Terex Corp. announced that it has repaid $220 million of the company's senior term bank debt due 2017, effective May 16, 2013. An additional repayment of $30 million of debt will take place in July. Combined with prior actions in 2012, this will result in approximately $500 million in debt reduction from the middle of 2012 through the middle of 2013. The company continue to anticipate strong free cash flow for 2013 and beyond, and will look for additional opportunities to reduce future interest expense and improve overall capital structure as its move forward.

The United States Court of Appeals for the Federal Circuit has given an unfavorable decision to Metso holding Metso's patent invalid with respect to the issues subject to the lawsuit Metso has carried out against Powerscreen International Distribution Ltd, Terex Corporation, Emerald Equipment Systems Inc. et al. The case involves the Metso's lateral folding conveyor patent rights related to mobile crushing and screening plants. The Court of Appeals has reversed the favorable decisions to Metso given earlier by the United States District Court for the Eastern District of New York in the case. Metso will seek reversal of this Court of Appeals' decision by motions and, as necessary, by further appeal. The final outcome of the lawsuit would be expected within 2014. Metso has not booked any compensation in its financial results based on the earlier decisions related to this case; and will do so, if any, only when the final outcome of the lawsuit is clear, earliest in 2014.

Terex Corp. reported unaudited consolidated earnings results for the first quarter ended March 31, 2013. For the quarter, the company reported net sales were $1,723.1 million, a decrease of 5.3% from $1,819.4 million in the first quarter of 2012. Income from operations was $68.4 million, an improvement of $4.6 million when compared to income from operations of $63.8 million in the first quarter of 2012. Excluding the impact of a write down of a charge related to the divestiture of the road building assets of approximately $3.4 million and a charge related to the MHPS business of $2.7 million, income from operations as adjusted was $74.5 million. Excluding the write down of an acquisition related note receivable of $12.3 million, income from operations as adjusted was approximately $76.1 million in the first quarter of 2012. Income from continuing operations was $20.9 million or $0.18 per share for the first quarter of 2013, as compared to income from continuing operations of $20.5 million, or $0.18 per share for the first quarter of 2012. Excluding the impact of a charge related to the divestiture of certain road building assets of approximately $3.9 million, or $0.03 per share, and a charge related to the Material Handling & Port Solutions (MHPS) business of $1.9 million, or $0.02 per share, income from continuing operations as adjusted was $26.7 million, or $0.23 per share in the first quarter of 2013. Excluding the write down of an acquisition related note receivable of $12.3 million, income from continuing operations as adjusted was $32.8 million, or $0.29 per share, in the first quarter of 2012. Income from continuing operations before income taxes was $34.6 million against $30.4 million a year ago. Net income attributable to company was $23.9 million against $23.0 million a year ago. Net cash provided by operating activities of continuing operations was $58.8 million against net cash used in operating activities of continuing operations of $78.5 million a year ago. Capital expenditures were $22.5 million against $19.6 million a year ago. For the year 2013, the company expects $2.40 to $2.70 of EPS on an adjusted basis with net sales between $7.9 billion and $8.3 billion. Effective tax rate to be 36%.