Slow start for Genie

By Euan Youdale01 May 2019

The Terex AWP business segment, mainly incorporating Genie, reported net sales of $728 million in its first quarter of 2019. This was down 1%, compared to the same period in 2018.

The company said sales for Terex AWP started slower than last year, impacted by severe weather across the US and some headwinds internationally due to the strength of the US dollar. Sales gained momentum throughout the quarter and the company said it was well positioned for the second quarter with $1.1 billion of backlog.

Genie Lift Connect Telematics

Genie Lift Connect telematics

Income from operations was also down in the quarter to $59.6 million, representing 8.2% of net sales, from $70.2 million in the first quarter of 2018.

Matt Fearon, Genie president, Terex AWP commented, “The global markets for aerial work platforms remain generally stable at healthy levels, and the North American utility market remains strong. The Genie team is carrying great momentum going into the second quarter, thanks to the excitement around the innovations we announced at The ARA Show and bauma.

The results follow the announcement that Terex Utilities division will join Terex AWP, as a part of a restructure connected to the sale of Demag mobile cranes and its boom truck, truck crane and crossover product. Matt Fearon, Genie president, Terex AWP commented, “The Terex Utilities team continues to execute well in a stable market, and we are already seeing cross-selling benefits now that Utilities is part of Terex AWP. We are better leveraging our network of service centres across the country to improve service for our Terex AWP customers.”

The Terex Corporation group posted first quarter net sales of $1.1 billion, up 2% on the first quarter of 2018. Backlog also increased by 2% versus a strong first quarter 2018 comparison to $1.7 billion, said the company, with global markets for all product categories generally stable at healthy levels.

“Overall we had a strong first quarter,” said John L Garrison, Terex Chairman and CEO. “We continue to invest in our Execute to Win business system, which remains focused on enhancing our capabilities in Commercial Excellence, Lifecycle Solutions and Strategic Sourcing, and we are seeing benefits from each of these areas in how we are executing for our customers as well as our financial performance.”

 

 

 

 

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
ALH Conference program announced
The full ALH Conference program has been announced for the Sept. 14 rental and access event in Chicago
Registration open for ALH Conference
Registration is now open for the ALH Conference set for Sept. 14 in Chicago with presentations to be given by Larry Silber, Matthew Elvin, Rob Messina and more
Full ALH Conference speaker lineup announced
Larry Silber, Herc Rentals CEO, to give keynote at this year’s ALH Conference on September 14
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