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Strong quarter from Genie

1. November 2018 | Comments (0)

Genie has posed a positive third quarter in terms of revenue, bookings and profitability.

Total revenues for the nine months to the end of September increased 25 percent to $2.02 billion, while operating profits jumped 67 percent to $234.6 million.

Moving on to the third quarter, revenues improved by a more modest 14 percent to $634.2 million, purred along by higher sales in North America and Asia. Meanwhile operating profits were 26.9 percent higher than for the same quarter in 2017, at $72.8 million. The order book at the end of September was $527 million, up 48 percent on the same point last year.

Genie president Matt Fearon said: “In quarter three we increased sales, backlog and bookings, and moving forward, we are planning for continued growth in every region. The growth that we are projecting is driven by global construction growth, replacement demand and increased adoption in Europe and developing markets. The Genie team maintains a steady cadence of new product introductions and enhancements by listening to our customers and designing products that address their specific needs. We will continue to meet the growing demand of our customers around the world thanks to the commitment of our experienced and passionate team.”

Terex as whole achieved year to date revenues of $3.89 billion an increase of almost 18 percent on this time last year, while pre-tax profits more than doubled, from $85.6 million to $194.5 million.

Terex chief executive John Garrison said: “We increased sales, bookings, and backlog in the quarter. Aerial Work Platform bookings grew by 50 percent to $601 million, reflecting continued strong demand for AWP products across all our major regions. Overall backlog increased by 41 percent to $1.6 billion, led by a 72 percent increase in Material Processing.”

“AWP continues to execute well, meeting growing customer demand and improving operating margins despite input cost headwinds including tariffs. MP had another excellent quarter. It improved its operating margin again, as it continues to execute very well across its portfolio of businesses.”

“As a result of supply chain challenges our mobile crane operations did not achieve its production plan. That led to lower Cranes revenue and margin in the quarter which impacts our outlook for the full year.”

“We continue to implement our Execute to Win priorities. We are seeing benefits from our Commercial Excellence initiative in our market performance and executing plans in Strategic Sourcing and Lifecycle Solutions designed to significantly improve future performance.”

Vertikal Comment

An excellent result from Genie which is definitely gaining some real momentum. While it appears to be slipping behind JLG a little in terms of revenues, it posted substantially higher profits in the quarter on only 63 percent of the revenue – possibly due to the product mix? Including a higher percentage of aerial lift sales along with, lighting towers and European built compact telehandlers all of which are likely to yield higher margins than the larger American telehandlers included in JLG’s numbers?

Another very positive result.


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