Terex AWP sees 16% fall in Q3 Genie sales
Terex aerial work platforms experiences quarterly slump in sales as it experiences global weakness in the segment
Terex aerial work platforms (AWP) has experienced an exceptionally poor quarter, while the sales value of its Genie product dropped by 16% in Q3 2016 to $484m, down from $581m in Q3 in 2015.
At the same time, operating profits for the Terex division were hit even worse, plummeting a whole 38%, from $79m to $49m, year-on-year.
Across the first nine financial months of 2016, sales were down 11% to $1.6bn, from $1.77bn in the first nine months of 2015, as profits dropped fell 31%, from $229m to $159m for the same period.
John Garrison, Terex Corporation president and CEO, said, “The global capital equipment market remains challenging. AWP sales continued to soften globally, particularly in North America.”
Garrison added that actions are being taken to reduce costs: “Our AWP segment is consolidating scissor manufacturing from three locations to two, and reducing its overall manufacturing footprint. AWP closed its facility in California, and recently announced plans to close its Texas facility.”
Terex Corporation saw a 10% drop in sales in the first nine months to 3.47bn, down from 3.85bn in the first nine months of last year, while gross profit stood at $608m for the period, down from 756m.