Terex Corp (TEX) 2024 Q3 法說會逐字稿

Greetings and welcome to the Terex third-quarter, 2024 results conference call at this time. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Derek Everett, Vice President, Investor Relations.

您好，歡迎此時參加特雷克斯 2024 年第三季業績電話會議。（操作員指示）謹此提醒，本次會議正在錄製中。現在我很高興向您介紹主持人，投資者關係副總裁德里克·埃弗雷特 (Derek Everett)。

Good morning and welcome to the Terex third-quarter, 2024 earnings conference call. A copy of the press release and presentation slides are posted on our investor relations website at investors.terex.com.

早上好，歡迎參加特雷克斯 2024 年第三季財報電話會議。新聞稿和簡報投影片的副本發佈在我們的投資者關係網站 Investors.terex.com 上。

In addition, the replay and slide presentation will be available on our website. We are joined by Simon Meester, President and Chief Executive Officer; and Julie Beck, Senior Vice President and Chief Financial Officer. Their prepared remarks will be followed by Q&A.

此外，重播和幻燈片演示將在我們的網站上提供。總裁兼執行長 Simon Meester 也加入了我們；以及資深副總裁兼財務長 Julie Beck。他們準備好的發言之後將進行問答。

Please turn to slide 2 of the presentation which reflects our Safe Harbor statement. Today's conference call contains forward-looking statements which are subject to risks that could cause actual results to be materially different from those expressed or implied.

請參閱簡報的投影片 2，其中反映了我們的安全港聲明。今天的電話會議包含前瞻性陳述，這些陳述存在可能導致實際結果與明示或暗示的結果有重大差異的風險。

These risks are described in greater detail in the earnings material and in other reports filed with the SEC, on this call, we will be discussing non-GAAP financial information including adjusted figures that we believe are useful in evaluating the company's operating performance reconciliations for these non-GAAP measures can be found in the conference call materials. Please turn to slide 3 and I'll turn it over to Simon Easter.

這些風險在收益材料和向SEC 提交的其他報告中進行了更詳細的描述，在這次電話會議上，我們將討論非GAAP 財務信息，包括調整後的數據，我們認為這些數據有助於評估公司的營運績效對帳。請翻到投影片 3，我會交給 Simon Easter。

Thanks, Derek, and good morning. I would like to welcome everyone to our earnings call and appreciate your interest in Terex, emphasizing our commitment to our zero harm culture and the Terex way values at the start of this call reflects what we do across the organization every day, as part of our Terex operating system, as we continue to grow, our core values will continue to include keeping each other safe, treating each other with respect and dignity and being responsible stewards of our environment.

謝謝，德里克，早安。我歡迎大家參加我們的財報電話會議，並感謝您對特雷克斯的興趣，強調我們對零傷害文化的承諾，以及本次電話會議開始時的特雷克斯方式價值觀反映了我們在整個組織中每天所做的事情，作為我們特雷克斯操作系統，隨著我們的不斷發展，我們的核心價值將繼續包括保證彼此的安全、相互尊重和尊嚴以及負責任地管理我們的環境。

Let's turn to slide 4, before diving into our Q3 results. I'm very pleased to welcome the ESG team to the Terex's family. ESG is a great strategic and cultural fit reduces our cyclicality and makes Terex a stronger company with a bright future.

在深入研究第三季的結果之前，讓我們先看投影片 4。我非常高興地歡迎 ESG 團隊加入特雷克斯大家庭。ESG 是一種偉大的策略和文化契合，減少了我們的週期性，使特雷克斯成為更強大、擁有光明未來的公司。

ESG is a leader in the growing waste and recycling industry where waste management and recycling solutions are critical for every jurisdiction, not only in America but around the world.

ESG 是不斷發展的廢棄物和回收產業的領導者，廢棄物管理和回收解決方案對於每個司法管轄區都至關重要，不僅在美國，而且在全世界。

I want to thank the many team members both on the Terex side and the Dover side that worked tirelessly over the past couple of months to complete the acquisition.

我要感謝特雷克斯方面和多佛方面的許多團隊成員在過去幾個月中不知疲倦地工作以完成收購。

In addition, our treasury team did an outstanding job raising funds at attractive rates and terms allowing us to complete the deal and maintain a strong and agile balance sheet. ESG is financially accreted from day one. It is expected to add approximately $40 million in EBITDA in the fourth quarter for the period following the October 8, close with the close behind us. Our focus turns to integration.

此外，我們的財務團隊在以有吸引力的利率和條款籌集資金方面表現出色，使我們能夠完成交易並保持強大而靈活的資產負債表。ESG 從第一天起就在財務上不斷累積。預計 10 月 8 日收盤後第四季的 EBITDA 將增加約 4,000 萬美元。我們的重點轉向整合。

Thanks to detailed advanced planning. Our cross functional integration team hit the ground running. We fully expect to deliver at least $25 million in operational run rate, synergies by the end of 2026, and realize additional commercial opportunities as we integrate ESG into Terex.

感謝詳細的提前計劃。我們的跨職能整合團隊立即開始運作。我們完全期望在 2026 年底實現至少 2,500 萬美元的營運效率和協同效應，並在將 ESG 整合到特雷克斯時實現更多商業機會。

Turning to slide 5, our global team adapted quickly to in quarter industry channel adjustments and continued to execute at a high level throughout the third-quarter. Delivering earnings per share of $1.46 on sales of $1.2 billion.

轉向幻燈片 5，我們的全球團隊迅速適應了季度行業通路調整，並在整個第三季度繼續保持高水準執行。每股收益 1.46 美元，銷售額 12 億美元。

Our MP and AWP teams continue to implement cost reduction actions and align production plans with demand in their respective channels.

我們的 MP 和 AWP 團隊繼續實施降低成本的行動，並使生產計劃與各自通路的需求保持一致。

This is not the first time we've seen channels make adjustments. I'm confident that the work we did, strengthening our portfolio, fortifying our core businesses and investing in lower cost operations will enable us to perform better throughout the cycle than we have done in the past.

這並不是我們第一次看到頻道做出調整。我相信，我們所做的工作，即加強我們的投資組合、強化我們的核心業務以及投資於低成本運營，將使我們在整個週期中表現得比過去更好。

We expect full year earnings per share to be between $5.85 and $6.25. And EBITDA that of $635 million to $670 million on revenue of $5 billion to $5.2 billion.

我們預計全年每股收益將在 5.85 美元至 6.25 美元之間。 EBITDA 為 6.35 億至 6.7 億美元，營收為 50 億至 52 億美元。

Turning to slide 6, we increase the size and scope of our addressable markets by acquiring ESG within the broader waste and recycling industry, waste collection, recycling and compaction are non-cyclical markets that have resilient growth, trajectories regardless of the macro environment.

轉向幻燈片6，我們透過在更廣泛的廢棄物和回收產業內收購ESG 來擴大我們的潛在市場的規模和範圍，廢棄物收集、回收和壓實是非週期性市場，無論宏觀環境如何，都具有彈性成長和軌跡。

As a society, we will continue to generate waste and we will continue to look for ways to use finite resources more effectively and more efficiently. Looking at our legacy markets. We're seeing more challenging macro-dynamics as the trajectory of future interest rate cuts in the upcoming US election are casting a shadow of uncertainty leading to more cautious decision making.

作為一個社會，我們將繼續產生廢棄物，我們將繼續尋找更有效和更有效率地利用有限資源的方法。看看我們的傳統市場。我們看到更具挑戰性的宏觀動態，因為即將到來的美國大選的未來降息軌跡正在蒙上不確定性的陰影，導致決策更加謹慎。

Although investment in infrastructure and manufacturing continue to grow, the rate of growth has somewhat slowed and we're seeing local projects being deferred until investors have more clarity on the macro environment.

儘管基礎設施和製造業投資持續成長，但成長速度有所放緩，我們看到當地項目被推遲，直到投資者對宏觀環境有了更清晰的認識。

Another important factor particularly in aerials is that lead times for new equipment have come down largely back to pre-COVID levels. This allows our rental customers to align their equipment delivery schedules more precisely with their requirements.

另一個重要因素，特別是在天線方面，是新設備的交貨時間已基本回落至新冠疫情前的水平。這使得我們的租賃客戶能夠更準確地根據他們的要求調整他們的設備交付時間表。

We expect a degree of caution in rental demand through the fourth-quarter and into 2025 before returning to a more robust environment in 2026 and beyond.

我們預計第四季至 2025 年的租賃需求將保持一定程度的謹慎，然後在 2026 年及以後恢復到更強勁的環境。

In MP, we saw dealers rebalancing inventory levels as more of their customers are renting their machines longer. When the machine is on rent, it remains on the dealer balance sheet and limits their ability to order new machines.

在 MP，我們看到經銷商重新平衡庫存水平，因為越來越多的客戶租用機器的時間更長。當機器出租時，它仍保留在經銷商的資產負債表上，並限制了他們訂購新機器的能力。

We see this dynamic persisting but alleviating in the fourth-quarter and starting to improve when the election is behind us and the future of interest rates become clearer.

我們看到這種動態持續存在，但在第四季度有所緩解，並在選舉結束且利率的未來變得更加清晰時開始改善。

The major European economies remain generally weak and geopolitical concerns continue to muddy the waters. I am hopeful that lower inflation and assertiveness on lowering interest rates will translate into a better outlook that said we have a strong position in Europe which was solidified by a reassurance of a level playing field in aerials because of the EU's anti-dumping decision.

歐洲主要經濟體總體依然疲軟，地緣政治擔憂持續攪渾水。我希望，較低的通貨膨脹和對降低利率的自信將轉化為更好的前景，表明我們在歐洲擁有強大的地位，而歐盟的反傾銷決定使航空業的公平競爭環境得到了鞏固。

We fully expect our teams to continue to execute well and outperform the market regardless of the macro climate.

無論宏觀環境如何，我們完全期望我們的團隊能夠繼續保持良好的執行力並贏得市場。

We also remain encouraged to see emerging markets such as India, Southeast Asia, the Middle East and Latin America increasingly adopt our products.

我們也很高興看到印度、東南亞、中東和拉丁美洲等新興市場越來越多地採用我們的產品。

Please turn to slide 7, while shorter term dynamics play out in some of our markets, we continue to be highly confident in our short term growth outlook. Our portfolio of strong businesses will continue to benefit from mega trends, onshoring, technology advancements and federal investments including the Infrastructure Investment and Jobs Act, Inflation Reduction Act and the Chips Act.

請參閱投影片 7，雖然我們的一些市場出現了短期動態，但我們仍然對短期成長前景充滿信心。我們強大的業務組合將繼續受益於大趨勢、在岸外包、技術進步和聯邦投資，包括《基礎設施投資和就業法案》、《降低通貨膨脹法案》和《晶片法案》。

This legislative environment is driving record levels of mega projects in data centers, EV, and battery manufacturing plans, semiconductor plans and others. With more projects expected to come online from 2025 through 2027.

這種立法環境正在推動資料中心、電動車、電池製造計劃、半導體計劃等大型專案的創紀錄水平。預計 2025 年至 2027 年將有更多項目上線。

We anticipate increased activity from infrastructure investments from roads and bridges to airports, railways and the power grid. We believe these high investment levels will continue regardless of the outcome of the US election.

我們預計道路、橋樑、機場、鐵路和電網等基礎設施投資活動將會增加。我們相信，無論美國大選結果如何，這種高投資水準都將持續下去。

Please turn to slide 8. Our portfolio of businesses is very strong. Our businesses are market leaders, technology innovators and proven high performers. We've made great strides implementing our execute innovate and growth strategy and have plenty of opportunities to continue to improve, fixed cost management is an area where we have made some of those improvements. For example, shifting higher cost production to our new state of the art facility in Monterrey.

請翻到幻燈片 8。我們的業務組合非常強大。我們的企業是市場領導者、技術創新者和久經考驗的高績效企業。我們在執行創新和成長策略方面取得了長足的進步，並且有很多機會繼續改進，固定成本管理是我們取得了一些改進的領域。例如，將更高成本的生產轉移到我們位於蒙特雷的最先進的新工廠。

We will continue to reduce fixed costs by leveraging digital technology, improving efficiency and rethinking operating norms where better approaches are available, when it comes to innovation. We have a very exciting new product development pipeline focused on maximizing return on investment for our customers.

在創新方面，我們將繼續利用數位技術、提高效率並重新思考營運規範，以找到更好的方法來降低固定成本。我們擁有非常令人興奮的新產品開發管道，致力於最大限度地提高客戶的投資回報。

We also continue to leverage technology internally making investment in robotics, automation and digitizing work streams to make us more efficient and more flexible. This represents an important part of our road map to continuously become more competitive and more resilient regardless of market dynamics.

我們也持續利用內部技術對機器人、自動化和數位化工作流程進行投資，使我們更有效率、更有彈性。這是我們路線圖的重要組成部分，無論市場動態如何，我們都將持續提高競爭力和彈性。

The growth completing the acquisition earlier this month was a significant step forward. We fully expect organic growth in that business to continue in line with its demonstrated performance over the past decade.

本月稍早完成的收購是成長的重要一步。我們完全預期該業務的有機成長將繼續與其過去十年的表現一致。

On the utilities front, we will unlock growth potential by improving productivity and expanding capacity. As the long term demand outlook continues to expand, our MP and aerials businesses will manage through near term channel adjustments before returning to growth as the replacement cycle and mega trends are expected to remain significant.

在公用事業方面，我們將透過提高生產力和擴大產能來釋放成長潛力。隨著長期需求前景持續擴大，我們的 MP 和天線業務將透過近期的通路調整進行管理，然後再恢復成長，因為預計更換週期和大趨勢將仍然顯著。

Turning to slide 9. I'm very proud when I witnessed some of the fantastic work our teams and our equipment accomplish around the world. Pictured on the left are Terrex power screen crushers deployed in Ladakh, northern India. At one of the world's most challenging construction sites at 19,000 ft above sea level. These machines will support building the world's highest motorway.

轉到投影片 9。當我目睹我們的團隊和我們的設備在世界各地完成的一些出色工作時，我感到非常自豪。左圖是部署在印度北部拉達克的特雷克斯動力篩破碎機。位於海拔 19,000 英尺的世界上最具挑戰性的建築工地之一。這些機器將支持建造世界上最高的高速公路。

This new infrastructure will improve access to remote villages, making it easier for residents to travel, for medical care, education and other essential services.

這項新的基礎設施將改善偏遠村莊的交通，使居民更容易出行、獲得醫療、教育和其他基本服務。

The middle picture is a brand new joint Zen robotics and Terex's recycling systems installation in Norway. The first of its kind anywhere in the world, the state of the art waste recycling plant will be fully automated, integrating AI powered robotics with advanced sorting technology. This is all about offering solutions to customers that maximize recycling rates and minimize landfill usage.

中間的圖片是 Zen 機器人和特雷克斯在挪威共同安裝的全新回收系統。這個最先進的廢棄物回收廠在世界上尚屬首例，將實現完全自動化，將人工智慧驅動的機器人技術與先進的分類技術結合。這一切都是為了向客戶提供最大限度提高回收率並最大限度減少垃圾掩埋場使用的解決方案。

Finally, the image on the right shows utility vehicles supporting recovery efforts in the wake of hurricane Helene.

最後，右圖顯示了支援颶風海倫後恢復工作的多用途車輛。

In the hours after the storm, cruise from across the United States arrive to help restore power to devastated areas. And I'm proud that our products play an important role in rebuilding and restoring hope to these communities. All great examples of Terex at work.

風暴過後的幾個小時內，來自美國各地的遊輪抵達，幫助恢復受災地區的電力。我感到自豪的是，我們的產品在重建和恢復這些社區的希望方面發揮著重要作用。特雷克斯在工作上的所有優秀例子。

And with that, I'll turn it over to Julie.

有了這個，我會把它交給朱莉。

Thank you, Simon, and good morning, everyone. Let's look at our third-quarter financial results on slide 10, net sales of $1.2 billion were down 6% compared to the third-quarter of last year, resulting from lower volume at MP, which was partially offset by modestly higher year-over-year sales at AWP.

謝謝西蒙，大家早安。讓我們來看看投影片10 上的第三季財務業績，淨銷售額為12 億美元，與去年第三季相比下降了6%，這是由於MP 銷量下降造成的，但這一結果被同比小幅成長部分抵銷。

The growth at AWP was lower than we initially anticipated as rental customers adjusted delivery schedules during the third-quarter to better align with their fleet requirements and shorter equipment lead times, our MP segment continued to be impacted by softness in the European market and lower retail sales in the United States impacting dealer restocking, gross profit of 20.5% reflects lower than expected volume and unfavorable mix partially offset by cost reduction actions.

AWP 的成長低於我們最初的預期，因為租賃客戶在第三季調整了交貨時間表，以更好地符合他們的車隊需求和更短的設備交貨時間，我們的MP 部門繼續受到歐洲市場疲軟和零售額下降的影響美國的銷售影響了經銷商補貨，毛利為 20.5%，反映出銷量低於預期，並且不利的組合被成本削減措施部分抵消。

SG&A expenses declined by $7 million compared to last year as we executed cost reduction actions which continued throughout the quarter and lowered instead of compensation, income from operations was $127 million with an operating margin of 10.5% interest and other expense was consistent with the previous year.

與去年相比，SG&A 費用下降了700 萬美元，因為我們執行了整個季度持續的成本削減行動，並降低了薪酬，營運收入為1.27 億美元，營業利潤率為10.5%，利息和其他費用與上年持平。

The third-quarter, global effective tax rate was 12.5% compared to 20.4% in the third-quarter of 2023. The lower rate was primarily due to a onetime increase in favorable discrete items, partially offset by higher tax related to geographic distribution of income.

第三季全球有效稅率為 12.5%，而 2023 年第三季為 20.4%。較低的稅率主要是由於有利的離散項目的一次性增加，部分被與收入地理分配相關的較高稅收所抵消。

Our EPS for the quarter was a $1.46 and our EBITDA was $141 million. Free cash flow for the third quarter was $88 million compared to $106 million in Q3 of 2023 due to lower operating income in the quarter. Training the booking and backlog on slide 11, our current backlog of $1.6 billion remains elevated compared to historical norms. We saw bookings continue to trend back towards historical ordering patterns. With Q3 being a seasonally lower bookings period.

本季我們的 EPS 為 1.46 美元，EBITDA 為 1.41 億美元。由於該季度營業收入較低，第三季自由現金流為 8,800 萬美元，而 2023 年第三季為 1.06 億美元。根據幻燈片 11 上的預訂和積壓情況進行訓練，我們目前的積壓金額為 16 億美元，與歷史正常水平相比仍然較高。我們看到預訂量繼續回歸歷史訂購模式。第三季是季節性預訂量較低的期間。

We expect our bookings and backlog to continue to transition to normal patterns with lower lead times and AWP customers returning to customary seasonality with bookings ramping up in Q4 and Q1.

我們預計我們的預訂和積壓將繼續過渡到正常模式，交貨時間較短，AWP 客戶將恢復到習慣的季節性，第四季和第一季的預訂量將增加。

Our AWP segment backlog remains relatively high at $1.2 billion when compared to historical levels. While our MP backlog is broadly in line with pre-pandemic levels.

與歷史水準相比，我們的 AWP 部門積壓訂單仍然相對較高，達到 12 億美元。雖然我們的議員積壓與大流行前的水平大致一致。

Please turn to slide 12 to review our segment results. Starting with MP. Sales of $444 million were slightly lower than we previously expected. As macro factors continue to impact MP's primary channels.

請翻至投影片 12 查看我們的細分結果。從 MP 開始。4.44 億美元的銷售額略低於我們先前的預期。宏觀因素持續影響MP的主要管道。

On the aggregate side, we continue to see machines on rent longer than usual. This reduces the dealer's capacity to order new machines.

從整體來看，我們繼續看到機器的租金比平常更長。這降低了經銷商訂購新機器的能力。

The European market remains weak and geopolitical concerns and the economic outlook for China as well as the US election adds uncertainty.

歐洲市場依然疲軟，地緣政治擔憂、中國經濟前景以及美國大選增加了不確定性。

MP 13.3% operating margin in the quarter was impacted by the lower volume and unfavorable product and geographic mix, partially offset by cost reduction action.

本季 MP 營業利潤率為 13.3%，受到銷售下降以及不利的產品和地理組合的影響，但部分被成本削減行動所抵消。

MP has proven its ability to manage its cost structure and achieve strong margins. The team is continuing to take action including factory and other layoffs, reduced work schedules and other cost reduction initiatives. MP ended the quarter with backlog of $371 million.

MP 已經證明了其管理成本結構和實現強勁利潤的能力。該團隊正在繼續採取行動，包括工廠和其他裁員、減少工作時間和其他降低成本的措施。MP 在本季結束時積壓了 3.71 億美元。

Please turn to slide 13, which details our AWP performance. The AWP team grew sales by 2.4% compared to Q3 last year. However, that was lower than we had previously anticipated due to delivery adjustments from our US rental customers margins were impacted by unfavorable product mix as well as higher freight costs than last year.

請參閱投影片 13，其中詳細介紹了我們的 AWP 效能。與去年第三季相比，AWP 團隊的銷售額成長了 2.4%。然而，由於我們的美國租賃客戶利潤率受到不利的產品組合以及高於去年的貨運成本的影響，因此該數字低於我們先前的預期。

Our Monterrey facility performed better year over year but that benefit was offset by lower production volumes at other facilities. The team is taking aggressive action to align costs and production levels with demand but could not take cost out quickly enough to offset the volume reduction impact.

我們的蒙特雷工廠年比表現更好，但這一效益被其他工廠產量下降所抵消。該團隊正在採取積極行動，使成本和生產水準與需求保持一致，但無法足夠快地降低成本來抵消產量減少的影響。

AWP backlog of $1.2 billion remains relatively high compared with historical levels.

AWP 積壓金額為 12 億美元，與歷史水準相比仍然較高。

Please turn to slide 14. We were able to complete the ESG acquisition and maintain a strong balance sheet. We secured funding for the deal at favorable rates and terms and maintained our corporate ratings.

請翻到投影片 14。我們能夠完成 ESG 收購並維持強勁的資產負債表。我們以優惠的利率和條款為該交易獲得了資金，並維持了我們的企業評級。

The $1.25 billion term loan is priced at silver plus [$200 million] maturing in 2031 and the $750 million, eight year, three year non-call notes are priced at 6.25% maturing in 2032.

12.5億美元的定期貸款定價為白銀加[2億美元]，將於2031年到期，7.5億美元的八年期、三年期非贖回票據定價為6.25%，將於2032年到期。

We also upsized our revolver from $600 million to $800 million. Not only are we getting a better rate than the previous revolver? It offers greater flexibility, maturing three years-plus later in October 2029 I really like this structure. It's the right mix of secured and unsecured and variable versus fixed rates.

我們也將左輪手槍的規模從 6 億美元增加到 8 億美元。我們不僅獲得了比以前的左輪手槍更好的射速？它提供了更大的靈活性，在三年多後的 2029 年 10 月成熟，我真的很喜歡這種結構。這是有擔保和無擔保以及可變利率和固定利率的正確組合。

We can prepay or reprice a significant portion of the debt and we do not have any maturities until 2029. We continue to have ample liquidity with an expected net leverage of approximately 2.5 times. At the end of 2024 we plan to deleverage in future periods as we generate increased cash flow from operations and take advantage of cash tax benefits associated with the acquisition.

我們可以預付或重新定價很大一部分債務，而且我們在 2029 年之前沒有任何到期日。我們仍擁有充裕的流動性，預計淨槓桿約2.5倍。到 2024 年底，我們計劃在未來一段時間內去槓桿化，因為我們的營運現金流量會增加，並利用與收購相關的現金稅收優惠。

We will also continue to invest in our businesses, fuelling organic growth and profitability improvement.

我們也將繼續投資於我們的業務，推動有機成長和獲利能力的提高。

We're planning for 2024, capital expenditures of approximately $125 million. With the largest investment related to our Monterrey facility, we would expect CapEx and our legacy businesses to take a step down next year to the benefit of free cash flow conversion in 2025, we reported a return on invested capital of 23.7%, well above our cost of capital.

我們計劃 2024 年的資本支出約為 1.25 億美元。憑藉與蒙特雷工廠相關的最大投資，我們預計明年的資本支出和我們的傳統業務將減少，以便在2025 年實現自由現金流轉換，我們報告的投資資本回報率為23.7%，遠高於我們的預期資本成本。

Returning capital to shareholders remains a priority. Through September 30, 2024. Terex has returned $66 million to shareholders through share repurchases and dividends. More than offsetting equity compensation dilution. We have approximately $101 million remaining under our share repurchase authorization and we will continue to buy back shares.

向股東返還資本仍是首要任務。截至 2024 年 9 月 30 日。特雷克斯已透過股票回購和股息向股東返還 6,600 萬美元。不僅僅是抵消股權薪酬稀釋。我們的股票回購授權剩餘約 1.01 億美元，我們將繼續回購股票。

Terex remains in a very strong financial position to continue investing in our business and executing our strategic initiatives while returning capital to shareholders.

特雷克斯仍然保持著非常強勁的財務狀況，可以繼續投資我們的業務並執行我們的策略計劃，同時向股東返還資本。

Now turn to slide 15 and our full year outlook. It is important to realize we are operating in a complex environment with many macroeconomic variables and geopolitical uncertainties and results could change negatively or positively. With that said, this outlook represents our best estimate as of today.

現在轉到幻燈片 15 和我們的全年展望。重要的是要認識到，我們正處於一個複雜的環境中，存在許多宏觀經濟變數和地緣政治不確定性，結果可能會發生負面或正面的變化。話雖如此，這一前景代表了我們迄今為止的最佳估計。

Our outlook is largely consistent with revised guidance we provided in mid-September updated now to include the expected fourth quarter contribution of ESG.

我們的前景與我們在 9 月中旬提供的修訂後指引基本一致，現已更新，其中包括 ESG 的預期第四季度貢獻。

Our sales forecast range has been updated to $5 billion to $5.2 billion which includes approximately $200 million of fourth-quarter revenues from ESG.

我們的銷售預測範圍已更新為 50 億至 52 億美元，其中包括來自 ESG 的第四季度約 2 億美元的收入。

We expect full year EBITDA of between $635 million and $670 million, which includes approximately $40 million of Q4 EBITDA from ESG or roughly 20% of ESG sales.

我們預計全年 EBITDA 在 6.35 億美元至 6.7 億美元之間，其中包括來自 ESG 的第四季度 EBITDA 約 4000 萬美元，約佔 ESG 銷售額的 20%。

Please remember that the expected ESG contribution is for the period following the October 8, close through year end. It is great to see the financial performance accretion from ESG.

請記住，預期的 ESG 貢獻是 10 月 8 日之後的時期，截至年底前。很高興看到 ESG 帶來的財務績效提升。

As I mentioned back in July, we reduced corporate and other expenses to about $18 million per quarter in the second-half of the year. From our previous run rate of approximately $20 million. We now expect full year interest expense of approximately $90 million including $31 million associated with the ESG financing.

正如我在 7 月提到的，下半年我們將公司和其他費用減少到每季約 1800 萬美元。我們之前的運行費用約為 2000 萬美元。我們現在預計全年利息支出約為 9,000 萬美元，其中包括與 ESG 融資相關的 3,100 萬美元。

We are lowering our full year tax rate to 19% as we reflect the benefit of several favorable discrete tax items partially offset by unfavorable geographic mix.

我們將全年稅率降低至 19%，因為我們反映了幾個有利的離散稅收項目的好處，部分被不利的地理組合所抵消。

We expect full year earnings per share of $5.85 to $6.25. Our free cash flow forecast for the full year is approximately $200 million impacted by the lower operating income outlook and anticipated higher year end inventories.

我們預計全年每股收益為 5.85 美元至 6.25 美元。受較低的營業收入前景和預期較高的年終庫存影響，我們全年的自由現金流預測約為 2 億美元。

Let's review our segment outlook. We expect MP sales to be approximately $1.9 billion for the full year with nice margins in the range of 14.1% to 14.3%.

讓我們回顧一下我們的細分市場前景。我們預計 MP 全年銷售額約 19 億美元，利潤率介於 14.1% 至 14.3% 之間。

This reflects continued pressure on volume due to adjustments we are seeing in the MP channels as well as the impact of actions management is taking to reduce costs and align production levels with demand, for AWP, we expect our 2024 sales to total approximately $3 billion with an operating margin between 11.5% and 11.8% for the full year.

這反映了由於我們在MP 管道中看到的調整以及管理層為降低成本並使生產水平與需求保持一致而採取的行動的影響，銷量持續面臨壓力。約為30 億美元，其中全年營業利潤率在 11.5% 至 11.8% 之間。

We expect to see a sequential volume decline in Q4, mostly reflecting seasonality and fewer working days. The lower volume will put pressure on AWP margins as we reduce production in the fourth-quarter.

我們預計第四季度的銷售量將出現環比下降，主要反映了季節性和工作日減少。隨著我們第四季產量的減少，銷量下降將對 AWP 利潤率造成壓力。

This will be partially offset by the cost reduction actions and improved operating performance at our monitoring Mexico facility.

這將被我們墨西哥監測設施的成本削減行動和營運績效改善所部分抵消。

With that, I will turn it back to Simon.

說到這裡，我會把它轉回給西蒙。

Thanks, Julie. I will now turn to slide 16. Terex is very well positioned to deliver long term value to our shareholders. We have a strong portfolio of industry leading businesses across a diverse landscape of industrial segments.

謝謝，朱莉。我現在轉向投影片 16。特雷克斯完全有能力為我們的股東創造長期價值。我們在不同的工業領域擁有強大的行業領先業務組合。

The ESG acquisition increases our presence in the growing waste and recycling industry and reduces our overall cyclicality.

ESG 收購增強了我們在不斷成長的廢棄物和回收業的影響力，並降低了我們的整體週期性。

Our AWP and MP businesses continue to drive operational improvements and deliver innovative new products that create value for our customers. We will manage through near term market adjustments, then return to growth with the benefit of the replacement cycle and mega trends as tailwinds.

我們的 AWP 和 MP 業務持續推動營運改善並提供創新的新產品，為客戶創造價值。我們將透過近期市場調整進行管理，然後在更換週期和大趨勢的推動下恢復成長。

Finally, I want to thank our team members from around the world. We have made great strides together and we will continue to grow our company together. I'm very excited about the road ahead for Terex.

最後，我要感謝我們來自世界各地的團隊成員。我們一起取得了長足的進步，我們將繼續共同發展我們的公司。我對特雷克斯未來的道路感到非常興奮。

And with that, I would like to open it up for questions, operator.

說到這裡，我想開放提問，接線生。

(Operator Instructions)

（操作員說明）

Jerry Revich, Goldman Sachs.

傑瑞·雷維奇，高盛。

Hi, this is Clay on for Jerry. First off, congrats on completing the ESG acquisition. So first question, typically the first production cut of a downturn is the hardest and once production normalizes, we see decremental margins normalizing, you know, in, in around the low 20s range. Should we be at that level of decremental margins as we move into next year? Thanks.

大家好，我是傑瑞的克萊。首先，恭喜您完成 ESG 收購。所以第一個問題，通常情況下，經濟低迷時期的第一次減產是最困難的，一旦生產正常化，我們就會看到遞減的利潤率正常化，你知道，在 20 左右的範圍內。當我們進入明年時，我們是否應該處於這樣的利潤遞減水平？謝謝。

Yeah, thank you for your question. Yes. You know, we have, we will see you know, the AWP margins in particular impacted in the fourth-quarter due to lower production rates. And as we enter into 2025 you know, we will take in this adjustment in production and we'll be trending back to our normal detrimental targets.

是的，謝謝你的提問。是的。您知道，我們將會看到，由於生產力較低，第四季的 AWP 利潤率尤其受到影響。你知道，當我們進入 2025 年時，我們將在生產中進行這種調整，並且我們將恢復到正常的有害目標。

Yeah, good morning. I'd just add that we've taken channel adjustments in both businesses in MP and AWP and keep probably more impacted in Q3 AWP, more impacted in Q4 from an absorption standpoint. But then on top of that, we've taken the opportunity to take additional management actions as well. And then if you, if you lump in what ESG brings to the portfolio, we're very, very comfortable with our typical 25% detrimental incremental target for 2025, no matter what volumes will do for us next year.

是的，早安。我想補充一點，我們對 MP 和 AWP 業務都進行了通路調整，從吸收的角度來看，第三季 AWP 的影響可能更大，第四季的影響更大。但除此之外，我們也藉此機會採取了額外的管理行動。然後，如果您考慮 ESG 對投資組合帶來的影響，我們對 2025 年典型的 25% 不利增量目標非常非常滿意，無論明年的銷售對我們有何影響。

Thanks. And as a quick follow up, can you update us on the Monterrey transition? Given the demand declines, you know, just how that changes if that eases the transition or, you know, and how that impacts the magnitude of cost savings on the lower volumes.

謝謝。作為快速跟進，您能否向我們介紹蒙特雷過渡的最新情況？鑑於需求下降，您知道，如果緩解過渡，情況會發生怎樣的變化，或者，您知道，這將如何影響較低產量的成本節省幅度。

So, thanks for the question, you know, Monterrey is performing really well. Monterrey performed, you know, great in the third-quarter. And you know, we're pleased with the supply chain that we set up. We're, pleased with our team members and, and you know what we've been able to accomplish in Monterrey.

所以，謝謝你的提問，你知道，蒙特雷的表現非常好。你知道，蒙特雷在第三節的表現非常出色。你知道，我們對我們建立的供應鏈很滿意。我們對我們的團隊成員感到滿意，而且您知道我們在蒙特雷所取得的成就。

And so we are, we'll be transitioning in more products and taking advantage of the low cost structure that, that we have and the cost competitive operation we have in Monterrey. Unfortunately, for the next this quarter, Q3 and Q4, some of the favourableness in Monterrey is being offset by some unfavorable in the other locations. But overall, we're very pleased with this facility and believe it will be a competitive advantage for us going forward and provide us with a low cost manufacturing.

因此，我們將轉型更多產品，並利用我們在蒙特雷擁有的低成本結構和具有成本競爭力的營運。不幸的是，在本季度的下一個季度，即第三季度和第四季度，蒙特雷的一些有利因素被其他地點的一些不利因素所抵消。但總的來說，我們對這個設施非常滿意，並相信它將成為我們未來的競爭優勢，並為我們提供低成本的製造。

Thanks. I appreciate it.

謝謝。我很感激。

Yeah, thanks for the question.

是的，謝謝你的提問。

Kyle Menges, Citigroup.

凱爾門格斯，花旗集團。

Hi, good morning. This is Randy on for Kyle. I was just hoping you guys could provide some any call you have on the ESG backlog and how that's trending and how we should be thinking about backlog coverage for ESG exiting this year.

嗨，早安。這是蘭迪替凱爾發言。我只是希望你們能夠提供一些關於 ESG 積壓的電話，以及其趨勢如何，以及我們應該如何考慮今年退出的 ESG 積壓覆蓋範圍。

Yeah. ESG backlog is very healthy, very strong. They typically run in six month cycle. So they take their bookings two quarters before the desire to delivery. And actually their backlog has continued to be very strong. Their book-to-bill has been over 100% for the last four or five quarters. And so we expect that to continue in the fourth-quarter, setting us up for a really nice year again in 2025.

是的。ESG 積壓工作非常健康、非常強大。它們通常以六個月為週期運作。因此，他們在交貨前兩個季度就接受了預訂。事實上，他們的積壓訂單仍然非常多。過去四、五個季度，他們的訂單出貨率一直超過 100%。因此，我們預計這種情況將在第四季度繼續下去，為我們在 2025 年再次迎來美好的一年做好準備。

So looking really good, strong backlog. But on top of that, the business has really shown to be, you know, a competitive differentiator on how quickly they turn that backlog for their customers. So their throughput is really, really strong and their lead times are really strong. So very pleased how that business is performing only 21 days since we officially closed.

所以看起來真的很好，積壓得很厲害。但最重要的是，該業務確實證明了他們在為客戶處理積壓訂單的速度方面具有競爭優勢。所以他們的吞吐量真的非常非常強，而且他們的交貨時間也非常長。自我們正式關閉以來僅 21 天，該業務的表現非常令人高興。

Great. Thank you and just a quick follow up on, just wondering any visibility on the timing of the ESG synergies going in the next year.

偉大的。謝謝您，我想快速跟進一下，只是想知道明年 ESG 協同效應的時間表。

Yeah, so we're you know, we're pleased that we've kicked off. You know, we've a lot of planning and a lot of good work is being done by the integration teams and we're very excited about, you know, the start here. And we we've, we've said, you know, that we will expect a $25 million in run rate synergies by the end of 2026. And we expect to see some starting in 2025 and we'll talk about that later in our Q4 year-end call.

是的，所以我們很高興我們已經開始了。您知道，我們有很多計劃，整合團隊正在做很多出色的工作，您知道，我們對這裡的開始感到非常興奮。我們已經說過，您知道，我們預計到 2026 年底，運行率綜效將達到 2500 萬美元。我們預計從 2025 年開始會出現一些情況，我們將在稍後的第四季年終電話會議中討論這一點。

Got it. That's helpful. Thank you guys.

知道了。這很有幫助。謝謝你們。

Thank you.

謝謝。

Angel Castillo, Morgan Stanley.

安吉爾‧卡斯蒂略，摩根士丹利。

Hi, thanks. This is Brendan on for Angel. I want to touch on the revenue guidance quickly. So, you know, understand the comments that things were perhaps softer than you had expected. I just want to clarify if that specifically softer from the September preannouncement, you know, the overall is $150 million given though, however, ESG was $200 million implies sort of the total MP, AWP guidance for revenue was lowered by $50 million .

你好，謝謝。這是天使的布倫丹。我想快速談談收入指引。所以，你知道，請理解一些評論，即事情可能比你預期的要溫和。我只是想澄清一下，從 9 月的預告來看，這是否特別溫和，你知道，儘管 ESG 總額為 1.5 億美元，但 ESG 為 2 億美元意味著 MP、AWP 收入指導總額降低了 5000 萬美元。

So if you can just talk to, you know what you're seeing by segment there relative to expectations back in September. Thank you.

因此，如果您能與我們交談，您就會知道與 9 月的預期相比，您所看到的細分市場情況。謝謝。

Yeah. So, you know, we're within the margin of what we came out with our, in our, in our outlook for, you know, our updated outlook in September. We're, right in there and you know, right as we expected and as we communicated.

是的。所以，你知道，我們在 9 月更新的展望中，我們的展望處於我們所得出的範圍內。我們就在那裡，你知道，正如我們所期望的和我們溝通的那樣。

Yeah, just trying to be prudent, no major deviations just within the still within the margin of the outlook.

是的，只是想保持謹慎，在前景的範圍內沒有重大偏差。

Okay, thank you. And then you noted local projects being deferred largely due to interest rate uncertainty. Just curious if customers have given you any indication of, you know, maybe how much lower rates would have to go before they gain sort of the needed optimism to move forward with the projects or just any other color you can provide from conversations with those local customers.

好的，謝謝。然後您注意到當地項目被推遲主要是由於利率的不確定性。只是好奇客戶是否向您提供了任何跡象，您知道，在他們獲得推進項目所需的樂觀情緒之前，也許需要降低多少費率，或者您可以從與當地人的對話中提供的任何其他顏色顧客。

Yeah, it's more, timing than what kind of what the rates would need to be generally the consensus that we get is that it will probably continue to be soft going into the first-half of 2025. And that will start to pick up in the second-half of 2025. But that's really for the local projects. The mega projects are expected to continue to be a tail wind going into 2025 and 2026. But that's we mostly pick up that six months’ time signing issue.

是的，這不僅僅是利率需要什麼樣的時機，我們普遍達成的共識是，到 2025 年上半年，利率可能會繼續疲軟。這種情況將於 2025 年下半年開始回升。但這確實適用於本地專案。預計這些大型計畫將繼續成為 2025 年和 2026 年的順風車。但這就是我們主要關注的六個月的簽約問題。

Great. Thank you.

偉大的。謝謝。

Yeah. Thank you.

是的。謝謝。

Steve Barger, KeyBanc Capital Markets.

Steve Barger，KeyBanc 資本市場。

Hi, good morning. Thanks. Yeah, good morning. If I go back to the original ESG deck, you show a 7% organic CAGR. And you said you just said the backlog visibility is strong. I'm not looking for specific guidance for next year. But what do you expect the organic growth rate in ESG will be for the next few years?

嗨，早安。謝謝。是的，早安。如果我回到原來的 ESG 平台，你會看到 7% 的有機複合年增長率。你剛才說積壓的可見度很強。我並不是尋找明年的具體指導。但您預計未來幾年 ESG 的有機成長率會是多少？

Yeah, obviously a little too early for us to guide for Terex overall. But generally speaking, it's safe to assume that we think that Terex will be up next year just by the nature of the ESG integration. But ESG as a business will be up, utilities will be up and then aerials and MP are expected to be down. And I would just in all those cases where we're hovering around the high single digits, you know, either down or up for all of those four businesses.

是的，顯然我們對特雷克斯的整體指導還為時過早。但總的來說，我們可以肯定地認為，特雷克斯明年將憑藉 ESG 整合的性質而崛起。但 ESG 作為一項業務將會上升，公用事業將會上升，然後天線和 MP 預計會下降。我只想在所有這些情況下，我們徘徊在高個位數附近，你知道，這四項業務要么下降，要么上升。

That's good help. Thank you. And just going back to the more legacy product lines, what's going on with customer positioning for orders on the books relative to conditions on the ground is, is anyone trying to delay deliveries or you know, even take things sooner?

這是很好的幫助。謝謝。回到更傳統的產品線，相對於實際情況，客戶對帳簿上的訂單進行定位的情況是，是否有人試圖推遲交貨，或者你知道，甚至更快地交貨？

So different answer for different businesses in, MP, it's mostly rate anxiety and customer. The utilization of the equipment is still high, just rental conversions that are being delayed by end users. And then typically our dealers only place a new order on the factory if a rented unit is converted into a purchase unit.

因此，對於 MP 中的不同業務，有不同的答案，主要是價格焦慮和客戶。設備的利用率仍然很高，但最終用戶推遲了租賃轉換。通常，如果租賃單位轉換為購買單位，我們的經銷商只會向工廠下新訂單。

So we expect that great anxiety to eventually disappear and then normal activity to booking activity to pick up on the AWP side. It's really an adjustment that we've seen all of our customers, especially our larger customers are reporting strong tailwinds from the mega projects and then the smaller customers are perhaps more dependent on the local projects.

因此，我們預計這種巨大的焦慮最終會消失，然後 AWP 方面的預訂活動將恢復正常。這確實是一種調整，我們已經看到我們所有的客戶，特別是我們的大客戶都報告說大型專案帶來了強勁的推動力，而小客戶可能更依賴當地專案。

So not really anyone asking to pull anything in or mostly just rephasing towards what their fleets need. You know, it's mostly about turning over the fleet.

因此，實際上沒有人要求拉動任何東西，或者大多只是重新調整其艦隊的需求。你知道，這主要是為了交出艦隊。

Yeah, understood. All right. Thank you.

是的，明白了。好的。謝謝。

Yeah, thank you.

是的，謝謝。

There are no more questions. I will now turn the conference back over to Simon Meester for closing remarks.

沒有更多問題了。現在我將把會議轉回西蒙·梅斯特致閉幕詞。

All right, thank you operator. If you have any additional questions, please follow up with Julie or Derek and thank you for your interest in Terex. And with that operator, please disconnect the call.

好的，謝謝運營商。如果您還有任何其他問題，請與 Julie 或 Derek 聯繫，感謝您對特雷克斯的興趣。請掛斷與該接線員的通話。

Ladies and gentlemen, that includes today's call. Thank you all for joining, you may now disconnect.

女士們先生們，這包括今天的電話。感謝大家的加入，現在可以斷開連線了。