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Terex beats sales target

Plant

FIRST quarter results at Terex showed sales of £401.7 million - an improvement on the £329 million recorded for the same period in 2001.

Operating profit was £21.7 million, down on the £26.2 million in 2001, but net income finished up at £11.6 million, or 2.9 per cent of sales. Figures for the first quarter of 2001 were £7 million - 2.1 per cent of sales.

Growth was driven primarily by acquisitions, said chairman and chief executive Ron DeFeo, adding that the results were above expectations.

Plant consolidations, restructurings and other cost cutting exercises are on or ahead of schedule, he added.

Market shares are said to be either static or improving.