Analyst Note| Brian Bernard, CFA, CPA |
Terex reported solid first-quarter results, as the company continues its path to recovery following a challenging fiscal 2020. Revenue grew roughly 4% year over year (up 10% sequentially) as Terex saw strong recovery in its global end markets. Bookings increased an impressive 101% year over year, and Terex's backlog, now valued at over $2 billion, is up 104% year over year and 50% sequentially. The book/bill ratios were also strong, with aerial work platforms at 202% and materials processing at 149%. While we think these levels of growth are unsustainable over the long run, we are encouraged by the strong rebound Terex is experiencing.