Genie backlog soars in Q2
By Lindsey Anderson03 August 2022
Terex Corporation’s access division, Genie, has reported Q2 net sales of $597.7 million for the three months ending June 30, representing an increase of 0.4 percent, or $2.5 million, compared 2021 Q2. Year-to-date, Genie sales are up 7.2 percent over 2021 figures. Excluding the impact of foreign exchange rates of approximately $21 million, net sales increased 4 percent, which Genie attributed to price realization and higher demand for access equipment in all major geographies except for China.
The company reported a record-breaking backlog of $3.5 billion for its access equipment, an increase of 51 percent year-over-year. An additional $600 million of orders deliverable are also on Genie’s books beyond the 12 month backlog window, bringing the company’s backlog total to $4.1 billion.
Terex said company bookings are the second-highest Q2 rate ever, and that orders are above pre-Covid levels due to elevated fleet ages.
“We are pleased with our solid financial performance in the quarter as a result of continued execution of our strategy and relentless focus on delivering for our customers and dealers,” said Terex Chairman and Chief Executive Officer John L. Garrison, Jr. “We are proud of our execution this quarter amidst global supply chain disruptions and significant inflationary pressures.”
Terex Corp. as a whole reported sales of $1.1 billion, an increase of 4 percent year-over-year, with its Materials Processing division seeing the strongest demand. As a result of the “strong performance,” Garrison said, Terex raised its full-year 2022 EPS outlook to $3.80 to $4.20 billion.
“We remain focused on executing our multi-year growth plan and continue to invest in new technologies and products,” Garrison said. “We were first in the industry to introduce an all-electric bucket truck, supporting aggressive sustainability goals at electric utilities; we acquired ProAll, expanding our concrete product offering; and, we invested in Acculon Energy, accelerating and further advancing Genie battery technology and electrification offerings. Our industry-leading and innovative new products, steady backlog, recognized brands and strong balance sheet position us well to navigate the near-term macro challenges to deliver long-term value.”