Terex Corporation announced first quarter 2019 net sales of $1.1 billion, up 2% versus the first quarter of 2018. Backlog also increased by 2% versus a strong Q1 2018 comparison, to $1.7 billion, with global markets for all product categories generally stable at healthy levels.
The Terex AWP business segment, driven by its Genie brand, reported net sales of $728 million, down 1% versus Q1 2018. Sales for Terex AWP started slower than last year, impacted by severe weather across the United States and some headwinds internationally due to the strength of the U.S. dollar. Sales gained momentum throughout the quarter and the business is well positioned heading into the second quarter with $1.1 billion of backlog.
“Overall we had a strong first quarter,” stated John L. Garrison, Terex Chairman and CEO. “We continue to invest in our ‘Execute to Win’ business system, which remains focused on enhancing our capabilities in Commercial Excellence, Lifecycle Solutions and Strategic Sourcing, and we are seeing benefits from each of these areas in how we are executing for our customers as well as our financial performance.”
Matt Fearon, Genie president, Terex AWP commented, “The global markets for aerial work platforms remain generally stable at healthy levels, and the North American utility market remains strong. The Genie team is carrying great momentum going into the second quarter, thanks to the excitement around the innovations we announced at The ARA Show and bauma. We launched the Genie Lift Connect telematics solution that will convert data into actionable information for our customers, helping them to increase their ROI on Genie equipment. We also showcased a complete line of our new Genie Xtra Capacity booms from 40 ft to 135 ft, showing our customers that Genie is leading the industry with product innovations.”
Fearon added: “The Terex Utilities team continues to execute well in a stable market, and we are already seeing cross-selling benefits now that Utilities is part of Terex AWP. We are better leveraging our network of service centers across the country to improve service for our Terex AWP customers.”
For more information on Terex Corporation’s first quarter 2019 results, visit Terex Announces First Quarter 2019 Results.
