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Terex Cranes shares fourth quarter and full year 2017 results
ZWEIBRÜCKEN – February 13, 2018 – Following Terex Corporation’s release of its fourth quarter and full year 2017 results, Terex Cranes is pleased to share these, along with its segment-specific results.
Terex Corporation reported a strong finish to the year, with Q4 net sales of nearly $1.1 billion, +9.1% versus 2016 thanks to improving market demand and successful implementation of the company’s transformation strategy. For the full year, Terex reported net sales of $4.4 billion – down 1.8% from 2016 due to the sale of non-core businesses and softness in its mobile cranes business. The positive year-end momentum is poised to continue with the company reporting backlog up by 56% at year end.
The Cranes business segment benefitted from significant restructuring activity during 2017. In the fourth quarter, net sales for the segment were essentially flat versus 2016, while the business was profitable for the most recent three quarters. The focus on simplifying the business to be more responsive to customer needs coupled with the introduction of new products across the Demag® and Terex® brands are paying off. Customer interest in an exciting line up of new products is evident with backlog up +70%.
“The fourth quarter marked an excellent finish to an important year for Terex with profitability increasing significantly,” remarked John L. Garrison, Terex President and CEO. “We continued to simplify the company to enhance efficiency and make it easier for our customers to do business with us. We reduced administrative expenses while increasing investment in innovation, strategic sourcing, and commercial excellence.”
Steve Filipov, President Terex Cranes commented, “We will be launching innovative new products throughout the year. The global crane markets have stabilized, and we see pockets of growth. We plan to improve productivity on higher volumes and better operational execution in 2018.”
For more information on Terex Corporation’s fourth quarter and full year 2017 results, visit: https://investors.terex.com/investor-relations/press-releases/press-release-details/2018/Terex-Announces-Fourth-Quarter-and-Full-Year-2017-Results-and-Provides-2018-Guidance/default.aspx
For more information about Terex Cranes products and services, visit: www.terex.com/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.
Business Segment Contact Information:
Phone: +1 405 491 2269
Rest of the world:
Phone: +49 6332 83 1023
Terex Corporation is a global manufacturer of lifting and material processing products and services delivering lifecycle solutions that maximize customer return on investment. Major Terex brands include Terex, Genie, Powerscreen and Demag. Terex solutions serve a broad range of industries, including construction, infrastructure, manufacturing, shipping, transportation, refining, energy, utilities, quarrying and mining. Terex offers financial products and services to assist in the acquisition of Terex equipment through Terex Financial Services. More information about Terex is available on its website: www.Terex.com, and on its LinkedIn page – www.linkedin.com/company/terex – and Facebook page – www.facebook.com/TerexCorporation.