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Terex (TEX) Q4 FY2023 earnings: revenue $1.2 billion, up 0.4% on the year

Terex Corp. (TEX) reported revenue of $1.2 billion for Q4 FY2023, the quarter ended 31 December 2023, up 0.4% on the same quarter a year earlier. Net income was $127 million, up 37.5% on the year, and diluted earnings per share $1.86. The figures are the company's own, from the 10-K it filed with the SEC on 9 February 2024.

Revenue$1.2 billionup 0.4%
Net income$127 millionup 37.5%
Diluted EPS$1.86
QuarterQ4 FY2023ended 31 December 2023

The quarter, against the one before and a year earlier

LineQ4 FY2023Q3 FY2023A year earlierChange on the year
Revenue1,2231,290n/an/a
Cost of revenue960998n/an/a
Gross profit262292n/an/a
Gross margin21.5%22.7%n/a
Selling, general and administrative147129n/an/a
Operating income116163n/an/a
Operating margin9.5%12.7%n/a
Interest expense16.017.0n/an/a
Pre-tax income106149n/an/a
Income tax-22.130.0n/an/a
Effective tax rate-20.9%20.1%n/a
Net income127119n/an/a
Net margin10.4%9.2%n/a
Diluted EPS$1.86$1.75n/an/a
$ million except per share.
Read moreFourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed.

Cash flow and capital returned

LineQ4 FY2023Q3 FY2023A year earlierChange on the year
Operating cash flow191139n/an/a
Cash from investing-61.0-32.4n/an/a
Cash from financing-127-41.6n/an/a
Share-based compensation17.88.5n/an/a
Buybacks27.10.3n/an/a
Dividends paid11.411.5n/an/a
Dividend per share$0.17$0.17n/an/a
Diluted shares, weighted68m68mn/an/a
Shares outstanding at period end67m67mn/an/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

LineQ4 FY2023Q3 FY2023A year earlierChange on the year
Shareholders' equity1,6721,496n/an/a
Debt600706n/an/a
Operating lease liabilities92.491.4n/an/a
Other liabilities1,2501,167n/an/a
Total liabilities and equity3,6163,461n/an/a
Fixed assets570500n/an/a
Goodwill295285n/an/a
Intangible assets15.715.8n/an/a
Cash and equivalents371352n/an/a
Receivables548645n/an/a
Inventory1,1861,117n/an/a
Other assets631546n/an/a
Total assets3,6163,461n/an/a

Quarterly results, the last 12 quarters

Q3 FY2023 †Q4 FY2023 *Q1 FY2024 †Q2 FY2024 †Q3 FY2024Q4 FY2024 *Q1 FY2025 †Q2 FY2025 †Q3 FY2025Q4 FY2025 *Q1 FY2026Q2 FY2026
Revenue1,2901,2231,2921,3821,2121,2411,2291,4871,3871,3181,7342,238
Cost of revenue9989609951,0539671,0449821,1791,1051,0701,5281,794
Gross profit292262297328245197230291282248206444
Gross margin23%21%23%24%20%16%19%20%20%19%12%20%
SG&A129147139136123145161162142111241209
Operating income16311615819312252.669.0129140137-82.0187
Operating margin13%9%12%14%10%4%6%9%10%10%-5%8%
Interest expense17.016.015.015.613.045.443.044.045.0n/a47.050.0
Pre-tax income14910613717499.0-1.626.089.094.083.0-126139
Tax rate20%-21%20%19%11%n/a19%19%31%24%n/a21%
Net income11912710914188.0-2.221.072.065.063.0-89.0110
Net margin9%10%8%10%7%-0%2%5%5%5%-5%5%
Diluted EPS$1.75$1.86$1.60$2.08$1.31-$0.03$0.31$1.09$0.98$0.95-$0.93$0.96
Operating cash flow139191-34.066.5116177-21.0102154205-31.0128
Capital expendituren/an/a35.024.029.049.036.024.024.034.026.0n/a
Free cash flown/an/a-69.042.587.4128-57.078.0130171-57.0n/a
Buybacks0.327.13.018.612.515.032.023.00.01.00.03.0
Dividends paid11.511.411.011.411.212.011.011.012.011.019.020.0
Shares outstanding67m67m67m67m67m66m66m66m66m114m114m114m
Filing10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q
Each quarter as filed, linked to its filing.
Read more* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-K for the period ended 31 December 2023, filed 9 February 2024, accession 0000097216-24-000013: the filing on EDGAR. All of Terex Corp.'s filings: EDGAR company page.

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