Terex Corporation (NYSE:TEX) Q1 2022 Earnings Conference Call April 29, 2022 8:30 AM ET

Company Participants

Randy Wilson - Director, Investor Relations

John Garrison - Chairman & Chief Executive Officer

Julie Beck - Senior Vice President & Chief Financial Officer

Conference Call Participants

Nicole DeBlase - Deutsche Bank

Stephen Volkmann - Jefferies

Tami Zakaria - JPMorgan

David Raso - Evercore ISI

Jamie Cook - Credit Suisse

Stan Elliott - Stifel

Steven Fisher - UBS

Steve Barger - KeyBanc Capital Markets

Seth Weber - Wells Fargo

Jerry Revich - Goldman Sachs

Operator

Greetings, and welcome to the Terex First Quarter 2022 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 turn the call to your host, Randy Wilson, Director of Investor Relations.

Randy Wilson

Good morning, and welcome to the Terex first quarter 2022 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.

I'm 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 statement. 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 that we believe is useful in evaluating the company's operating performance. Reconciliations for these non-GAAP measures can be found in the conference call materials.

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

John Garrison

Thank you Randy, 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 for their efforts in this challenging global operating environment, with production disruptions and COVID impact. Team members are working diligently to improve our performance for customers and shareholders. We are seeing strong global customer demand in our business.

Bookings of $1.8 billion, increased 19% year-over-year. Record backlog of $3.5 billion, increased 17% sequentially and 73% compared to prior year. The global operating environment has become increasingly difficult and unpredictable. With that said, our supply chain team members are working hard to minimize production disruption and to deliver for our customers.