Terex Announces First Quarter Results

May 15, 2006 — Terex Corp., Westport, Conn., recently announced net income for the first quarter of 2006 of $80.6 million, or $1.57 per share, compared to net income of $29.9 million, or $0.59 per share, for the first quarter of 2005. Net income was $30.3 million, or $0.59 per share, for the first quarter of 2005, excluding special items.

 

"As announced last week, we are very pleased with the strong performance of our overall business, especially the fact that the recovery is becoming broad-based in terms of our contributing businesses," said Ronald M. DeFeo, Terex's chairman and CEO. "In addition to our strong operating results, Terex continues to make real progress toward its objectives of lean manufacturing principles and stronger cash management performance. Our focus on working capital and our Terex Business System (TBS) initiatives have led not only to increased margin, but have directly contributed to our improved cash performance in most of our businesses. Our increase in net debt in the first quarter was $45 million, an extremely positive result given our rapid increase in demand during this seasonally strong delivery period."