Terex Reports Third Quarter 2025 Results
NORWALK, Conn., Oct. 30, 2025 /PRNewswire/ -- Terex Corporation (NYSE: TEX), a global industrial equipment manufacturer of materials processing machinery, waste and recycling solutions, mobile elevating work platforms, and equipment for the electric utility industry, today announced its results for the third quarter 2025.
CEO Commentary
"We continue to deliver solid financial performance. Environmental Solutions ("ES") continued to grow and achieve strong margins in line with our expectations. Materials Processing ("MP") executed in line with our expectations in spite of challenging conditions in some of its markets and Aerials achieved modestly better than expected operating margins," said Simon Meester, Terex President and Chief Executive Officer. "Our ability to hold our outlook for the entire year, given the turbulent macro environment, market headwinds and changes in tariffs, is a testament to the growing resiliency of the Terex portfolio, and the commitment, dedication and skill of our team."
Third Quarter Operational and Financial Highlights
Business Segment Review
Aerials
Materials Processing
Environmental Solutions
Strong Liquidity
CFO Com mentary
"I was very pleased with our strong cash flow generation in Q3, achieving 200% cash conversion in the quarter and 100% year-to-date, which supported continued execution of our differentiated capital allocation strategy, returning value to shareholders while continuing to invest for longer-term organic growth" commented Jennifer Kong-Picarello, Senior Vice President and Chief Financial Officer. "Looking ahead, bookings across the company have returned to normal seasonal patterns with year-over-year pro forma growth of 57% and healthy backlog supports our Q4 sales outlook. We expect higher tariff-related costs in Q4 largely due to the expanded scope of the 232 steel and aluminum tariff that was announced in mid-August. We now expect the full year net unfavorable impact of tariffs on EPS to be approximately $0.70. Assuming that tariffs broadly remain at current rates, we continue to maintain our full year EPS outlook of $4.70 to $5.10."
Full-Year 2025 Outlook
(in millions, except per share data)
Terex Outlook 3,7,8,9,11
Net Sales 10
$5,300 - $5,500
Segment Operating Margin 1,5
~12%
EBITDA 1
~$640
EPS 1,6
$4.70 - $5.10
Free Cash Flow 1,4
$300 - $350
FCF Conversion 1
>120%
Segment Net Sales Outlook 5
Prior Year
Baseline
2025
Aerials
$2,410
(LDD)
Materials Processing
$1,902
(HSD)
Environmental
Solutions 2
$1,500
LDD
(LDD) = down low double-digits
(HSD) = down high single-digits
LDD = up low double-digits
Non-GAAP Measures and Other Items
Results of operations reflect continuing operations. All per share amounts are on a fully diluted basis. A comprehensive review of the quarterly financial performance is contained in the presentation that will accompany the Company's earnings conference call.
In this press release, Terex refers to various GAAP (U.S. generally accepted accounting principles) and non-GAAP financial measures. These non-GAAP measures may not be comparable to similarly titled measures being disclosed by other companies. Management believes that presenting these non-GAAP financial measures provide investors with additional analytical tools which are useful in evaluating our operating results and the ongoing performance of our underlying businesses because they (i) provide meaningful supplemental information regarding financial performance by excluding impact of one-time items and other items affecting comparability between periods, (ii) permit investors to view performance using the same tools that management uses to budget, make operating and strategic decisions, and evaluate our core operating performance across periods, and (iii) otherwise provide supplemental information that may be useful to investors in evaluating our financial results. We do not, nor do we suggest that investors, consider such non-GAAP financial measures in isolation from, or as a substitute for, financial information prepared in accordance with GAAP.
The Glossary at the end of this press release contains further details about this subject.
1 Presented as Adjusted. Refer to the appendix for definitions and/or reconciliations.
2 No adjustments applicable for prior year figures. Comparisons to the prior year period refer to pro forma results in Q3 2024, which include the third quarter results of the ESG business, which have been prepared to give effect to the acquisition of the ESG business had it occurred on January 1, 2024.
3 Excludes the impact of potential future acquisitions, divestitures, restructuring, tariffs, trade policies and other unusual items.
4 Capital expenditures, net of proceeds from sale of capital assets ~$120 million.
5 Excludes Corp & Other OP of ~($75) million.
6 Share Count ~66 million.
7 Depreciation / Amortization of ~$160M, inclusive of ~$80M pertaining to purchase price accounting.
8 Interest / Other Expense ~$170M.
9 Tax Rate ~17.5%.
10 Legacy sales expected to decline by 8%-12% vs. 2024.
11 Outlook assumes that tariffs broadly remain at current rates and reasonable deals are made with key countries.
Forward-Looking Statements
Certain information in this press release includes forward-looking statements (within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 (the "Exchange Act") and the Private Securities Litigation Reform Act of 1995) regarding future events or our future financial performance that involve certain contingencies and uncertainties, including those discussed in our Annual Report on Form 10-K for the year ended December 31, 2024, and subsequent reports we file with the U.S. Securities and Exchange Commission from time to time, in the sections entitled "Management's Discussion and Analysis of Financial Condition and Results of Operations – Contingencies and Uncertainties." In addition, when included in this press release, the words "may," "expects," "should," "intends," "anticipates," "believes," "plans," "projects," "estimates," "will" and the negatives thereof and analogous or similar expressions are intended to identify forward-looking statements. However, the absence of these words does not mean that the statement is not forward-looking. We have based these forward-looking statements on current expectations and projections about future events. These statements are not guarantees of future performance. Such statements are inherently subject to a variety of risks and uncertainties that could cause actual results to differ materially from those reflected in such forward-looking statements. Such risks and uncertainties, many of which are beyond our control, include, among others:
Actual events or our actual future results may differ materially from any forward-looking statement due to these and other risks, uncertainties and material factors. The forward-looking statements contained herein speak only as of the date of this press release. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement contained in this press release to reflect any change in our expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.
About Terex
Terex Corporation is a global industrial equipment manufacturer of materials processing machinery, waste and recycling solutions, mobile elevating work platforms (MEWPs), and equipment for the electric utility industry. We design, build, and support products used in maintenance, manufacturing, energy, waste and recycling, minerals and materials management, construction, and the entertainment industry. We provide lifecycle support to our customers through our global parts and services organization, and offer complementary digital solutions, designed to help our customers maximize their return on their investment. Certain Terex products and solutions enable customers to reduce their impact on the environment including electric and hybrid offerings that deliver quiet and emission-free performance, products that support renewable energy, and products that aid in the recovery of useful materials from various types of waste. Our products are manufactured in North America, Europe, and Asia Pacific and sold worldwide.
Contact Information
Derek Everitt
VP Investor Relations
Email: InvestorRelations@Terex.com
TEREX CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
(unaudited)
(in millions, except per share data)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2025
2024
2025
2024
Net sales
$
1,387
$
1,212
$
4,103
$
3,886
Cost of goods sold
(1,105)
(967)
(3,300)
(3,015)
Gross profit
282
245
803
871
Selling, general and administrative expenses
(142)
(123)
(465)
(398)
Operating profit
140
122
338
473
Other income (expense)
Interest income
3
3
7
9
Interest expense
(45)
(13)
(132)
(44)
Other income (expense) – net
(4)
(13)
(4)
(28)
Income (loss) before income taxes
94
99
209
410
(Provision for) benefit from income taxes
(29)
(11)
(51)
(73)
Net income (loss)
65
88
158
337
Earnings (loss) per share:
Basic
$
0.99
$
1.32
$
2.40
$
5.03
Diluted
$
0.98
$
1.31
$
2.38
$
4.98
Weighted average number of shares outstanding in per share calculation
Basic
65.6
66.9
65.9
67.0
Diluted
66.2
67.4
66.4
67.7
TEREX CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEET
(unaudited)
(in millions, except par value)
September 30, 2025
December 31, 2024
Assets
Current assets
Cash and cash equivalents
$
509
$
388
Other current assets
2,234
1,932
Total current assets
2,743
2,320
Non-current assets
Property, plant and equipment – net
738
714
Other non-current assets
2,685
2,696
Total non-current assets
3,423
3,410
Total assets
$
6,166
$
5,730
Liabilities and Stockholders' Equity
Current liabilities
Current portion of long-term debt
$
13
$
4
Other current liabilities
1,262
1,069
Total current liabilities
1,275
1,073
Non-current liabilities
Long-term debt, less current portion
2,580
2,580
Other non-current liabilities
294
245
Total non-current liabilities
2,874
2,825
Total liabilities
4,149
3,898
Total stockholders' equity
2,017
1,832
Total liabilities and stockholders' equity
$
6,166
$
5,730
TEREX CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(unaudited)
(in millions)
Nine Months Ended
September 30,
2025
2024
Operating Activities
Net income (loss)
$
158
$
337
Depreciation and amortization
120
45
Changes in operating assets and liabilities and non-cash charges
(43)
(233)
Net cash provided by (used in) operating activities
235
149
Investing Activities
Capital expenditures
(84)
(88)
Other investing activities, net
40
8
Net cash provided by (used in) investing activities
(44)
(80)
Financing Activities
Net cash provided by (used in) financing activities
(98)
(88)
Effect of exchange rate changes on cash and cash equivalents
28
—
Net increase (decrease) in cash and cash equivalents
121
(19)
Cash and cash equivalents at beginning of period
388
371
Cash and cash equivalents at end of period
$
509
$
352
TEREX CORPORATION AND SUBSIDIARIES
SEGMENT RESULTS DISCLOSURE
(unaudited)
(in millions)
Q3
Year to Date
2025 1
2024 2
2025 1
2024 2
% of
% of
% of
% of
Net
Sales
Net
Sales
Net
Sales
Net
Sales
Consolidated
Net sales
$
1,387
$
1,212
$
4,103
$
3,886
Operating profit
$
140
10.1 %
$
122
10.1 %
$
338
8.2 %
$
473
12.2 %
Aerials
Net sales
$
537
$
619
$
1,594
$
1,974
Operating profit
$
45
8.4 %
$
63
10.2 %
$
93
5.8 %
$
270
13.7 %
MP
Net sales
$
417
$
444
$
1,253
$
1,463
Operating profit
$
52
12.5 %
$
56
12.6 %
$
137
10.9 %
$
205
14.0 %
ES
Net sales
$
435
$
151
$
1,264
$
454
Operating profit
$
58
13.3 %
$
20
13.2 %
$
175
13.8 %
$
54
11.9 %
Corp and Other / Eliminations
Net sales
$
(2)
$
(2)
$
(8)
$
(5)
Operating (loss)
$
(15)
*
$
(17)
*
$
(67)
*
$
(56)
*
* Not a meaningful percentage
1 Includes ESG business
2 Does not include ESG business
GLOSSARY
Non-GAAP Measures Definitions
In an effort to provide investors with additional information regarding the Company's results, Terex refers to various GAAP (U.S. generally accepted accounting principles) and non-GAAP financial measures which management believes provides useful information to investors. These non-GAAP measures may not be comparable to similarly titled measures being disclosed by other companies. In addition, the Company believes that non-GAAP financial measures should be considered in addition to, and not in lieu of, GAAP financial measures. Terex believes that this non-GAAP information is useful to understanding its operating results and the ongoing performance of its underlying businesses. Management of Terex uses both GAAP and non-GAAP financial measures to establish internal budgets and targets and to evaluate the Company's financial performance against such budgets and targets.
The amounts described below are unaudited, are reported in millions of U.S. dollars (except share data and percentages), and are as of or for the period ended September 30, 2025, unless otherwise indicated.
2025 Outlook
The Company's 2025 outlook for segment operating margin, earnings per share, EBITDA and free cash flow conversion are non-GAAP financial measures because they exclude the impact of potential future acquisitions, divestitures, restructuring, tariffs, trade policies and other unusual items. The Company is not able to reconcile these forward-looking non-GAAP financial measures to their most directly comparable forward-looking GAAP financial measures without unreasonable efforts because the Company is unable to predict with a reasonable degree of certainty the exact timing and impact of such items. The unavailable information could have a significant impact on the Company's full-year 2025 GAAP financial results. This forward looking information provides guidance to investors about the Company's 2025 Outlook excluding unusual items that the Company does not believe is reflective of its ongoing operations.
Free Cash Flow
The Company calculates non-GAAP measures of free cash flow and free cash flow conversion. The Company defines free cash flow as Net cash provided by (used in) operating activities less Capital expenditures, net of proceeds from sale of capital assets and free cash flow conversion as free cash flow divided by GAAP net income. The Company believes that these measures provide management and investors further useful information on cash generation or use in our primary operations and the efficiency with which the Company converts earnings into cash. The following table reconciles Net cash provided by (used in) operating activities to free cash flow (in millions) and free cash flow conversion:
Three Months Ended
September 30,
Year Ending
December 31,
2025
2024
2025 Outlook
Net cash provided by (used in) operating activities
$ 154
$ 117
$ 445
Capital expenditures, net of proceeds from sale of
capital assets
(24)
(29)
(120)
Free cash flow (use)
$ 130
$ 88
$ 325
Net income (loss)
65
88
Free cash flow conversion
200 %
100 %
Note: 2025 Outlook free cash flow represents the mid-point of the range
GAAP to Non-GAAP Reconciliation: Q3 2025
Q3 2025
GAAP
Restructuring
and Other
Deal
Related
Purchase
Price
Accounting
Equity
Security
Related
Tax
Q3 2025
Adjusted
(non-GAAP)
Net Sales
$
1,387
—
—
—
—
—
$
1,387
Gross Profit
282
3
—
20
—
—
305
% of Sales
20.3 %
22.0 %
SG&A
(142)
2
3
—
—
—
(137)
% of Sales
(10.2 %)
(9.9 %)
Operating Profit
140
5
3
20
—
—
168
Operating Margin
10.1 %
12.1 %
Net Interest Income (Expense)
(42)
—
—
—
—
—
(42)
Other Income (Expense) - net
(4)
—
1
—
1
—
(2)
Income (Loss) Before Income
Taxes
94
5
4
20
1
—
124
(Provision for) Benefit from
Income Taxes
(29)
(1)
(1)
(4)
—
11
(24)
Effective Tax Rate
31.4 %
19.9 %
Net Income (Loss)
$
65
4
3
16
1
11
$
100
Earnings (Loss) per Share
$
0.98
$ 0.06
0.04
0.24
0.01
0.17
$
1.50
GAAP to Non-GAAP Reconciliation: YTD Q3 2025
YTD
Q3 2025
GAAP
Restructuring
and Other 1
Deal
Related
Purchase
Price
Accounting
Litigation
Related
Equity
Security
Related
Tax
YTD
Q3 2025
Adjusted
(non-GAAP)
Net Sales
$
4,103
—
—
—
—
—
—
$
4,103
Gross Profit
803
11
—
61
—
—
—
875
% of Sales
19.6 %
21.3 %
SG&A
(465)
11
11
1
10
—
—
(432)
% of Sales
(11.3 %)
(10.5 %)
Operating Profit
338
22
11
62
10
—
—
443
Operating Margin
8.2 %
10.8 %
Net Interest Income (Expense)
(125)
—
—
—
—
—
—
(125)
Other Income (Expense) - net
(4)
—
3
—
—
(3)
—
(4)
Income (Loss) Before Income
Taxes
209
22
14
62
10
(3)
—
314
(Provision for) Benefit from
Income Taxes
(51)
(5)
(4)
(13)
(2)
1
13
(61)
Effective Tax Rate
24.5 %
19.7 %
Net Income (Loss)
$
158
17
10
49
8
(2)
13
$
253
Earnings (Loss) per Share
$
2.38
0.26
0.15
0.74
0.12
(0.04)
0.20
$
3.81
1 Includes previously disclosed adjustments in Q1 2025 pertaining to Accelerated vesting / Severance and Tariff related activity
GAAP to Non-GAAP Reconciliation: Q3 2024
Q3 2024
GAAP
Accelerated
Vesting /
Severance
Deal
Related
Q3 2024
Adjusted
(non-GAAP)
Net Sales
$
1,212
—
—
$
1,212
Gross Profit
245
4
—
249
% of Sales
20.2 %
20.5 %
SG&A
(123)
1
—
(122)
% of Sales
(10.1 %)
(10.1 %)
Operating Profit
122
5
—
127
Operating Margin
10.1 %
10.5 %
Net Interest Income (Expense)
(10)
—
—
(10)
Other Income (Expense) - net
(13)
—
8
(5)
Income (Loss) Before Income Taxes
99
5
8
112
(Provision for) Benefit from Income
Taxes
(11)
(1)
(2)
(14)
Effective Tax Rate
11.1 %
12.5 %
Net Income (Loss)
$
88
4
6
$
98
Earnings (Loss) per Share
$
1.31
0.06
0.09
$
1.46
GAAP to Non-GAAP Reconciliation: YTD Q3 2024
YTD
Q3 2024
GAAP
Accelerated
Vesting /
Severance
Deal
Related
Mark-to-
Market
YTD
Q3 2024
Adjusted
(non-GAAP)
Net Sales
$
3,886
—
—
—
$
3,886
Gross Profit
871
5
—
—
876
% of Sales
22.4 %
22.5 %
SG&A
(398)
6
—
—
(392)
% of Sales
(10.2 %)
(10.1 %)
Operating Profit
473
11
—
—
484
Operating Margin
12.2 %
12.5 %
Net Interest Income (Expense)
(35)
—
—
—
(35)
Other Income (Expense) - net
(28)
—
10
9
(9)
Income (Loss) Before Income Taxes
410
11
10
9
440
(Provision for) Benefit from Income Taxes
(73)
(2)
(2)
(3)
(80)
Effective Tax Rate
17.8 %
18.2 %
Net Income (Loss)
$
337
9
8
6
$
360
Earnings (Loss) per Share
$
4.98
0.13
0.12
0.09
$
5.32
Segment Operating Profit and Adjusted Operating Profit: Q3 2025 and 2024
Three Months Ended September 30,
2025
2024
Aerials
MP
ES 1
Aerials
MP
ES 2
Operating Profit
$ 45
$ 52
$ 58
$ 63
$ 56
$ 20
Restructuring and Other
5
(1)
1
2
3
—
Purchase Price Accounting
—
—
20
—
—
—
Adjusted Operating Profit
$ 50
$ 51
$ 79
$ 65
$ 59
$ 20
Net Sales
$ 537
$ 417
$ 435
$ 619
$ 444
$ 151
OP Margin %
8.4 %
12.5 %
13.3 %
10.2 %
12.6 %
13.2 %
Adjusted OP Margin %
9.2 %
12.4 %
18.3 %
10.5 %
13.3 %
13.2 %
1 Includes ESG business
2 Does not include ESG business
Segment Operating Profit and Adjusted Operating Profit: YTD Q3 2025 and 2024
Nine Months Ended September 30,
2025
2024
Aerials
MP
ES 1
Aerials
MP
ES 2
Operating Profit
$ 93
$ 137
$ 175
$ 270
$ 205
$ 54
Restructuring and Other
9
10
1
3
4
—
Purchase Price Accounting
—
—
62
—
—
—
Litigation Related
10
—
—
—
—
—
Adjusted Operating Profit
$ 112
$ 147
$ 238
$ 273
$ 209
$ 54
Net Sales
$ 1,594
$ 1,253
$ 1,264
$ 1,974
$ 1,463
$ 454
OP Margin %
5.8 %
10.9 %
13.8 %
13.7 %
14.0 %
11.9 %
Adjusted OP Margin %
7.0 %
11.8 %
18.9 %
13.8 %
14.3 %
11.9 %
1 Includes ESG business
2 Does not include ESG business
ROIC
ROIC and other Non-GAAP Measures (as calculated below) assist in showing how effectively we utilize capital invested in our operations. ROIC is determined by dividing the sum of NOPAT for each of the previous four quarters by the average of Debt less Cash and cash equivalents plus Stockholders' equity for the previous five quarters. NOPAT for each quarter is calculated by multiplying Operating profit by one minus the annualized effective tax rate as adjusted. Debt is calculated using amounts for Current portion of long-term debt plus Long-term debt, less current portion. We calculate ROIC using the last four quarters' NOPAT as this represents the most recent 12-month period at any given point of determination. In order for the denominator of the ROIC ratio to properly match the operational period reflected in the numerator, we include the average of five quarters' ending balance sheet amounts so that the denominator includes the average of the opening through ending balances (on a quarterly basis) thereby providing, over the same time period as the numerator, four quarters of average invested capital.
In the calculation of ROIC, we adjust operating profit, effective tax rate, and stockholders' equity to remove the effects of the impact of certain transactions in order to create a measure that is more useful to understanding our operating results and the ongoing performance of our underlying business excluding the impact of unusual items as shown in the tables below. Our management and Board of Directors use ROIC as one measure to assess operational performance, including in connection with certain compensation programs. We use ROIC as a metric because we believe it measures how effectively we invest our capital and provides a better measure to compare ourselves to peer companies to assist in assessing how we drive operational improvement. We believe ROIC measures return on the amount of capital invested in our businesses and is an accurate and descriptive measure of our performance. We also believe adding Debt less Cash and cash equivalents to Stockholders' equity provides a better comparison across similar businesses regarding total capitalization, and ROIC highlights the level of value creation as a percentage of capital invested. As the tables below show, our ROIC at September 30, 2025 was 11.9%.
Amounts described below are reported in millions, except for the annualized effective tax rate as adjusted. Amounts are as of and for the three months ended for the periods referenced in the tables below.
Sep '25
Jun '25
Mar '25
Dec '24
Sep '24
Annualized effective tax rate as adjusted (1)
15.6 %
15.6 %
15.6 %
15.6 %
Operating profit as adjusted
$ 168
$ 164
$ 111
$ 97
Multiplied by: 1 minus annualized effective tax rate as adjusted
84.4 %
84.4 %
84.4 %
84.4 %
Net operating profit after tax as adjusted
$ 142
$ 138
$ 94
$ 82
Debt
$ 2,593
$ 2,593
$ 2,586
$ 2,584
$ 628
Less: Cash and cash equivalents
(509)
(374)
(298)
(388)
(352)
Debt less Cash and cash equivalents
2,084
2,219
2,288
2,196
276
Stockholders' equity as adjusted
2,166
2,088
1,941
1,893
1,968
Debt less Cash and cash equivalents plus Stockholders' equity as adjusted
$ 4,250
$ 4,307
$ 4,229
$ 4,089
$ 2,244
(1) The annualized effective tax rate as adjusted for each 2024 period represents the adjusted full-year 2024 effective tax rate.
September 30, 2025 ROIC
11.9 %
NOPAT as adjusted (last 4 quarters)
$ 456
Average Debt less Cash and cash equivalents plus Stockholders'
equity as adjusted (5 quarters)
$ 3,824
Three
months
ended
9/30/25
Three
months
ended
6/30/25
Three
months
ended
3/31/25
Three
months
ended
12/31/24
Reconciliation of operating profit:
Operating profit as reported
$ 140
$ 129
$ 69
$ 53
Adjustments:
Restructuring and other
5
12
6
4
Purchase price accounting
20
20
21
38
Deal related
3
3
5
2
Litigation related
—
—
10
—
Operating profit as adjusted
$ 168
$ 164
$ 111
$ 97
As of
9/30/25
As of
6/30/25
As of
3/31/25
As of
12/31/24
As of
9/30/24
Reconciliation of Stockholders' equity:
Stockholders' equity as reported
$ 2,017
$ 1,965
$ 1,844
$ 1,832
$ 1,957
Effects of adjustments, net of tax:
Restructuring and other
27
23
13
8
4
Purchase price accounting
84
67
50
32
—
Deal related
26
22
19
14
—
Litigation related
8
8
8
—
—
Equity security related
4
3
7
7
7
Stockholders' equity as adjusted
$ 2,166
$ 2,088
$ 1,941
$ 1,893
$ 1,968
Nine Months Ended
September 30, 2025
Income (loss) before
income taxes
(Provision for)
benefit from
income taxes
Income tax
rate
Reconciliation of annualized effective tax rate:
As reported
$ 209
$ (51)
24.5 %
Effect of adjustments:
Restructuring and other
22
(5)
Purchase price accounting
62
(13)
Deal related
14
(4)
Equity security related
(3)
1
Litigation related
10
(2)
Tax related benefit (1)
—
13
Tax related to full-year effective tax rate expectation
—
6
Tax related to Swiss deferred tax asset
—
6
As adjusted
$ 314
$ (49)
15.6 %
(1) The amount represents tax benefit arising from foreign tax legislative changes, in addition to tax planning associated with restructuring activity.
SOURCE Terex Corporation