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Terex Corp - Stock Quote TEX

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Morningstar's Terex Corp Stock Analysis

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Narrow-Moat-Rated Terex Posts Solid Results to Start 2022; We Believe the Near Term Looks Bright

Dawit Woldemariam Equity Analyst

Analyst Note

| Dawit Woldemariam |

Terex reported solid first-quarter results, as demand for construction products continues to improve. We maintain our $41.50 fair value estimate, given Terex’s results were in line with our expectations. Net sales increased 16% year on year, thanks to strong growth across the company’s segments. Terex’s aerial business grew nearly 16% year on year, while the materials processing segment increased 14% year on year. Management highlighted the company’s record backlog ($3.5 billion), which increased 17% compared to the fourth quarter of 2021. We believe this shows that demand for Terex’s products is strong and will drive sales growth for the company in the near term, as supply headwinds ease through 2022 and into 2023.

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Terex Corp's Company Profile

Business Description

Terex is a global manufacturer of aerial work platforms, materials processing equipment, and specialty equipment, such as material handlers, cranes, and concrete mixer trucks. Its current composition is a result of numerous acquisitions over several decades and a recent shift to focus on its two core segments after divesting a handful of underperforming businesses. The company's remaining segments see heavy demand in nonresidential construction as well as in maintenance, manufacturing, energy, and materials management.

Contact
45 Glover Avenue, 4th Floor
Norwalk, CT, 06850
T +1 203 222-7170
Sector Industrials
Industry Farm & Heavy Construction Machinery
Most Recent Earnings Mar 31, 2022
Fiscal Year End Dec 31, 2021
Stock Type Cyclical
Employees 8,600

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