Terex Corporation (TEX) saw its loss narrow to $4.60 million, or $0.04 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $70.80 million, or $0.65 a share. On the other hand, adjusted net income from continuing operations for the quarter stood at $5.50 million, or $0.05 a share compared with $5 million or $0.05 a share, a year ago.
Revenue during the quarter dropped 9.64 percent to $1,006.90 million from $1,114.30 million in the previous year period. Gross margin for the quarter contracted 118 basis points over the previous year period to 15.13 percent. Operating margin for the quarter stood at negative 0.63 percent as compared to a positive 1.01 percent for the previous year period.
Operating loss for the quarter was $6.30 million, compared with an operating income of $11.30 million in the previous year period.
"We are encouraged by our start to 2017,” said John L. Garrison, Terex President and CEO. "Our Material Processing (MP) segment had an excellent first quarter, growing sales and operating margin. Our Cranes segment results were consistent with our expectation that volumes would be down in the first half of 2017. In Aerial Work Platforms (AWP) sales were down as expected, and operating margins compressed on lower sales and the strength of the US dollar."
For financial year 2017, the company forecasts diluted earnings per share to be in the range of $0.80 to $0.95 on adjusted basis.
Operating cash flow remains negative
Terex Corporation has spent $196.10 million cash to meet operating activities during the quarter as against cash outgo of $120.70 million in the last year period.
Cash flow from investing activities was $1,048.30 million for the quarter as against cash outgo of $25.90 million in the last year period.
The company has spent $544.70 million cash to carry out financing activities during the quarter as against cash outgo of $5.80 million in the last year period.
Cash and cash equivalents stood at stood at $813.90 million as at Mar. 31, 2017.
Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
