Net sales for the MHPS division for the third quarter increased USD 86M, or 22 per cent, to USD 471M during the quarter. Demag Cranes’ results were included for the full quarter in 2012 but only for half of the same quarter a year earlier, as the acquisition was made in August 2011.
"Our earnings this quarter are in-line with our expectations, and reflect our continued focus on price discipline and cost containment," said Terex chairman and CEO Ron DeFeo. "The mix of performance was varied, with our Cranes, Aerial Work Platforms (AWP) and MHPS segments achieving favourable results, while the results of our Construction and Materials Processing (MP) segments showed some softening. Overall, we remain optimistic that the end markets for many of our products will continue to improve."
DeFeo added: "The continuing strength in many of our markets, combined with our persistent focus on margin improvement, cash generation, and the integration of our MHPS segment, provide us with continued confidence for favourable long term growth and profitability."
Overall, net sales were USD 1,822M in the third quarter of 2012, an increase of one per cent from USD 1,803.6M in the third quarter of 2011. Excluding the impact of the acquisition of Demag Cranes AG, net sales decreased approximately eight per cent, of which 5.4 per cent relates to foreign currency fluctuations, from the comparable prior year period.
