August 5 - Terex Corporation posted an income from continuing operations of USD109.6 million and net sales of USD1.3 billion in the second quarter of 2016, compared with income of USD75.9 million and net sale of USD1.4 billion in the same period of 2015.
"Our second quarter results reflect a company in transition," said Terex president and ceo John L. Garrison. "With the pending sale of our material handling and port solutions (MHPS) business and parts of our construction portfolio, we made several structural changes in the quarter.
"MHPS is now accounted for as a discontinued operation. Going forward, we will be a more focused company, centred around three segments: aerial work platforms (AWP), cranes, and materials processing (MP)."
HLPFI reported on May 17 that Terex had come to an agreement with Konecranes to sell its MHPS business to the Finnish company for USD1.3 billion.
Garrison continued: "We continued to face challenging markets in the second quarter. The North American market for many of our AWP and cranes products was lower than last year, as expected, which was reflected in both our sales and orders in the quarter."