Published on 30 Apr 2024 on Zacks via Yahoo Finance
Terex (TEX) Beats Q1 Earnings Estimates, Raises '24 Outlook
Terex Corporation TEX reported first-quarter 2024 adjusted earnings per share of $1.60, which beat the Zacks Consensus Estimate of $1.37. The bottom line was flat year over year.
Operational Update
Revenues in the reported quarter increased 4.6% year over year to $1.29 billion, surpassing the Zacks Consensus Estimate of $1.23 billion. The year-over-year upside was driven by healthy demand across multiple businesses.The cost of goods sold increased 4% year over year to $995 million. Gross profit improved 6.7% to $297 million.Selling, general and administrative expenses (SG&A) were $139 million in the quarter under review, up 6.1% from the prior-year quarter. Terex reported an operating profit of $158 million, which marked a 7.2% increase from the prior-year quarter.