In its first quarter 2024 financial results, Terex Corporation (NYSE: TEX) announced an increase in revenue to $1.5 billion, marking a 10% rise from the previous quarter. The company's gross margin also improved to 24.5%, up from 22% in the prior quarter. Additionally, Terex reported a net income of $90 million, representing a substantial 20% increase from the last period. The company's earnings per share (EPS) stood at $1.10, reflecting a notable 22% growth compared to the previous quarter.
Furthermore, Terex's operating cash flow surged to $120 million, demonstrating a significant 25% increase from the prior period. The company's free cash flow also exhibited robust growth, reaching $80 million, up by 30% from the last quarter. Moreover, Terex highlighted its strengthened liquidity position, with cash and cash equivalents amounting to $500 million, signifying a 15% increase from the prior quarter.
Terex's President and CEO, Simon Meester, emphasized the company's positive performance, attributing the results to strong operational execution and continued customer demand for its products. Meester also expressed confidence in Terex's ability to navigate market challenges and capitalize on growth opportunities in the coming quarters.
Julie Beck, the Senior Vice President and Chief Financial Officer, underscored the company's commitment to driving efficiency and optimizing its financial performance. Beck highlighted the progress in cost management initiatives, which contributed to the improved gross margin and overall profitability.
Terex Corporation remains focused on its global manufacturing operations, producing materials processing machinery and aerial work platforms for diverse industrial applications. The company's products cater to sectors such as maintenance, manufacturing, energy, recycling, minerals, materials management, and construction, with a strategic emphasis on environmental sustainability through electric and hybrid offerings, renewable energy support, and waste recovery solutions.
The company's financial results reflect its resilience and ability to deliver value to shareholders amidst dynamic market conditions. Terex Corporation will host a conference call on April 26, 2024, to provide a comprehensive review of its first quarter 2024 financial performance. As a result of these announcements, the company's shares have moved -1.5% on the market, and are now trading at a price of $63.37. For more information, read the company's full 8-K submission here.
