Terex Corporation (NYSE:TEX) Q2 2023 Earnings Conference Call August 2, 2023 8:30 AM ET

Company Participants

Paretosh Misra – Head of Investor Relations

John Garrison – Chairman and Chief Executive Officer

Julie Beck – Senior Vice President and Chief Financial Officer

Conference Call Participants

Steven Fisher - UBS

Steve Barger - KeyBanc Capital Markets

Steve Volkmann - Jefferies

Seth Weber – Wells Fargo

Jamie Cook – Credit Suisse

David Raso – Evercore ISI

Tami Zakaria – JPMorgan

Tim Thein – Citigroup

Jerry Revich – Goldman Sachs

Operator

Greetings, and welcome to the Terex Second Quarter 2023 Results Conference Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Paretosh Misra, Head of Investor Relations.

Paretosh Misra

Good morning, and welcome to the Terex second quarter 2023 earnings conference call. A copy of the press release and presentation slides are posted on our Investor Relations website at investors.terex.com. In addition, the replay and slide presentation will be available on our website. We are joined by John Garrison, Chairman and Chief Executive Officer; and Julie Beck, Senior Vice President and Chief Financial Officer. Their prepared remarks will be followed by Q&A.

Please turn to Slide 2 of the presentation, which reflects our safe harbor statements. Today's conference call contains forward-looking statements, which are subject to risks that could cause actual results to be materially different from those expressed or implied. In addition, we will be discussing non-GAAP information we believe is useful in evaluating the company's operating performance. Reconciliations for these non-GAAP measures can be found in the conference call material.

Please turn to Slide 3, and I'll turn it over to John Garrison.

John Garrison

Thank you, Paretosh, and good morning. I'd like to welcome everyone to our earnings call and appreciate your interest in Terex. I would like to begin by thanking all Terex team members around the globe for their excellent work in meeting the needs of our customers and dealers and for their continued commitment to safety. Our zero harm safety culture extends across everything we do. It is our first priority and primary responsibility to create a zero harm environment for our team members, who think safe, work safe and go home safe every single day.

Please turn to Slide 4 to review our outstanding second quarter financial results. This quarter, the team delivered sales of $1.4 billion, up 30% from last year, operating margins of 15% and expansion of 540 basis points from the prior year, and earnings per share of $2.35, more than doubled on a year-over-year basis. As a result of the strong execution by our team members in the first half of the year, and robust backlog across our businesses, we are raising the full year outlook to approximately $7 per share.