Terex (TEX) Updates Q3 and FY2024 Guidance

Terex Corporation (NYSE: TEX) today announced that it is updating its 2024 outlook. Full-year 2024 adjusted earnings per share, excluding the benefit of the recently announced Environmental Solutions Group (ESG) acquisition, is now expected to be between $5.80 and $6.20 on revenue of $4.85 to $5.05 billion.

"Our channels globally made adjustments faster than we anticipated, resulting in lower than expected sales volume. In AWP, customers reduced planned deliveries to align their fleet configuration with seasonal rental demand. On the MP side, dealers adjusted their inventory levels as end users gauge the macro environment," commented Simon Meester, President and Chief Executive Officer. "Long-term mega trends remain intact but over the near-term we will continue to take action to align our cost structure and production plans accordingly."

Mr. Meester added, "We anticipate closing the ESG acquisition early in Q4, which represents a significant step for Terex. ESG further reduces our cyclicality, is immediately financially accretive, adds meaningful scale and offers operational and commercial synergies with both MP and AWP. We are expecting ESG to generate approximately $45 million of Adjusted EBITDA in Q4, which is consistent with our prior expectations."

Terex will host a conference call to review its third quarter 2024 financial results on Wednesday, October 30, 2024 at 8:30 a.m. Eastern Time. Simon Meester, President and Chief Executive Officer, and Julie Beck, Senior Vice President and Chief Financial Officer, will host the call.

The Company's financial results will be issued and available at https://investors.terex.com before the call on Wednesday, October 30, 2024.

Participants are encouraged to access the webcast 15 minutes prior to the starting time. The webcast will be available for replay at https://investors.terex.com.

You May Also Be Interested In

• Tesla plans 'flying' Roadster stunt at SpaceX Texas site as early as August
• Deere (DE) PT Lowered to $570 at JPMorgan Ahead of Earnings
• Star Equity to acquire Harte Hanks for $5.00 per share