TEREX Corporation reported second quarter net income before non-recurring items of $14.2m on net sales of $439.3m. Strong performers in the lifting business were tower cranes, lattice boom crawlers, US-built small hydraulic mobile cranes and boom trucks. Most other Terex crane products declined during the period.
‘We remain encouraged with Terex’s performance during the first half of 2001 in the midst of a very challenging environment,’ said Ron DeFeo, Terex chairman and chief executive officer. ‘Despite volume declines in the 20% to 25% range in several of our product lines, we remain solidly profitable. We expect to take advantage of an eventual economic recovery, in large part due to the leverage created by our favourable cost structure.’ Net sales for the first six months of 2001 were down 20% to $916.7m. Operating profit in the first half of 2001 was down 28% to $80.4m. The group order book stood at $190.8m on 30 June 2001, compared with $313.5m 12 months previously.
The European segment was negatively affected by a double-digit decline in the lifting business, Terex said, although the tower crane business continues to grow in Europe and North America.
DeFeo said he expected the market to remain ‘difficult’ for the rest of the year.
