Genie reports record order backlog of $3.5bn
8 Aug 2022
Terex’s access arm also saw rise in net sales for Q2 2022
Access equipment major Genie has seen a marginal rise in sales in the second quarter of 2022, with the net sales figure of $597.7 million for the quarter representing an increase of 0.4% over the same period last year.
While year-to-date sales are up 7.2% over 2021, the most striking part about the company’s second quarter results is the order backlog, which stands at a record-breaking $3.5 billion, a rise of 51% year-on-year.
In addition, Genie also has $600m worth of orders on its books that are deliverable beyond the 12-month backlog window, bringing its total backlog to $4.1bn.
The Terex Corporation access arm said that net sales in the second quarter have also increased by 4%, which it attributed to price realisation and higher demand for access equipment in all major global regions, except China.
The bookings received are the second highest ever for a second quarter at Genie and are more than the levels the company saw in pre-Covid times. Genie attributed this to customers replacing aging fleets.
John L. Garrison, Jr., Terex chairman and chief executive officer, said: “We are pleased with our solid financial performance in the quarter as a result of continued execution of our strategy and relentless focus on delivering for our customers and dealers. We are proud of our execution this quarter amidst global supply chain disruptions and significant inflationary pressures.”
As a group, Terex reported $1.1bn in sales in the quarter, up 4% year-on-year, with the strongest performance coming from the group’s materials processing division. Terex has revised its full-year 2022 EPS outlook upwards to $4.20bn as a result of the “strong performance,” said Garrison.
“We remain focused on executing our multi-year growth plan and continue to invest in new technologies and products. We were first in the industry to introduce an all-electric bucket truck, supporting aggressive sustainability goals at electric utilities; we acquired ProAll, expanding our concrete product offering; and we invested in Acculon Energy, accelerating and further advancing Genie battery technology and electrification offerings. Our industry-leading and innovative new products, steady backlog, recognised brands and strong balance sheet position us well to navigate the near-term macro challenges to deliver long-term value,” said Garrison.