Terex AWP releases Q3 2019 financial results
Terex Corporation had third quarter 2019 net sales of $1.0 billion, down 6.8 percent versus the third quarter of 2018. On an FX-neutral basis, global sales declined 4.7 percent compared to the third quarter of 2018.
The Terex AWP business segment reported net sales of $628 million, down 13.9 percent versus Q3 2018, or down 12.5 percent excluding the impact of foreign exchange rates. Global Terex AWP backlog totaled $494 million and bookings in the quarter were $367 million.
"Our global team continues to focus on creating a ‘Zero Harm' safety culture, delivering value to our customers and implementing our strategy," stated John L. Garrison, Terex Chairman and CEO. "Looking at the global market environment, it has become clear that we are in a softening environment for industrial equipment, which is putting pressure on our global sales and booking levels."
Matt Fearon, Genie President, Terex AWP commented, "At every point in the equipment cycle, our global teams focus on meeting the needs of our customers. While we are taking steps to align production levels and cost structure with the current environment, we will continue to invest in product development, innovation and technology that enhances our value proposition with our customers."
Fearon continued, "I am encouraged by our performance in China where growth continues to be driven by customers adopting our advanced products, and we are excited about our long-term growth prospects across the Asia-Pacific region."
Mr. Fearon finished, "The Terex Utilities team continues to execute well in a more stable market environment, and the new, state-of-the-art manufacturing facility that we are building in Watertown, South Dakota, remains on schedule."