Q3 2024 Terex Corp Earnings Call Transcript
Key Points
- Terex Corp (TEX) successfully completed the acquisition of ESG, which is expected to be financially accretive from day one and add approximately $40 million in EBITDA in the fourth quarter.
- The company reported earnings per share of $1.46 on sales of $1.2 billion for the third quarter, demonstrating strong execution despite industry challenges.
- Terex Corp (TEX) maintained a strong balance sheet post-acquisition, securing funding at favorable rates and terms.
- The Monterrey facility is performing well, providing a competitive advantage with its low-cost manufacturing structure.
- The company's backlog remains elevated at $1.6 billion, indicating strong future demand and order visibility.
- Net sales for the third quarter were down 6% compared to the same period last year, primarily due to lower volume in the MP segment.
- The European market remains weak, impacting the MP segment's performance and contributing to lower sales.
- AWP margins were affected by unfavorable product mix and higher freight costs, with production adjustments not fully offsetting volume reductions.
- The company anticipates a degree of caution in rental demand through the fourth quarter and into 2025, affecting short-term growth.
- Geopolitical concerns and macroeconomic uncertainties, including interest rate fluctuations and the upcoming US election, are leading to deferred local projects and cautious customer decision-making.
Greetings and welcome to the Terex third-quarter, 2024 results conference call at this time. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Derek Everett, Vice President, Investor Relations.
Good morning and welcome to the Terex third-quarter, 2024 earnings conference call. A copy of the press release and presentation slides are posted on our investor relations website at investors.terex.com.
In addition, the replay and slide presentation will be available on our website. We are joined by Simon Meester, President and Chief Executive Officer; and Julie Beck, Senior Vice President and Chief Financial Officer. Their prepared remarks will be followed by Q&A.
Please turn to slide 2 of the presentation which reflects our Safe Harbor statement. Today's conference call contains forward-looking statements which are subject to risks that could cause actual results to be materially different from those expressed or
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