Terex reported higher third-quarter sales and profit on October 28 and announced a new $500 million share repurchase authorization, according to its results release.
Sales reached $2.2 billion, up 58.4% from a year earlier. On Terex's pro forma basis, which adjusts the comparison for changes in the business, sales increased 11.6%.
Net income rose to $114 million from $65 million. Diluted earnings were $1.00 per share, compared with 98 cents. Adjusted earnings remained $1.50 per share.
Bookings totaled $2.3 billion, and backlog reached $7 billion. Terex said orders increased across all four business segments. Its Aerials business reported 32% sales growth, while Environmental Solutions sales declined 8%.
The company forecast annual sales of $8.0 billion–$8.2 billion, adjusted earnings before interest, taxes, depreciation and amortization of $930 million–$960 million, and free cash flow of $360 million–$400 million.
Chief Executive Simon Meester said Terex had entered active discussions with multiple strategic counterparties about separating Aerials. No completed transaction was announced.
Adjusted and pro forma figures supplement standard accounting results. The new repurchase authorization permits purchases; it does not establish that the money has been spent.
Sources: Terex third-quarter results release.