Genie net sales grow 2% in second quarter

Terex AWP division sells equipment worth $870m as backlogs remain stable at $746mn in Q2, 2019

Terex Corporation’s aerial work platform (AWP) business segment, Genie, reported net sales of $870m in the second quarter this year, a year-on-year gain of 2% and up 5% when excluding the impact of foreign exchange.

The results were part of Terex Corp’s general declaration of Q2 2019 results, which saw the equipment giant post net sales of $1.3bn, up 4% on the second quarter of 2018. According to Terex, on an FX-neutral basis, global sales increased 8% in the quarter compared to the same quarter last year.

For Genie, global AWP backlog remained stable compared to last year, at a healthy $746m, said the group.

John Garrison, Terex chairman and CEO, said: “Terex continued to grow in the second quarter. Global demand for our leading products and services remained generally stable at a healthy level, and we continued to meet the needs of our diverse customer base.”

Matt Fearon, Genie president, Terex AWP, added: “The overall global market for aerial work platforms remains healthy, and the North American utility market remains strong. We expect the second half of 2019 to be similar to the second half of 2018 from an overall revenue and operating margin perspective.

“We continue to see strong growth in China through increased adoption of our advanced products. We are excited about our long-term growth prospects across the Asia-Pacific region. The recent launch of the Genie Lift Connect telematics solution is going well — customers are starting to see how the actionable information that the Genie Lift Connect programme provides can help them increase their rental return on invested capital — or rROIC — on Genie equipment.”

Fearon added that the Terex Utilities team continues to execute well in a strong market and “the new, state-of-the-art manufacturing facility that we are building in Watertown, (USA) remains on schedule”.

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