Terex expects to soon announce income from continuing operations of $111.3 million, or $1.45 per share, on net sales of $5.1 billion in 2018.
With a busy year for construction and crane sales up, Terex income from continuing operations, as adjusted, for the full year 2018 is expected to be $208.6 million, or $2.71 per share.
The company will next week release both fourth-quarter and full-year results.
These 2018 results, pending realization, include a one-time, non-cash charge of $67 million related to the annuitization of the company’s U.S. pension plan in the fourth quarter. (That process involves converting an annuity investment into a series of periodic income payments.)
Terex says it will release more financial detail and 2019 guidance just before an investors’ conference call February 27.
| YTD 2018 | Income (loss) from Continuing Operations before Taxes |
(Provision for) benefit from Income Taxes (1) |
Income (loss) from Continuing Operations |
Earnings (loss) per share (2) |
|||||
| As Reported (GAAP) | $ | 148.7 | (37.4 | ) | 111.3 | $ | 1.45 | ||
| Restructuring & Related | 14.7 | (2.8 | ) | 11.9 | 0.16 | ||||
| Transformation | 35.9 | (5.7 | ) | 30.2 | 0.39 | ||||
| Pension Annuitization | 67.0 | (24.4 | ) | 42.6 | 0.55 | ||||
| Extinguishment of Debt | 0.7 | (0.1 | ) | 0.6 | 0.01 | ||||
| Other | 1.1 | 0.6 | 1.7 | 0.02 | |||||
| Tax Related (3) | — | 10.3 | 10.3 | 0.13 | |||||
| As Adjusted (Non-GAAP) | $ | 268.1 | (59.5 | ) | 208.6 | $ | 2.71 | ||
|
(1) Tax effect on adjustments is calculated using the applicable jurisdictional blended tax rate |
|||||||||
|
(2) Based on diluted average shares outstanding of $76.9 million |
|||||||||
|
(3) Includes adjustments without related pre-tax amounts and the tax amount necessary to align quarterly tax expense (benefit) with the forecasted full year as adjusted effective tax rate |
|||||||||
