Terex Corporation (NYSE:TEX) Q1 2023 Earnings Conference Call May 2, 2023 8:30 AM ET Company Participants Paretosh Misra - Head of Investor Relations John Garrison - Chairman and Chief Executive Officer Julie Beck - Senior Vice President and Chief Financial Officer Conference Call Participants Stanley Elliott - Stifel Nicolaus Steve Volkmann - Jefferies Steve Barger - KeyBanc Capital Markets Timothy Thein - Citigroup Steven Fisher - UBS David Raso - Evercore ISI Michael Feniger - Bank of America Tami Zakari ...

Financial Performance - Net sales for Q1 2023 were $1,235.7 million, a 23.3% increase from $1,002.5 million in Q1 2022[12] - Gross profit for Q1 2023 was $278.7 million, up 49.9% from $185.8 million in Q1 2022[12] - Income from continuing operations for Q1 2023 was $109.9 million, compared to $52.3 million in Q1 2022, representing a 109.4% increase[12] - Net income for Q1 2023 was $112.6 million, significantly higher than $51.9 million in Q1 2022, marking a 116.5% increase[12] - Basic earnings per share for Q1 2023 were $1.66, compared to $0.74 in Q1 2022, reflecting a 124.3% increase[12] - The company reported comprehensive income of $138.9 million for Q1 2023, compared to $31.9 million in Q1 2022[12] - Net income for the three months ended March 31, 2023, was $112.6 million, compared to $51.9 million in the same period of 2022, representing a 117% increase[21] - Total net sales for the first quarter of 2023 reached $1,235.7 million, up from $1,002.5 million in Q1 2022, reflecting a growth of 23.3%[43] - Income from operations for the total company was $147.7 million, compared to $74.5 million in the prior year, representing a 97.5% increase[43] - The company recognized an income tax expense of $23.3 million on income of $133.2 million for an effective tax rate of 17.5%, down from 18.5% in the same quarter last year[48] Assets and Liabilities - Total assets as of March 31, 2023, were $3,281.2 million, an increase from $3,118.1 million as of December 31, 2022[15] - Total liabilities as of March 31, 2023, were $1,986.6 million, compared to $1,936.9 million as of December 31, 2022[15] - Retained earnings increased to $1,302.9 million as of March 31, 2023, from $1,200.6 million at the end of 2022[15] - Cash and cash equivalents decreased to $254.2 million as of March 31, 2023, down from $304.1 million as of December 31, 2022[15] - Total inventories as of March 31, 2023, were $1,083.2 million, an increase from $988.4 million as of December 31, 2022[51] - Trade receivables increased to $630.1 million as of March 31, 2023, compared to $547.5 million at December 31, 2022, marking an increase of 15.0%[15] - Stockholders' equity grew to $1,294.6 million at March 31, 2023, up from $1,181.2 million at December 31, 2022, reflecting an increase of 9.6%[15] Cash Flow and Capital Expenditures - The company reported a net cash used in operating activities of $9.1 million for the first quarter of 2023, a significant improvement from a net cash used of $51.7 million in the same period last year[21] - Capital expenditures for the quarter were $20.3 million, slightly higher than $20.1 million in Q1 2022[21] - Net cash provided by operating activities was $9.1 million for the three months ended March 31, 2023, compared to a cash outflow of $51.7 million in the same period of 2022[21] - The company repaid $118.7 million in debt during the three months ended March 31, 2023, while issuing $118.8 million in new debt[21] Segment Performance - The Materials Processing (MP) segment reported net sales of $553.8 million, an increase of 22.3% from $452.7 million in the prior year[43] - The Aerials and Utilities (AWP) segment achieved net sales of $685.9 million, up 24.4% from $551.5 million in Q1 2022[43] - Income from operations for the MP segment was $85.3 million, a 32.2% increase from $64.5 million in the same quarter of 2022[43] - The AWP segment's income from operations rose to $83.1 million, compared to $32.5 million in Q1 2022, marking a significant increase of 155.4%[43] Shareholder Activities - The company repurchased 79,285 shares for $3.7 million during the three months ended March 31, 2023, compared to 508,892 shares for $19.6 million in the same period of 2022[90] - Terex declared a dividend of $0.15 per share in Q1 2023, up from $0.13 per share in Q1 2022, reflecting a 15.38% increase in dividends[91] - The company awarded 0.6 million shares of Restricted Stock Awards with a weighted average fair value of $59.59 per share during the three months ended March 31, 2023[86] Debt and Financing - The Company had $177.0 million of Revolver amounts outstanding as of March 31, 2023, consistent with the amount at December 31, 2022[69] - The weighted average interest rate on the Revolver amounts was 6.52% at March 31, 2023, compared to 6.10% at December 31, 2022[69] - The Credit Agreement requires a minimum interest coverage ratio of 2.5 to 1.0 and a maximum senior secured leverage ratio of 2.75 to 1.0 if borrowings exceed 30% of total revolving credit commitments[68] - The Company was in compliance with all covenants contained in the Credit Agreement as of March 31, 2023[68] Risk Management - The company utilized commodity swaps with an outstanding notional value of $27.8 million as of March 31, 2023, to manage price risk for hot rolled coil steel[56] - The Company had $92.3 million in foreign exchange contracts designated as cash flow hedging instruments at March 31, 2023, up from $7.8 million at December 31, 2022[59] - The notional value of foreign exchange contracts not designated as cash flow hedging instruments increased to $321.4 million at March 31, 2023, from $241.1 million at December 31, 2022[60] - The company recorded a loss of $0.4 million on foreign exchange contracts in the cost of goods sold for the three months ended March 31, 2023[62] Legal and Compliance - The Company is involved in various legal proceedings, with estimated liabilities recorded for probable losses[77]

Q1 2023 Earnings Conference Call E X E C U T E • I N N O V A T E • G R O W Certain information in this presentation includes forward-looking statements (within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 (the "Exchange Act") and the Private Securities Litigation Reform Act of 1995) regarding future events or our future financial performance that involve certain contingencies and uncertainties, including those discussed in our Annual Report on ...

Business Segments - The company operates in two segments: Materials Processing (MP) and Aerial Work Platforms (AWP) [12]. - MP segment includes products such as crushers, washing systems, and material handlers, serving construction, mining, and recycling industries [15]. - AWP segment offers aerial work platform equipment, including scissor lifts and telehandlers, used in various construction and maintenance applications [18]. Financial Performance and Strategy - The company emphasizes a disciplined capital allocation approach, targeting an optimal capital structure of approximately 2.5 average net debt to EBITDA over the cycle [28]. - The company has completed multiple acquisitions over the past two years to enhance its portfolio and expand its operational capabilities [27]. - The total backlog as of December 31, 2022, was $4,070.9 million, an increase of $740.2 million from $3,330.7 million in 2021, driven by strong global customer demand [42][43]. - The Materials Processing (MP) segment backlog increased approximately 12% from 2021, primarily due to higher demand in North America, Western Europe, and Asia Pacific [44]. - The Aerial Work Platforms (AWP) segment backlog increased approximately 27% from 2021, driven by robust demand primarily in the U.S. [44]. - The company expects comparable sales in the first and second halves of 2023, with modestly higher sales anticipated in the second and third quarters due to extended product deliveries [65]. - The company is actively pursuing cash generation opportunities, including cost reduction and selective investments to promote growth [66]. - The company is focused on cash generation opportunities, including reducing costs and working capital, to ensure adequate liquidity for operations and debt service requirements over the next 12 months [66]. Innovation and Product Development - The company focuses on innovation, aiming to improve product offerings and operational efficiency through new technologies and processes [26]. - Product innovation is a core element of the company's growth strategy, with a robust product development pipeline expected to bring new, differentiated products to market [52]. - The company is developing alternative power solutions across its product lines, including battery-electric and fuel-electric hybrid technologies [51]. - The company has taken a lead in developing alternative, environmentally friendly equipment power solutions as customer demand for these options continues to increase [63]. - The company is actively developing products with lower greenhouse gas emissions and has introduced all-electric utility bucket trucks, responding to market demand for environmentally friendly equipment [63]. Safety and Environmental Commitment - The company maintains a strong commitment to safety, governance, and environmental stewardship as part of its corporate values [23]. - The company aims to achieve a lost time injury rate of 0.20 and a total recordable injury rate of 1.00 by 2024, having improved from 0.80 and 3.82 in 2016 to 0.54 and 1.93 by the end of 2022 [67]. - The company is committed to reducing greenhouse gas emissions and has increased production of products with lower emissions, including all-electric and fuel-electric hybrid options [63]. - The company does not expect compliance expenditures related to environmental laws and regulations to have a material adverse effect on its business [64]. - The company is committed to complying with environmental laws and regulations, with no material incidents requiring significant expenditures reported [64]. Workforce and Diversity - The company has approximately 9,300 team members as of December 31, 2022, with about 3,800 located in the U.S. [69]. - The company has established five-year goals to increase representation of women in leadership and operational roles, extending these goals for another five years in 2022 [75]. - The company has a robust talent review process and offers a wide range of training programs to support team member development [70]. - The company has established a Global DEI Governance Council to enhance diversity, equity, and inclusion within its workforce, with specific goals set for increasing non-majority representation [76]. - 84% of team members participated in the global engagement survey [69]. Legal and Compliance - The company is engaged in various legal proceedings regarding intellectual property rights, but believes the outcomes will not materially affect its business [59]. - In 2022, no single customer accounted for more than 10% of consolidated net sales, with the largest customer accounting for less than 4% [56]. - The company’s largest customer accounted for less than 4% of consolidated net sales in 2022, with the top ten customers collectively accounting for less than 25% [56].

Terex Corporation (NYSE:TEX) Q4 2022 Earnings Conference Call February 10, 2023 8:30 AM ET Company Participants Paretosh Misra - Head of Investor Relations John Garrison - Chairman and CEO Julie Beck - SVP and CFO Conference Call Participants Michael Feniger - Bank of America Stanley Elliott - Stifel Seth Weber - Wells Fargo David Raso - Evercore ISI Nicole DeBlase - Deutsche Bank Steve Barger - KeyBanc Capital Markets Steven Fisher - UBS Tami Zakaria - JPMorgan Jamie Cook - Credit Suisse Stephen Volkmann - ...

Strong, independent Board with diverse backgrounds and experiences 图 TEREX. E X E C U T E • I N N O V A T E • G R O W Certain information in this presentation includes forward-looking statements (within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 (the "Exchange Act") and the Private Securities Litigation Reform Act of 1995) regarding future events or our future financial performance that involve certain contingencies and uncertainties, includi ...

Terex Corporatio (NYSE:TEX) Q3 2022 Earnings Conference Call October 28, 2022 8:30 AM ET Company Participants Jon Paterson - VP and Treasurer John Garrison - Chairman and CEO Julie Beck - SVP and CFO Conference Call Participants Nicole DeBlase - Deutsche Bank Stanley Elliott - Stifel David Raso - Evercore ISI Steven Fisher - UBS Seth Weber - Wells Fargo Jerry Revich - Goldman Sachs Stephen Volkmann - Jefferies Jamie Cook - Credit Suisse Operator Greetings, and welcome to the Terex Third Quarter 2022 Results ...

图 TEREX. Q3 2022 Earnings Conference Call October 28, 2022 E X E C U T E • I N N O V A T E • G R O W Forward Looking Statements Certain information in this presentation includes forward-looking statements (within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995) regarding future events or our future financial performance that involve certain contingencies and uncertainties, including those di ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2022 or TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number 1-10702 Terex Corporation (Exact name of registrant as specified in its charter) Delaware 34-1531521 (State of Incorporation) (IRS Employer Identification No.) 45 ...

图 TEREX. Q2 2022 Earnings Conference Call August 3, 2022 E X E C U T E • I N N O V A T E • G R O W Forward Looking Statements Certain information in this presentation includes forward-looking statements (within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995) regarding future events or our future financial performance that involve certain contingencies and uncertainties, including those disc ...