Genie backlog soars in Q2

By Lindsey Anderson03 August 2022

Terex Corporation’s access division, Genie, has reported Q2 net sales of $597.7 million for the three months ending June 30, representing an increase of 0.4 percent, or $2.5 million, compared 2021 Q2. Year-to-date, Genie sales are up 7.2 percent over 2021 figures. Excluding the impact of foreign exchange rates of approximately $21 million, net sales increased 4 percent, which Genie attributed to price realization and higher demand for access equipment in all major geographies except for China.

The GTH-1056 by Genie The GTH-1056 by Genie (Photo: Genie)

The company reported a record-breaking backlog of $3.5 billion for its access equipment, an increase of 51 percent year-over-year. An additional $600 million of orders deliverable are also on Genie’s books beyond the 12 month backlog window, bringing the company’s backlog total to $4.1 billion. 

Terex said company bookings are the second-highest Q2 rate ever, and that orders are above pre-Covid levels due to elevated fleet ages.

“We are pleased with our solid financial performance in the quarter as a result of continued execution of our strategy and relentless focus on delivering for our customers and dealers,” said Terex Chairman and Chief Executive Officer John L. Garrison, Jr. “We are proud of our execution this quarter amidst global supply chain disruptions and significant inflationary pressures.”

Terex Corp. as a whole reported sales of $1.1 billion, an increase of 4 percent year-over-year, with its Materials Processing division seeing the strongest demand. As a result of the “strong performance,” Garrison said, Terex raised its full-year 2022 EPS outlook to $3.80 to $4.20 billion. 

“We remain focused on executing our multi-year growth plan and continue to invest in new technologies and products,” Garrison said. “We were first in the industry to introduce an all-electric bucket truck, supporting aggressive sustainability goals at electric utilities; we acquired ProAll, expanding our concrete product offering; and, we invested in Acculon Energy, accelerating and further advancing Genie battery technology and electrification offerings. Our industry-leading and innovative new products, steady backlog, recognized brands and strong balance sheet position us well to navigate the near-term macro challenges to deliver long-term value.”

 

MAGAZINE
NEWSLETTER
Delivered directly to your inbox, Access, Lift & Handlers Newsletter features the pick of the breaking news stories, product launches, show reports and more from KHL's world-class editorial team.
Featured Training From Easybook
NYC SST Online Training

The clock is ticking… Construction workers in New York City – have you fulfilled your required Site Safety Training (SST)? Get your SST card online now

Latest Events
Supply chains in focus at Off-Highway Conference
Construction equipment industry urged to prepare for long-term volatility
Still time to register for the ALH Conference
Speakers from Herc Rentals, Sunbelt Rentals, IPAF and more at the industry’s premier event on Sept. 29
Guide: SAIA Annual Convention & Exposition
The SAIA is set to educate – and celebrate – at its Annual Convention & Exposition, August 21-25 in Boston. SA provides a guide
Off-Highway Research

The gold standard in market research

Off-Highway Research offers a library of more than 200 regularly updated reports, providing forensic detail on key aspects of the construction equipment industry.

Our detailed insights and expert analyses are used by over 500 of the world’s largest and most successful suppliers, manufacturers and distributers, to inform their strategic plans and deliver profitable growth.

Click here to visit our website

CONNECT WITH THE TEAM
Lindsey Anderson Editor, Access, Lift & Handlers Tel: +1 312 929 4409 E-mail: lindsey.anderson@khl.com
Tony Radke Sales Manager Tel: +1 480 478 6302 E-mail: tony.radke@khl.com
CONNECT WITH SOCIAL MEDIA