Terex Corp. sales in the second quarter of 2021 totaled $1.0 billion, up 50 percent from the $691 million reported in the same period of 2020. The company reported net income of $73.9 million in the quarter, compared to a $9.2 million loss in Q2 2020.
CEO John L. Garrison, Jr. said in a statement that the company’s Aerial Work Platforms (AWP) segment (includes the Genie brand) resulted in “strong operating margins.” Earlier, the company named Simon Meester as president of the Genie business.
Sales for the AWP segment were $595.2 million in the second quarter of 2021, up 43 percent from Q2 2020 sales of $413.9 million. Income from operations for the segment rebound from a $5 million loss in Q2 2020 to post a positive number of $65.2 million.
“Given the strong first-half performance and significantly improved end markets, we have raised our full-year 2021 guidance, which takes into consideration current supply chain conditions. We increased our full-year sales outlook to approximately $3.9 billion with an EPS range of $2.85 to $3.05,” Garrison said.
“We are well-positioned as we enter the second-half of 2021, with strong backlog and continued investment in the business, while maintaining cost discipline and generating sustained, positive free cash flow,” he said.
Source: Terex Corp.
