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Terex Cranes shares second quarter 2018 results
- Terex Corporation Q2 Sales $1.4 billion, +19% vs. 2017, growth in every segment
- Terex Corporation backlog $1.5 billion, +31% vs. 2017
- Terex Cranes Segment Q2 Sales $335 million, +10% vs. 2017
- Terex Cranes Segment backlog $602 million, +31% vs. 2017
ZWEIBRÜCKEN – July 31, 2018 — Following Terex Corporation’s release of its second quarter 2018 results, Terex Cranes is pleased to share these, along with its segment-specific results.
Terex Corporation (NYSE: TEX) reported strong second quarter 2018 sales of $1.4 billion, up 19% versus Q2 of 2017, with increased sales and backlog in all three business segments. The results were driven by continued implementation of the company’s Execute to Win business strategy and its focus on meeting the growing needs of customers during a period of broad-based growth.
Sales for the Terex Cranes business segment grew 10% to $335 million, driven by higher demand while constrained by global supply chain challenges. The global cranes markets are generally stable with growth in certain areas. Indications for the future are positive, with Terex Cranes Q2 ending backlog up 31% versus 2017.
“We delivered very strong results in the second quarter. Our global team continued to execute well and continued the trend of improving overall performance. We increased sales and backlog in all three segments and increased production to meet strong global demand,” remarked John L. Garrison, Terex President and CEO. “Overall, it was a strong quarter that positions us very well going into the second half of the year.”
Steve Filipov, President Terex Cranes commented, “Our Tower Crane business continues to grow driven by higher demand in Europe, North America and Asia and our Utilities business continues to perform well in a relatively stable market environment. A critical element of our Cranes improvement plan is to successfully introduce new products. The 3-axle Demag® AC 55-3 all terrain crane is the latest addition to our portfolio. By reinvigorating our product portfolio, we are re-establishing ourselves as a leader in the all terrain segment.”
For more information on Terex Corporation’s second quarter 2018 results, visit https://investors.terex.com/investor-relations/press-releases/press-release-details/2018/Terex-Announces-Second-Quarter-2018-Results/default.aspx
For more information about Terex Cranes products and services, visit: https://www.terex.com/cranes/en/about/about-terex-cranes .
Forward Looking Statements:
This press release contains forward-looking information regarding future events or Terex’s future financial performance based on the current expectations of Terex. Terex has based these forward-looking statements on current expectations and projections about future events. These statements are not guarantees of future performance. Actual events or the actual future results of Terex may differ materially from any forward-looking statement due to these and other risks, uncertainties and significant factors. The forward-looking statements 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 expectations with regard thereto or any changes in events, conditions, or circumstances on which any such statement is based.
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