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Terex announced the company’s second quarter 2012 results on July 25.
Income from continuing operations for the second quarter was $83.6 million, or $0.75 per share, compared to the second quarter of 2011, which saw income from continuing operations of $0.9 million, or $0.01 per share.
Net sales in the second quarter of 2012 were $2,011.5 million, which is a 35.2 percent increase from the $1,488.2 million net sales in the second quarter of 2011. Excluding the impact of Terex’s acquisition of Demag Cranes AG, net sales increased approximately 11 percent from the second quarter of 2011. Adjusting for the translation effect of foreign currency exchange rates, net sales increased by about 40 percent from the second quarter of 2011 and by 16 percent excluding the Demag Cranes AG acquisition.
Income from operations improved by $168.2 million when from the $6.8 million Terex saw in the second quarter of 2011. In the second quarter of 2012, this income was $175 million. Income from operations, adjusted to exclude the impact of restructuring and related items in the second quarter of 2011, was approximately $43 million.
Ron DeFeo, Chairman and CEO of Terex, said the company generated about $155 million of free cash flow primarily from profit improvement. DeFeo also said the overall operating margin increased to 8.7 percent; excluding the Demag Cranes AG acquisition, the operating margin was 9.9 percent.
According to DeFeo, the company expects to experience some weakness in the third and fourth quarters of 2012.