects our first half operational results, capital market actions, and our expectations for the balance of 2018.”
Terex sees FY2018 EPS of $2.80-$3.00, versus the consensus of $2.90.
For earnings history and earnings-related data on Terex (TEX) click here.