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Terex AWP Shares First Quarter 2018 Results

Thu May 03, 2018 - National Edition
CEG


The Terex AWP business segment, driven by its Genie brand, continued to gain momentum in Q1 building off its strong finish in 2017.
The Terex AWP business segment, driven by its Genie brand, continued to gain momentum in Q1 building off its strong finish in 2017.

Terex Corporation reported a strong start to 2018 with first quarter 2018 sales of $1.3 billion, up 25 percent versus Q1 of 2017. The growth reflects the improvements made to the company's operations and broad-based growth across its global markets.

The Terex AWP business segment, driven by its Genie brand, continued to gain momentum in Q1 building off its strong finish in 2017. Terex AWP increased sales by $167 million, up 35 percent versus Q1 2017, driven by growth in North America and Western Europe. The business entered Q2 with backlog of $891 million, which is up $266 million, or 43 percent versus last year.

“Overall, we had a strong start to the year. Our backlog is up significantly in every segment and our global markets are improving,” said John L. Garrison, Terex president and CEO. “We will continue to execute our Transformation program by simplifying the company and building capabilities designed to enable us to serve our customers better and faster than the competition.”

Matt Fearon, Genie president, Terex AWP, said, “I'm pleased to see the global AWP markets remain healthy and strong. The teams have done an excellent job of responding to customer needs and it is reflected in our Q1 results. We see this momentum carrying through 2018, despite some of the recent headwinds facing the industry. We're continuing our emphasis on innovative new products and using our global teams to meet rising demand.”