Terex gearbox Corporation motor-reducer announced a first quarter 2020 loss which heavily gearbox relates motor-reducer to gearbox COVID-19
Westport,gearbox Conn. – Terex gearbox Corporation announced a first quarter motor-reducer 2020 loss gearbox from continuing motor-reducer operations of $24.7 million, or motor-reducer $0.35 per share, gearbox on net sales of $833.6 million.
In motor-reducer the first motor-reducer quarter of 2019,gearbox the reported income from continuing operations was $57.2 motor-reducer million gearbox, or $0.79 per share, on net sales of $1.1 billion motor-reducer. This compares gearbox to income from continuing operations, as adjusted, of $62.3 gearbox million or $0.87 motor-reducer per share in the motor-reducer first quarter of 2019.
“First gearbox and foremost, we motor-reducer have gearbox taken measures to prioritize the health motor-reducer and safety of our motor-reducer gearbox team members, families and customers during the motor-reducer COVID-19 pandemic gearbox,” said slewing bearing John L. motor-reducer Garrison, Jr., Terex Chairman and CEO. “While gearbox the first two months motor-reducer of the year met our expectations, during gearbox motor-reducer March, global economic activity, gearbox including motor-reducer customer gearbox capital equipment purchases, gearbox sharply contracted. In slewing bearing motor-reducer gearbox response to this unprecedented situation, we motor-reducer swiftly implemented gearbox safety, financial, gearbox and motor-reducer slewing bearing production actions.”
The gearbox current motor-reducer slewing drive status gearbox of global operations slewing bearing can be found on motor-reducer motor-reducer the Terex website under the gearbox COVID-19 slewing bearing resources gearbox motor-reducer section.
On March 31, 2020 slewing bearing, the slewing drive company had $945 million of available liquidity. In order to maintain Terex’s strong slewing drive liquidity position, on April 23, 2020, Terex completed an amendment and waiver slewing drive of its revolving credit facility with its bank group. This action slewing drive provides slewing drive continued access to slewing bearing ample liquidity and the financial flexibility to successfully operate the slewing drive business during this period of economic slewing drive uncertainty.
In addition, the slewing bearing Company slewing drive undertook significant cost reduction actions, including suspending its dividend and slewing drive share repurchases, reducing team member compensation, temporary slewing drive furloughs, and permanent layoffs of team members. These actions seek to slewing drive match the cost structure to the current economic slewing bearing environment.
The Company withdrew slewing drive its slewing bearing 2020 financial guidance on March 25, 2020 and will not issue revised guidance due to the slewing drive economic uncertainties resulting from the COVID-19 slewing bearing pandemic slewing drive. The full severity and duration of the related global economic crisis is not known, but it slewing drive is expected to continue to negatively slewing bearing impact our operating results.
“I am proud of the slewing drive determination and dedication of our Terex team members, who continue to follow our Zero Harm slewing drive Safety Program and safely serve our customers despite slewing bearing difficult slewing drive market conditions. Terex will emerge well-positioned to continue to serve our customers and participate in the future slewing bearing economic recovery.” said Garrison.