The following is a summary of the Terex Corporation (TEX) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Terex Corporation showed a sales increase of 5% and expanded operating margins by 20 basis points from last year.

• The company reported earnings per share of $1.60 for Q1 and a return on invested capital of over 27%.

• Terex is raising its 2024 sales and profit outlook, expecting earnings per share in the range of $6.95 to $7.35.

• The MP sales in Q1 declined by 6% to $520 million compared to last year, but had operating profits of $72 million.

• AWP reported Q1 sales of $773 million, up nearly 13% from last year, with quarterly operating profits of $107 million, a 29% increase from the prior year.

Business Progress:

• Terex launched new products across the portfolio, and continue to progress with their new facility in Monterrey.

• The company has a Q1 backlog of $3.1 billion, significantly above historical levels, proving confidence in their sales outlook for the year.

• In line with trends such as infrastructure, digitalization, waste recycling, and electrification, Terex's portfolio and strategy are accordingly aligned.

• They have started to ramp up efforts to grow the M&A pipeline, targeting opportunities to broaden their market reach and strengthen the portfolio.

• Terex is on track to generate over $1.1 billion in free cash flow over a five-year period, giving the firm flexibility to pursue new growth opportunities.

• Exploring both inorganic and organic growth options, they're focusing on product development as a key contributor to business expansion.

• Recent investments in Acculon and Apptronik form part of long-term technology investment strategy, benefiting their current product portfolio and future offerings.

• Terex is on track to meet their Investor Day targets, aiming to hit $6 billion with an operating margin of 13-14%, reflecting a 3.5% compound annual growth rate (CAGR).

• They are managing growth whilst dealing with existing supply chain issues, and are expecting a return to more normal delivery patterns as supply chain conditions improve.

More details: Terex Corp IR

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