NORWALK, Conn. - Terex Corporation (NYSE:TEX), a global manufacturer of industrial equipment, announced the appointment of Jennifer Kong-Picarello as its new Senior Vice President and Chief Financial Officer. She will also join the Terex Executive Leadership Team. Ms. Kong-Picarello is set to join the company on February 3, 2025, and will take over the CFO responsibilities later that month following the filing of Terex's 2024 Annual Report on Form 10-K.
The incoming CFO, Kong-Picarello, brings over two decades of experience, having held finance leadership roles at Schneider Electric (EPA:SCHN), Honeywell (NASDAQ:HON), and Tyco. Her background includes a stint as Senior Vice President, CFO of Energy Management at Schneider Electric, overseeing a €28 billion segment, and as Vice President, CFO of Honeywell's $3 billion Intelligrated division. Her career also includes foundational public accounting work at Deloitte.
Simon Meester, President and Chief Executive Officer of Terex, expressed enthusiasm for Kong-Picarello's appointment, highlighting her track record and expertise in finance within large, diverse, multinational companies. He also acknowledged her hands-on leadership and experience with growth, mergers and acquisitions, and transformation initiatives.
Julie Beck, the current Senior Vice President and CFO, will continue in her role until Kong-Picarello assumes the position, and will remain with Terex until April 1 to assist with the transition. Mr. Meester thanked Ms. Beck for her service and leadership during her tenure at Terex.
Terex Corporation specializes in producing materials processing machinery, waste and recycling solutions, mobile elevating work platforms, and equipment for the electric utility industry. The company emphasizes lifecycle support for its customers and offers digital solutions to enhance customer investment returns. Terex also focuses on environmentally friendly products, including electric and hybrid offerings, and supports renewable energy and material recovery from waste. Manufacturing locations span North America, Europe, and Asia Pacific, with products sold globally.
The information in this article is based on a press release statement from Terex Corporation.
In other recent news, Terex Corporation reported a year-over-year net sales decrease of 6% for the third quarter of 2024, amounting to $1.2 billion. The company's earnings per share (EPS) for the same period stood at $1.46. Despite this, Terex completed the acquisition of ESG, a move projected to contribute an additional $40 million in EBITDA in the fourth quarter. Analysts anticipate that the operational synergies from this acquisition will reach at least $25 million by the end of 2026. Terex has reported a strong backlog of $1.6 billion, with the AWP segment accounting for $1.2 billion. Full-year EPS is projected between $5.85 and $6.25, with EBITDA of $635 million to $670 million. These are the recent developments that highlight the company's financial performance and strategic moves, despite some challenges in the market.
InvestingPro Insights
As Terex Corporation (NYSE:TEX) prepares for this significant leadership transition, investors may find value in examining the company's current financial position and market performance. According to InvestingPro data, Terex boasts a market capitalization of $3.48 billion and a price-to-earnings ratio of 7.48, suggesting the stock may be undervalued relative to its earnings.
InvestingPro Tips highlight that Terex has maintained dividend payments for 12 consecutive years and has raised its dividend for 4 consecutive years, indicating a commitment to shareholder returns. This could be particularly appealing to income-focused investors as the company navigates its leadership change.
Despite a recent revenue decline of 0.74% over the last twelve months, Terex maintains a healthy gross profit margin of 22.19% and an operating income margin of 11.39%. These figures suggest that the incoming CFO, Jennifer Kong-Picarello, will be stepping into a financially stable organization with room for potential growth and efficiency improvements.
It's worth noting that Terex's stock price movements are quite volatile, which could present both risks and opportunities for investors. The company's strong return over the last five years, as pointed out by InvestingPro Tips, may provide some reassurance to long-term shareholders.
For those interested in a deeper analysis, InvestingPro offers 10 additional tips on Terex, providing a more comprehensive view of the company's financial health and market position.
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