Terex Corporation (NYSE:TEX) has reported impressive growth in its Q3 2023 results, with a 15% sales increase and a 46% surge in earnings per share (EPS), driven by robust demand and price realization across various businesses. The company revealed that net sales reached $1.3 billion, marking a substantial rise from the $1.1 billion recorded in Q3 2022. The favorable foreign exchange rates contributed an additional $25 million to the net sales.
The company's income from operations also saw a notable uptick, rising to $163.2 million from $120.8 million in the same period last year. This represents an increment of $42.4 million, credited to the increased profit from higher sales volumes and improved manufacturing efficiencies which effectively offset cost increases.
Income from continuing operations was another highlight in Terex's Q3 2023 report, standing at $119.2 million compared to $81.8 million in Q3 2022. This translates to a remarkable 46% year-over-year EPS increase.
CEO John L. Garrison Jr., expressed his appreciation for the team's commitment to the Zero Harm Safety Culture and enhanced product deliveries due to healthy demand. Reflecting on these positive results, Garrison revised the full-year 2023 EPS outlook upwards to approximately $7.05, underlining the company's strategy for long-term shareholder value.
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