Terex AWP Shares Second Quarter 2019 Results
Following Terex Corporation’s release of its second quarter 2019 results, Terex Aerial Work Platforms (AWP), driving by the Genie® and Terex® Utilities brands, is pleased to share these, along with its segment-specific, results.
Terex Corporation (NYSE: TEX) today announced second quarter 2019 net sales of $1.3 billion, up 4% versus the second quarter of 2018. On an FX-neutral basis, global sales increased 8% compared to the second quarter of 2018.
The Terex AWP business segment reported net sales of $870 million, up 2% versus Q2 2018, or up 5% excluding the impact of foreign exchange. Global Terex AWP backlog remained stable compared to the prior year, at a healthy $746 million.
“Terex continued to grow in the second quarter,” states John L. Garrison, Terex Chairman and CEO. “Global demand for our leading products and services remained generally stable at a healthy level, and we continued to meet the needs of our diverse customer base.”
Matt Fearon, Genie President, Terex AWP comments, “The overall global market for aerial work platforms remains healthy, and the North American utility market remains strong. We expect the second half of 2019 to be similar to the second half of 2018 from an overall revenue and operating margin perspective.
He continues: “We continue to see strong growth in China through increased adoption of our advanced products. We are excited about our long-term growth prospects across the Asia-Pacific region. The recent launch of the Genie Lift Connect™ telematics solution is going well — customers are starting to see how the actionable information that the Genie Lift Connect program provides can help them increase their rental return on invested capital — or rROIC — on Genie equipment.”
Fearon adds: “The Terex Utilities team continues to execute well in a strong market and the new, state-of-the-art manufacturing facility that we are building in Watertown, S.D., remains on schedule.”