-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 Oj/njJ+Q7DfhxrHlGs1PGsSJU4oq5YfXAharLd1ubnwNYPjU2JcieZzcc6AqjPE2
 kxXOdAskpSqa3tm0R6zdUA==

<SEC-DOCUMENT>0000097216-04-000172.txt : 20040421
<SEC-HEADER>0000097216-04-000172.hdr.sgml : 20040421
<ACCEPTANCE-DATETIME>20040421165959
ACCESSION NUMBER:		0000097216-04-000172
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20040421
ITEM INFORMATION:		
ITEM INFORMATION:		Financial statements and exhibits
FILED AS OF DATE:		20040421

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TEREX CORP
		CENTRAL INDEX KEY:			0000097216
		STANDARD INDUSTRIAL CLASSIFICATION:	INDUSTRIAL TRUCKS TRACTORS TRAILERS & STACKERS [3537]
		IRS NUMBER:				341531521
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-10702
		FILM NUMBER:		04746021

	BUSINESS ADDRESS:	
		STREET 1:		500 POST ROAD EAST
		STREET 2:		STE 320
		CITY:			WESTPORT
		STATE:			CT
		ZIP:			06880
		BUSINESS PHONE:		2032227170

	MAIL ADDRESS:	
		STREET 1:		500 POST ROAD EAST
		STREET 2:		STE 320
		CITY:			WESTPORT
		STATE:			CT
		ZIP:			06880

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BLACK MAMMOTH CONSOLIDATED MINING CO
		DATE OF NAME CHANGE:	19671002
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>f8k04212004.txt
<DESCRIPTION>8-K 2004 1ST QTR EARNINGS RELEASE
<TEXT>

================================================================================




                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549

                             -----------------------

                                    FORM 8-K

                                 CURRENT REPORT
                     PURSUANT TO SECTION 13 OR 15(d) OF THE
                         SECURITIES EXCHANGE ACT OF 1934

         Date of report (Date of earliest event reported) April 21, 2004
                                                          --------------



                                TEREX CORPORATION
- --------------------------------------------------------------------------------
               (Exact Name of Registrant as Specified in Charter)


             Delaware                      1-10702              34-1531521
- --------------------------------------------------------------------------------
   (State or Other Jurisdiction          (Commission           (IRS Employer
         of Incorporation)              File Number)        Identification No.)



   500 Post Road East, Suite 320, Westport, Connecticut             06880
- --------------------------------------------------------------------------------
         (Address of Principal Executive Offices)                (Zip Code)


        Registrant's telephone number, including area code (203) 222-7170
                                                           --------------


                                 NOT APPLICABLE
- --------------------------------------------------------------------------------
          (Former Name or Former Address, if Changed Since Last Report)


================================================================================


<PAGE>


Item 12. Results of Operations and Financial Condition

     Terex Corporation (the "Company") issued a press release on April 21, 2004,
releasing and reviewing the Company's financial results for the three months
ended March 31, 2004. A copy of this press release, including unaudited
consolidated financial statements for the period ended March 31, 2004, is
included as Exhibit 99.1 to this Form 8-K.

Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.

          (c)  Exhibits

          99.1 Press release of Terex Corporation issued on April 21, 2004.


                                   SIGNATURES
                                   ----------

     Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.


Date:  April 21, 2004


                                        TEREX CORPORATION


                                        By:  /s/ Eric I Cohen
                                        Eric I Cohen
                                        Senior Vice President, Secretary and
                                            General Counsel





                                     - 2 -






</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>3
<FILENAME>ex99-1.txt
<DESCRIPTION>EXH 99.1 PRESS RELEASE 4-21-04
<TEXT>

                                [TEREX LOGO]

                     NEWS RELEASE   NEWS RELEASE   NEWS RELEASE

For information contact: Tom Gelston - Director, Investor Relations (203)
222-5943

                    TEREX REPORTS SOLID FIRST QUARTER RESULTS

          o    Sales increased 13% to $1,044 million
          o    Net income was $17 million, an increase of 42%
          o    Backlog up $335 million, or 73%, compared with first quarter 2003

     WESTPORT, CT, April 21, 2004 -- Terex Corporation (NYSE: TEX) today
announced net income for the first quarter of 2004 of $17.0 million, or $0.34
per share, compared to net income of $12.0 million, or $0.24 per share, for the
first quarter of 2003. Using the 2003 tax rate of 28%, net income for the first
quarter of 2004 would have been $17.6 million, or $0.35 per share. While there
were no special items during the first quarter of 2004, excluding the impact of
special items for the first quarter of 2003, net income was $15.6 million, or
$0.32 per share, for the first quarter of 2003. Special items for the first
quarter of 2003 included charges for previously announced restructuring actions,
inventory valuation adjustments related to the Demag and Genie acquisitions,
charges related to the Company's deferred compensation plan and the write down
of certain assets within the EarthKing subsidiary, offset partially by a
favorable ruling on a legal claim. Net sales increased to $1,043.8 million in
the first quarter of 2004, an increase of 12.5% from $927.7 million in the first
quarter of 2003, aided in part by currency translation and the acquisition of
Tatra in the second half of 2003. Cash flow from operations was a use of $64.4
million during the first quarter of 2004 and net debt (consisting of long-term
debt, including current portion of long-term debt, less cash and cash
equivalents) increased by $74.1 million from December 31, 2003 levels.

     "We are encouraged by current trends and our performance in the first
quarter. We are basically right where we expected to be at this point in time,"
commented Ronald M. DeFeo, Terex's Chairman and Chief Executive Officer. "While
different product groups are experiencing varying degrees of recovery, overall
we are experiencing a strengthened backlog and moderate revenue growth. As we
adjust to the higher production levels anticipated for the balance of this year
we are experiencing modest dislocations of supply that we feel are natural in a
recovery. Steel prices also remain a concern."

     "Over the past several years we have become accustomed to working with a
very small backlog. The surge in backlog is encouraging, but we realize that
this may not be entirely indicative of future trends. The businesses that we
would expect to be improved early in an economic recovery are showing stronger
trends. The aerial work platform and compact construction equipment businesses
are doing particularly well. We expect mining will also do well this year given
the expressed customer intentions. Powerscreen continues to perform well as it
was impacted minimally by the sluggish economy over the past few years. However,
we have our challenges as the Company has experienced tremendous growth over the
past couple of years. Many of these challenges are being addressed through the
Terex Improvement Process, or TIP, that was introduced earlier this year."

     "Improvement in our working capital (the sum of accounts receivable and
inventory less accounts payable) relative to sales as reflected in
year-over-year period comparisons clearly demonstrates a process improvement
emphasis." Mr. DeFeo continued, "Given the seasonality of our business, we fully
expected the first quarter to show a net use of working capital in anticipation

<PAGE>

of the selling season and given the increase in the backlog. However, compared
to last year the Company's working capital levels are approximately five
percentage points better as measured relative to sales."

     "We are continuing to make progress in our other TIP initiatives as well,"
Mr. DeFeo added. "While we are facing supply challenges and purchasing/currency
cost increases the broader focus we have placed on margin improvement should pay
dividends as we leverage purchasing, improve productivity and price our products
to take into account these cost increases. The recent Bauma show was a testimony
to the process of change underway within Terex as customers saw the cross
purchasing opportunities available between our broad product offerings. The
marketing concepts being developed within TIP are in the early stages but are
seen as very positive from our customers' eyes."

     In this press release Terex refers to various non-GAAP (generally accepted
accounting principles) financial measures. These measures may not be comparable
to similarly titled measures being disclosed by other companies. The table below
and the tables included elsewhere in this press release provide a reconciliation
of the reported GAAP numbers for the first quarters of 2004 and 2003 and the
reported numbers excluding special items. Terex believes that this information
is useful to understanding its operating results and the ongoing performance of
its underlying businesses without the impact of special items. Terex also
discloses EBITDA and net debt, as they are commonly referred to financial
metrics used in the investing community. Terex believes that disclosure of
EBITDA and net debt will be helpful to those reviewing its performance and that
of other comparable companies, as EBITDA and net debt provide information on
Terex's leverage position, ability to meet debt service and capital expenditure
and working capital requirements, and EBITDA is also an indicator of
profitability.

A financial summary is shown below:
<TABLE>
<CAPTION>

                                                                Three months ended March 31,
                           --------------------------------------------------------------------------------------------------------
                                                  2004                                                 2003
                           ---------------------------------------------------- ---------------------------------------------------
                                                           (in millions, except per share amounts)


                                                 Special          Excluding                           Special        Excluding
                                 Reported         Items         Special Items          Reported      Items (2)        Special
                                                                                                                       Items
                               ---------------------------------------------------- -----------------------------------------------
<S>                           <C>            <C>               <C>                 <C>             <C>             <C>
Net Sales.................... $   1,043.8    $   ---           $   1,043.8         $    927.7      $   ---         $    927.7
                               =============  ==============    ==============      =============== ============    =============
Gross profit ................ $     160.3    $   ---           $     160.3         $    129.7      $     5.6       $    135.3
SG&A.........................       112.0        ---                 112.0               89.2           (1.1)            88.1
                               -------------  --------------    --------------      --------------- ------------    -------------
Income from Operations ......        48.3        ---                  48.3               40.5            6.7             47.2
Other income (expense).......       (23.9)       ---                 (23.9)             (23.9)          (1.6)           (25.5)
Provision for income taxes...        (7.4)       ---                  (7.4)              (4.6)          (1.5)            (6.1)
                               -------------  --------------    --------------      --------------- ------------    -------------
Net income .................. $      17.0    $   ---           $      17.0         $     12.0      $     3.6       $     15.6
                               =============  ==============    ==============      =============== ============    =============
Earnings per share..........  $       0.34                     $       0.34        $      0.24                     $      0.32
EBITDA (1)................... $      65.2    $   ---           $      65.2         $     54.8      $     6.7       $     61.5
Backlog ..................... $     793.5                      $     793.5         $    458.3                      $    458.3

Average Fully Diluted Shares
Outstanding..................        50.6                             50.6               49.0                            49.0
</TABLE>

     (1)  EBITDA is calculated as income from operations plus depreciation and
          amortization included in income from operations.
     (2)  Special items, net of tax, relate to restructuring activities ($1.1
          million), Genie and Demag inventory fair value accounting treatment
          ($2.0 million), write down of certain assets within the EarthKing
          subsidiary ($1.7 million) and charges related to the Company's
          deferred compensation plan ($0.5 million), offset partially by a
          favorable ruling on a legal claim ($1.7 million).



                                     - 2 -
<PAGE>

Segment Performance

Terex Construction
                                     Three months ended March 31,
                              --------------------------------------------
                                             (in millions)
                              --------------------------------------------
                                      2004                  2003
                              --------------------------------------------
                                            % of                  % of
                                            sales                 sales
                                          ----------            ----------
Net sales..................... $   389.7             $   318.2
                              ============          ============
Gross profit ................. $    52.4    13.4%    $    41.7    13.1%
SG&A .........................      36.2     9.3%         27.5     8.6%
                              ------------          ------------
Income from operations........ $    16.2     4.2%    $    14.2     4.5%
                              ============          ============
Backlog.......................     222.5             $    92.9

     Net sales in the Terex Construction group for the first quarter of 2004
increased $71.5 million to $389.7 million from $318.2 million in the first
quarter of 2003. The increase in sales was driven primarily by changes in
currency rates, improvements in the scrap handling business, growth throughout
the compact equipment businesses as they benefit from leveraging the strength of
Terex's product offering, and continued good performance by the crushing and
screening businesses, particularly in the U.S. SG&A expenses for the first
quarter of 2004 were $36.2 million, or 9.3% of sales, compared to $27.5 million,
or 8.6% of sales, in the first quarter of 2003, largely due to currency
translation. Income from operations for the quarter was $16.2 million, or 4.2%
of sales, compared to $14.2 million, or 4.5% of sales, for the first quarter of
2003.

     "The continued strong performance of our crushing and screening business
and the strength of our compact construction line were the key drivers of our
performance this quarter," commented Colin Robertson, President - Terex
Construction. "Unfortunately, the operating margins were hampered by adverse
currency exchange rates, as much of the equipment sold into North America is
manufactured in the United Kingdom or Germany. Specifically, the off-highway
truck business was affected, given the movement of the Sterling / U.S. dollar
relationship and the shift to significantly more U.S. dollar denominated
transactions. We have initiated measures across all of our businesses that
should help to mitigate this situation."

     "Looking forward, we are clearly optimistic about the prospects of a good
2004," commented Mr. Robertson. "Each of our businesses is showing stronger
order intake and backlog today when measured against either year end 2003
results or the first quarter of last year. The challenge for us is to capitalize
on these revenue opportunities and drive operating profitability."

Terex Cranes
                                     Three months ended March 31,
                              --------------------------------------------
                                            (in millions)
                              --------------------------------------------
                                      2004                  2003
                              --------------------------------------------
                                            % of                  % of
                                            sales                 sales
                                          ----------            ----------
Net sales..................... $   209.2             $   237.9
                              ============          ============
Gross profit ................. $    29.8    14.2%    $    29.6    12.4%
SG&A .........................      23.4    11.2%         20.4     8.6%
                              ------------          ------------
Income from operations........ $     6.4     3.1%    $     9.2     3.9%
                              ============          ============
Backlog.......................     239.0             $   189.5




                                     - 3 -
<PAGE>


     Net sales in the Terex Cranes group for the first quarter of 2004 decreased
$28.7 million to $209.2 million from $237.9 million in the first quarter of
2003, reflecting reduction in the level of used crane sales when compared to
2003. SG&A expenses increased to $23.4 million, or 11.2% of sales, in the first
quarter of 2004 from $20.4 million, or 8.6% of sales, in the first quarter of
2003, mainly due to currency translation. Income from operations, excluding
special items, decreased to $6.4 million, or 3.1% of sales, for the first
quarter of 2004 from $9.2 million, or 3.9% of sales, for the first quarter of
2003. Continuing to negatively impact this segment is the relatively weak market
in North America for lattice boom cranes and rough terrain telescopic cranes.

     "As with last year's performance, our global presence continues to help
balance our performance in the first quarter," commented Steve Filipov,
President - Terex Cranes. "The North American market remains depressed for
mobile telescopic and lattice boom cranes, but the success of our all terrain
product line and the market strength of certain European economies helped to
partially offset this. For example, Italy remains a strong market and we had
some success in the U.K. and the Asia/Pacific region. Our tower crane business
also continued to positively contribute to our global performance."

     Mr. Filipov continued, "With the difficult North American crane market as a
backdrop, we continue to look for global growth opportunities. However, current
market conditions require additional selling discipline to ensure profitable
growth. We feel that the U.S. crane market is at the tail end of the economic
trough that has existed since 2000, and we see some important steps taking place
at our customers that point to the prospect of a stronger future."

Terex Aerial Work Platforms

                                     Three months ended March 31,
                              --------------------------------------------
                                             (in millions)
                              --------------------------------------------
                                      2004                  2003
                              --------------------------------------------
                                            % of                  % of
                                            sales                 sales
                                          ----------            ----------
Net sales..................... $   168.0             $   147.2
                              ============          ============
Gross profit ................. $    36.7    21.8%    $    30.2    20.5%
SG&A .........................      15.9     9.5%         13.7     9.3%
                              ------------          ------------
Income from operations........ $    20.8    12.4%    $    16.5    11.2%
                              ============          ============
Backlog.......................      77.0             $    19.0

     Net sales for the Terex Aerial Work Platforms group for the first quarter
of 2004 increased $20.8 million to $168.0 million from $147.2 million in the
first quarter of 2003. The increase in sales was driven by increased order
activity by the rental channel. Income from operations increased to $20.8
million, or 12.4% of sales, in the first quarter of 2004 from $16.5 million, or
11.2% of sales, in the first quarter of 2003.

     "We are very pleased with our first quarter results," said Bob Wilkerson,
President-Terex Aerial Work Platforms. "Our first quarter sales were up 14% when
compared to the first quarter of 2003, while our operating margins continued to
show steady improvement. With increasing order volumes, combined with our cost
reduction and integration focus that we sustained in 2003, the building blocks
exist to allow Genie to outperform 2003." Mr. Wilkerson added, "The rental
channel is our largest customer base. Over the past few years, they have chosen
to age their fleets in order to maximize profits and minimize capital
expenditure requirements. With improved rental markets, we expect that rental
companies will not continue to age their fleet as much as they have in the past.
As the rental channel market continues to improve, we would expect to see some
rental fleet expansion in 2004."


                                     - 4 -
<PAGE>

Terex Mining

                                     Three months ended March 31,
                              --------------------------------------------
                                             (in millions)
                              --------------------------------------------
                                      2004                  2003
                              --------------------------------------------
                                            % of                  % of
                                            sales                 sales
                                          ----------            ----------
Net sales..................... $    69.9             $    80.0
                               ============          ============
Gross profit ................. $    11.2    16.0%    $    12.0    15.0%
SG&A .........................       9.2    13.2%          7.3     9.1%
                              ------------          ------------
Income from operations........ $     2.0     2.9%    $     4.7     5.9%
                              ============          ============
Backlog.......................      79.2             $    44.5

     Net sales for the Terex Mining group for the first quarter of 2004
decreased $10.1 million to $69.9 million from $80.0 million in the first quarter
of 2003. The decrease in sales is mainly attributable to the temporary
disruption in order activity due to the uncertainty surrounding the attempted
sale of the mining truck business in the second half of 2003. Income from
operations decreased to $2.0 million, or 2.9% of sales, in the first quarter of
2004 from $4.7 million, or 5.9% of sales, in the first quarter of 2003.

     "The Mining group is beginning to see significant improvement in both
orders and order activity," commented Rick Nichols, President Terex - Mining.
"While the attempted sale transaction created a temporary disruption to our
order levels, affecting our current period revenues, the current order backlog
and quotation activity indicates that the market for mining equipment is
returning. The Terex Mining group had a very strong showing at the recent Bauma
exhibit held in Munich, Germany. We believe that commodity prices have reached a
level where we are seeing a solid pick-up in machine sales. We are looking
forward to a strong second half of 2004 for the Mining Group."

Terex Roadbuilding, Utility Products and Other

                                     Three months ended March 31,
                              --------------------------------------------
                                            (in millions)
                              --------------------------------------------
                                      2004                  2003
                              --------------------------------------------
                                            % of                  % of
                                            sales                 sales
                                          ----------            ----------
Net sales..................... $   217.4             $   158.1
                              ============          ============
Gross profit ................. $    30.1    13.8%    $    22.1    14.0%
SG&A .........................      24.9    11.5%         18.0    11.4%
                              ------------          ------------
Income from operations........ $     5.2     2.4%    $     4.1     2.6%
                              ============          ============
Backlog.......................     205.3             $   120.4

     Net sales for the Terex Roadbuilding, Utility Products and Other group for
the first quarter of 2004 increased $59.3 million to $217.4 million from $158.1
million for the first quarter of 2003, driven primarily by the inclusion of
Tatra's performance following its acquisition by Terex in the second half of
2003. Excluding the impact of the Tatra acquisition, sales increased modestly,
reflecting slightly better top line performance in almost all of the product
categories in this group. SG&A expenses for the first quarter of 2004 were $24.9
million, or 11.5% of sales, compared to $18.0 million, or 11.4% of sales, in the
first quarter of 2003, again mainly due to the acquisition of Tatra. Income from
operations increased to $5.2 million, or 2.4% of sales, from $4.1 million, or
2.6% of sales, in the first quarter of 2003.


                                     - 5 -
<PAGE>

     "The Roadbuilding, Utility Products and Other group had mixed results in
the first quarter," commented Mr. DeFeo. "We are pleased with the early
contribution we are receiving from Tatra and our U.S. military truck joint
venture. Tatra is making operating improvements and production is increasing.
The American Truck Company ("ATC") was selected during the first quarter by the
U.S. Marine Corps to be one of only two companies to supply three prototype
Logistic Vehicle System Replacement ("LVSR") trucks as part of a process to
select the supplier for a contract of over 1,000 vehicles. The selection of ATC
for the LVSR project will add some expense in the short-term which should be
recoverable as much of the funding for the development of prototypes is expected
to be provided by the U.S. Marine Corps. Another positive was slightly better
performance from our Roadbuilding group, reflecting the cost reduction
activities undertaken last year." Mr. DeFeo continued, "However, the
profitability of many of these companies, most significantly our Utility
business, was impacted by raw material pricing increases, particularly for
steel. Additionally, the Utility business's implementation of a lean
manufacturing process had an impact on operating margins by increasing current
period costs. That being said, we feel that the Utility franchise, along with
the rest of our businesses, is well positioned for profitable growth heading
into the second quarter."

Capital Structure and Taxes

     "Cash flow from operations for the first quarter of 2004 was a use of $64.4
million," commented Phil Widman, Senior Vice President and Chief Financial
Officer. "During the quarter we used $89.1 million in cash for working capital
purposes in preparation for the second quarter selling season. This is
consistent with our comments provided at the beginning of the year, that cash
flow will more closely reflect the seasonal trends of the business. As part of
this, we would expect to be a net user of cash in the first half of 2004, but
would expect that a significant positive cash flow will occur in the second half
of the year as we benefit from our working capital reductions, where we are
targeting a 20% working capital to revenue ratio by year end. Working capital as
a percent of trailing three month annualized sales was 24.6% at the end of the
first quarter of 2004, as compared to 29.1% at the end of the first quarter in
2003."

     Net debt (defined as total debt less cash) at the end of the first quarter
of 2004 increased $74.1 million to $968.2 million, from $894.1 million at the
end of 2004. Net debt to book capitalization at the end of the first quarter of
2004 was 52.3%, compared to 50.5% at the end of 2003. Mr. Widman added, "We are
not surprised at the level of working capital investment made in the first
quarter given the magnitude of the increase in backlog, and we will continue to
focus on balancing investment with growth."

     Commenting on the effective tax rate, Mr. Widman stated "The tax rate for
the first quarter of 2004 was 30% versus the planned full year rate of 28%.
While the full year tax rate is still expected to be approximately 28%, the rate
will fluctuate quarter to quarter as a result of changes during the period in
the assumptions on foreign valuation allowances, the mix of income by
jurisdiction, and the impact of pending statutory reviews. We expect cash taxes
for the year to be $15 to $20 million."

Outlook

     "We are enthusiastic about the full year business prospects for the
Company," commented Mr. DeFeo. "As mentioned previously, our order intake is up
measurably, and the customer interaction at the Bauma exhibit in Munich, Germany
provided us a chance to confirm that the recovery is building momentum. We
remain confident of our ability to achieve the operating performance measures we
previously provided, and we will continue to balance operating earnings and cash
flow from operations. Our earnings for the first quarter are on-track with our
previously provided guidance, and we still anticipate that approximately 55%-60%
of 2004 earnings will materialize in the first six months of the year."


                                     - 6 -
<PAGE>

Safe Harbor Statement

     The above contains forward-looking statements based on Terex's current
expectations and projections about future events. Because forward-looking
statements involve risks and uncertainties, actual results could differ
materially. Such risks and uncertainties, many of which are beyond Terex's
control, include among others: Terex's business is highly cyclical and weak
general economic conditions may affect the sales of its products and its
financial results; the sensitivity of construction, infrastructure and mining
activity and products produced for the military to interest rates and government
spending; the ability to successfully integrate acquired businesses; the
retention of key management personnel; Terex's businesses are very competitive
and may be affected by pricing, product initiatives and other actions taken by
competitors; the effects of changes in laws and regulations; Terex's business is
international in nature and is subject to changes in exchange rates between
currencies, as well as international politics; the ability of suppliers to
timely supply Terex parts and components at competitive prices; the financial
condition of suppliers and customers, and their continued access to capital;
Terex's ability to timely manufacture and deliver products to customers; Terex's
significant amount of debt and its need to comply with restrictive covenants
contained in Terex's debt agreements; compliance with applicable environmental
laws and regulations; and other factors, risks, uncertainties more specifically
set forth in Terex's public filings with the SEC. Actual events or the actual
future results of Terex may differ materially from any forward looking statement
due to those and other risks, uncertainties and significant factors. The
forward-looking statements herein speak only as of the date of this release.
Terex expressly disclaims any obligation or undertaking to release publicly any
updates or revisions to any forward-looking statement included in this release
to reflect any changes in Terex's expectations with regard thereto or any
changes in events, conditions, or circumstances on which any such statement is
based.

     Terex Corporation is a diversified global manufacturer with 2003 revenues
of $3.9 billion. The Company operates in five business segments: Terex
Construction, Terex Cranes, Terex Aerial Work Platforms, Terex Mining, and Terex
Roadbuilding, Utility Products and Other. Terex manufactures a broad range of
equipment for use in various industries, including the construction,
infrastructure, quarrying, recycling, surface mining, shipping, transportation,
refining, utility and maintenance industries. Terex offers a complete line of
financial products and services to assist in the acquisition of Terex equipment
through Terex Financial Services. More information on Terex can be found at
www.terex.com.


                                Terex Corporation
           500 Post Road East, Suite 320, Westport, Connecticut 06880
          Telephone: (203) 222-7170, Fax: (203) 222-7976, www.terex.com


                                     - 7 -
<PAGE>

                       TEREX CORPORATION AND SUBSIDIARIES
                 CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS

                      (in millions, except per share data)
                                   (unaudited)

                                                             Three Months
                                                           Ended March 31,
                                                    ----------------------------
                                                         2004            2003
                                                    ----------------------------
Net sales...........................................$   1,043.8    $      927.7
Cost of goods sold..................................      883.5           798.0
                                                    ----------------------------

     Gross profit...................................      160.3           129.7
Selling, general and administrative expenses........      112.0            89.2
                                                    ----------------------------

     Income from operations.........................       48.3            40.5

Other income (expense):
     Interest income................................        1.0             1.7
     Interest expense...............................      (22.5)          (25.9)
     Other income (expense) - net...................       (2.4)            0.3
                                                    ----------------------------

Income before income taxes..........................       24.4            16.6
Provision for income taxes..........................       (7.4)           (4.6)
                                                    ----------------------------

Net income .........................................$      17.0    $       12.0
                                                    ============================



EARNINGS PER SHARE:
    Basic...........................................$       0.35   $        0.25
                                                    ============================
    Diluted.........................................$       0.34   $        0.24
                                                    ============================

Weighted average number of common and common
     equivalent shares outstanding in per share
     calculation
        Basic.......................................       49.0            47.2
        Diluted.....................................       50.6            49.0



                                     - 8 -
<PAGE>

<TABLE>
<CAPTION>


                       TEREX CORPORATION AND SUBSIDIARIES
                           CONSOLIDATED BALANCE SHEET

                         (in millions, except par value)
                                   (unaudited)

                                                                                         March 31,        December 31,
                                                                                           2004               2003
                                                                                     -------------------------------------

CURRENT ASSETS
<S>                                                                                 <C>                <C>
   Cash and cash equivalents....................................................    $       408.0      $      467.5
   Trade receivables............................................................            610.8             540.2
   Inventories..................................................................          1,101.1           1,009.7
   Other current assets.........................................................            172.9             176.6
                                                                                    --------------------------------------
                      Total Current Assets......................................          2,292.8           2,194.0

LONG-TERM ASSETS
   Property, plant and equipment................................................            359.4             370.1
   Goodwill.....................................................................            606.8             603.5
   Other assets.................................................................            561.4             556.2
                                                                                    --------------------------------------

TOTAL ASSETS....................................................................    $     3,820.4      $    3,723.8
                                                                                    ======================================

CURRENT LIABILITIES
   Notes payable and current portion of long-term debt..........................    $        96.8      $       86.8
   Trade accounts payable.......................................................            684.3             608.6
   Accrued compensation and benefits............................................            102.8              94.5
   Accrued warranties and product liability.....................................             83.8              88.5
   Other current liabilities...................................................             272.6             281.0
                                                                                    --------------------------------------
                     Total Current Liabilities..................................          1,240.3           1,159.4

NON-CURRENT LIABILITIES
   Long-term debt, less current portion.........................................          1,279.4           1,274.8
   Other........................................................................            418.1             412.9

COMMITMENTS AND CONTINGENCIES

STOCKHOLDERS' EQUITY
   Common Stock, $0.01 par value --
      Authorized 150.0 shares; issued 50.3 and 50.0 shares at March 31, 2004 and
      December 31, 2003, respectively...........................................              0.5               0.5
   Additional paid-in capital...................................................            800.2             795.1
   Retained earnings............................................................             58.9              41.9
   Accumulated other comprehensive income ......................................             40.8              57.0
   Less cost of shares of common stock in treasury (1.2 shares at March 31, 2004
       and December 31, 2003)...................................................            (17.8)            (17.8)
                                                                                    --------------------------------------
   Total Stockholders' Equity...................................................            882.6             876.7
                                                                                    --------------------------------------

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY......................................    $     3,820.4      $    3,723.8
                                                                                    ======================================
</TABLE>


                                     - 9 -
<PAGE>
<TABLE>
<CAPTION>


                       TEREX CORPORATION AND SUBSIDIARIES
                      CONSOLIDATED STATEMENT OF CASH FLOWS
                                  (in millions)
                                   (unaudited)

                                                                                                Three Months Ended
                                                                                                       March 31,
                                                                                           -------------------------------
                                                                                                  2004           2003
                                                                                           -------------------------------
OPERATING ACTIVITIES
<S>                                                                                         <C>            <C>
   Net income ............................................................................  $    17.0      $     12.0
   Adjustments to reconcile net income (loss) to cash provided by (used in) operating
       activities:
     Depreciation ........................................................................       14.3            12.9
     Amortization.........................................................................        4.0             2.7
     Impairment charges and asset write downs.............................................      ---               1.7
     Gain on sale of fixed assets.........................................................       (0.8)           (0.5)
     Changes in operating assets and liabilities (net of effects of acquisitions):
       Trade receivables..................................................................      (71.2)           (9.3)
       Inventories........................................................................      (94.1)           40.4
       Trade accounts payable.............................................................       76.2            59.1
       Other, net.........................................................................       (9.8)           (4.1)
                                                                                            -------------------------------
          Net cash provided by (used in) operating activities.............................      (64.4)          114.9
                                                                                            -------------------------------

INVESTING ACTIVITIES
   Acquisition of businesses, net of cash acquired........................................       (1.1)           (8.5)
   Capital expenditures...................................................................       (8.9)           (8.6)
   Proceeds from sale of assets...........................................................        0.8             2.6
                                                                                            -------------------------------
              Net cash used in investing activities.......................................       (9.2)          (14.5)
                                                                                            -------------------------------

FINANCING ACTIVITIES
   Principal repayments of long-term debt.................................................      ---              (1.5)
   Proceeds from stock options exercised .................................................        4.1           ---
   Net borrowings (repayments) under revolving line of credit agreements..................       14.0           (22.5)
   Other..................................................................................       (3.4)          (11.6)
                                                                                            -------------------------------
         Net cash provided by (used in) financing activities..............................       14.7           (35.6)
                                                                                            -------------------------------
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS..............................       (0.6)            2.9
                                                                                            -------------------------------

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS......................................      (59.5)           67.7
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD..........................................      467.5           352.2
                                                                                            -------------------------------

CASH AND CASH EQUIVALENTS AT END OF PERIOD................................................  $   408.0      $    419.9
                                                                                            ===============================

</TABLE>



                                     - 10 -
<PAGE>

<TABLE>
<CAPTION>


                                                                                    Table I

                                                                    TEREX CORPORATION AND SUBSIDIARIES
                                                                                (in millions)
                                                                                (unaudited)

                                                                         Three Months Ended March 31,
                                          ------------------------------------------------------------------------------------------
                                                             2004                                           2003
                                          ---------------------------------------------   ------------------------------------------

                                                              Special        Excluding                       Special       Excluding
                                                   GAAP         Items    Special Items            GAAP         Items   Special Items
                                          ---------------------------------------------   ------------------------------------------
Sales
<S>             <C>                      <C>             <C>           <C>                <C>           <C>           <C>
   Construction (1)..................... $        389.7  $     ---     $      389.7       $     318.2   $       ---   $     318.2
   Cranes (2)...........................          209.2        ---            209.2             237.9           ---         237.9
   Aerial Work Platforms (3)............          168.0        ---            168.0             147.2           ---         147.2
   Mining ..............................           69.9        ---             69.9              80.0           ---          80.0
   Roadbuilding, Utility Products &
     Other (4)..........................          217.4        ---            217.4             158.1           ---         158.1
   Corp / Eliminations (5)..............          (10.4)       ---            (10.4)            (13.7)          ---         (13.7)
                                          -------------- ------------- ----------------   ------------- ------------- --------------
      Total............................. $      1,043.8  $     ---     $    1,043.8       $     927.7   $       ---   $     927.7
                                          ============== ============= ================   ============= ============= ==============

Gross Profit
   Construction (1)..................... $         52.4  $     ---     $       52.4       $      41.7   $       ---   $      41.7
   Cranes (2)...........................           29.8        ---             29.8              27.2           2.4          29.6
   Aerial Work Platforms (3)............           36.7        ---             36.7              29.5           0.7          30.2
   Mining ..............................           11.2        ---             11.2              11.9           0.1          12.0
   Roadbuilding, Utility Products &
     Other (4)..........................           30.1        ---             30.1              19.7           2.4          22.1
   Corp / Eliminations (5)..............            0.1        ---              0.1              (0.3)          ---          (0.3)
                                          -------------- ------------- ----------------   ------------- ------------- --------------
      Total............................. $        160.3  $     ---     $      160.3       $     129.7   $       5.6   $     135.3
                                          ============== ============= ================   ============= ============= ==============
SG&A
   Construction (1)..................... $         36.2  $     ---     $       36.2       $      27.5   $       ---   $      27.5
   Cranes (2)...........................           23.4        ---             23.4              20.4           ---          20.4
   Aerial Work Platforms (3)............           15.9        ---             15.9              13.7           ---          13.7
   Mining ..............................            9.2        ---              9.2               7.3           ---           7.3
   Roadbuilding, Utility Products &
     Other (4)..........................           24.9        ---             24.9              18.3          (0.3)         18.0
   Corp / Eliminations (5)..............            2.4        ---              2.4               2.0          (0.8)          1.2
                                          -------------- ------------- ----------------   ------------- ------------- --------------
       Total.............................$        112.0  $     ---     $      112.0       $      89.2   $      (1.1)  $      88.1
                                          ============== ============= ================   ============= ============= ==============
Operating Income
   Construction (1)..................... $         16.2  $     ---     $       16.2       $      14.2   $       ---   $      14.2
   Cranes (2)...........................            6.4        ---              6.4               6.8           2.4           9.2
   Aerial Work Platforms (3)............           20.8        ---             20.8              15.8           0.7          16.5
   Mining ..............................            2.0        ---              2.0               4.6           0.1           4.7
   Roadbuilding, Utility Products &
     Other (4)..........................            5.2        ---              5.2               1.4           2.7           4.1
   Corp / Eliminations (5)..............          (2.3)        ---             (2.3)             (2.3)          0.8          (1.5)
                                          -------------- ------------- ----------------   ------------- ------------- --------------
       Total.............................$         48.3  $     ---     $       48.3       $      40.5   $       6.7   $      47.2
                                          ============== ============= ================   ============= ============= ==============
</TABLE>


     (1)  Special items relate primarily to the closure of the Kilbeggan
          facility within the Powerscreen business.
     (2)  Special items relate primarily to the closure of the Peiner facility
          within the Tower Crane group.
     (3)  Special items relate to the Genie inventory fair value accounting
          treatment
     (4)  Special items relate primarily to exiting and rationalizing certain
          product categories within the Roadbuilding group.
     (5)  Special items relate to the Company's deferred compensation plan.




                                       ###


</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
