Terex Materials Processing suffers 23% sales drop in Q1

The Terex Materials Processing (Terex MP) crushing and screening equipment business has reported net sales of US$315.6m (€284.15m), down 23.1% versus Q1 2019 driven by challenging global markets.

Northern Ireland-based Terex MP said that it had delivered “strong” operating margin of 8.1% in a challenging market. Global Terex MP backlog totalled US$272m (€244.86m) and bookings in the quarter were US$262m (€235.81m).

Terex MP president Kieran Hegarty said that production was quickly reduced in its global facilities due to customer demand and local government mandates relating to the COVID-19 pandemic.

“We are beginning to gradually and safely resume operations in response to customer demand and as permitted by government mandate,” Hegarty added.

A business segment of Terex Corporation, Terex MP includes the Powerscreen, Terex Finlay, Terex Minerals Processing Systems (Terex MPS), EvoQuip, Terex Washing Systems, Terex Ecotec, Fuchs, CBI, Terex Bid-Well, Terex Advance and Franna Pick & Carry Cranes brands.

Terex Corporation made a first-quarter 2020 loss from continuing operations of US$24.7m (€22.23m), on net sales of US$833.6m (€750.35m). In the first quarter of 2019, the reported income from continuing operations was US$57.2m (€51.48m) on net sales of US$1.1bn (€0.99m). This compares to income from continuing operations, as adjusted, of US$62.3m (€56.07m) in the first quarter of 2019.

John Garrison, Terex chairman and CEO, commented: “While the first two months of the year met our expectations, during March, global economic activity, including customer capital equipment purchases, sharply contracted. In response to this unprecedented situation, we swiftly implemented safety, financial, and production actions.”

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