Terex Corp. announced its third quarter 2017 income from continuing operations is $56.6 million on net sales of $1.1 billion, compared to $33.3 million in the third quarter of 2016 on net sales of $1.1 billion. Income from continuing operations, as adjusted, for the third quarter of 2017 was $45 million. This compares to income from continuing operations, as adjusted, of $19 million in the third quarter of 2016.

“Our third quarter financial results demonstrate the accelerating momentum across Terex,” said John Garrison, Terex president and CEO. “All three segments increased sales, improved operating margin and grew backlog. Aerial Work Platforms (AWP) grew in North America and Europe and expanded its operating margin. Cranes continued to be profitable in the third quarter, realizing benefits from its restructuring program. Materials Processing (MP) continued its excellent performance, growing sales and operating margin for the fourth consecutive quarter.”

According to Garrison, the company has completed the first element of its Focus, Simplify, and Execute to Win strategy by focusing the portfolio on its three core segments. Terex is now concentrating on simplifying the company and implementing its Execute to Win business system.

“Footprint consolidation progress in the quarter included completing the sale of manufacturing locations in Jinan, China, and Bierbach, Germany,” he said. “A fundamental component of Execute to Win is improving our commercial capabilities. In addition to enhancing our performance management tools and increasing process discipline in sales pipeline and account management, we made key additions to our commercial leadership team.”

In addition, Terex has followed its capital allocation strategy. “We monetized our remaining holdings of Konecranes shares for proceeds of $221 million, bringing the total consideration received by Terex for the disposition of MHPS to approximately $1.6 billion,” Garrison said. “This demonstrates the significant value to Terex shareholders that was created by the sale of our MHPS segment. In addition, we repurchased 6.4 million Terex shares for $254 million in the third quarter, bringing the total to 22.3 million shares repurchased for $770 million for the first nine months of the year.”

Considering the year to date results, the current view of market dynamics, operational expectations for the fourth quarter, and capital market actions, Terex is increasing its full year adjusted EPS guidance to $1.20 to $1.30.