Terex Corp Stock Price, News & Analysis

Terex (NYSE: TEX) reported Q3 2024 results with net sales of $1.2 billion, down 6% year-over-year. Operating margin was 10.1% (10.5% adjusted), with EPS of $1.31 ($1.46 adjusted). Materials Processing segment saw declining sales, while Aerial Work Platforms showed modest growth. The company completed the acquisition of Environmental Solutions Group in October, strengthening its waste and recycling portfolio. Full-year 2024 outlook projects net sales of $5.0-$5.2 billion with adjusted EPS guidance of $5.85-$6.25.

Terex (NYSE: TEX) has announced a quarterly dividend declaration by its Board of Directors. The dividend amount is set at $0.17 per share. This dividend will be paid on December 19, 2024 to all stockholders of record as of the close of business on November 8, 2024. This announcement demonstrates Terex's commitment to providing regular returns to its shareholders.

Dover (NYSE: DOV) has completed the sale of its Environmental Solutions Group business to Terex (NYSE: TEX). The sold business was previously part of Dover's Engineered Products segment. This transaction marks the finalization of a previously announced deal, demonstrating Dover's commitment to portfolio optimization and strategic focus on its core businesses.

Terex (NYSE: TEX) has completed its acquisition of Environmental Solutions Group (ESG) from Dover for $2.0 billion, or $1.725 billion net of expected tax benefits. This strategic move is expected to:

1. Reduce cyclicality and lower capital intensity
2. Deliver financial accretion and unlock ~$25 million in synergies by 2026
3. Enhance Terex's presence in the waste & recycling segment
4. Expand its North American addressable market

ESG, known for its industry-leading brands like Heil and Marathon, has demonstrated a 7%+ long-term organic revenue CAGR over the past decade. The acquisition is anticipated to be double-digit percentage adjusted EPS accretive in 2025, with significant growth thereafter. Terex expects this move to drive increased revenue growth, free cash flow, EBITDA margin, and EPS accretion.

Terex (NYSE:TEX) has announced the pricing of a private offering of $750 million in 6.250% senior notes due 2032. The proceeds, along with new term loan borrowings and cash on hand, will be used to finance Terex's acquisition of Dover 's Environmental Solutions Group (ESG) and cover related expenses. The notes will be offered only to qualified institutional buyers and certain non-U.S. persons, and are not registered under the Securities Act.

The offering is expected to close on October 8, 2024, subject to customary conditions. Concurrently, Terex plans to amend its existing credit agreement, increasing its revolving credit facilities to $800 million and adding a new term loan facility of up to $1,250 million. These financial moves are aimed at supporting Terex's strategic acquisition and expansion plans.

Terex (NYSE:TEX) has announced its intention to offer $750 million in senior notes due 2032 through a private offering exempt from SEC registration. The proceeds, along with new term loan borrowings and cash on hand, will be used to finance Terex's acquisition of Dover 's Environmental Solutions Group (ESG) and related expenses.

Concurrently, Terex is seeking to amend its existing credit agreement to increase its revolving credit facilities to $800 million from $600 million and extend their maturity. Additionally, Terex plans to establish a new term loan facility for up to $1,250 million. The notes will be offered only to qualified institutional buyers and certain non-U.S. persons, and will not be registered under the Securities Act.

Terex (NYSE: TEX) has updated its 2024 outlook, projecting adjusted earnings per share between $5.80 and $6.20 on revenue of $4.85 to $5.05 billion, excluding the benefit of the recently announced Environmental Solutions Group (ESG) acquisition. CEO Simon Meester cited faster-than-anticipated channel adjustments leading to lower sales volume in both AWP and MP segments. The company expects to close the ESG acquisition early in Q4, which is anticipated to generate approximately $45 million of Adjusted EBITDA in Q4. Terex will host a conference call to review its third quarter 2024 financial results on October 30, 2024, at 8:30 a.m. Eastern Time.

Terex (NYSE:TEX) has announced the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (HSR Act) for its proposed acquisition of Environmental Solutions Group (ESG) from Dover This marks a significant milestone in the acquisition process, which was initially announced on July 22, 2024.

The expiration of the HSR Act waiting period indicates that the antitrust review has been completed, clearing a major regulatory hurdle for the transaction. Terex expects the acquisition to close later this year, pending the satisfaction of customary non-regulatory closing conditions.

This strategic move by Terex aims to expand its portfolio in the environmental solutions sector, potentially strengthening its market position and diversifying its offerings.

Terex (NYSE: TEX) has announced its participation in the Jefferies Industrials Conference. The company's leadership will engage in a fireside chat on Thursday, September 5, 2024, at 10:25 AM EST. This event provides an opportunity for Terex to showcase its industrial expertise and share insights with investors and industry professionals.

The Jefferies Industrials Conference is a significant platform for companies in the industrial sector to present their strategies, discuss market trends, and connect with potential investors. Terex's involvement suggests the company's commitment to maintaining transparent communication with stakeholders and highlighting its position in the industrial equipment market.