As usual I'll also begin with some of our commentary and highlights, Phil will follow with a more detailed financial report including some analysis of the improved performance achieved during the quarter as well as a few schedules that will help explain certain expenses in the period. Lastly, I'll review our outlook for 2012 including details on individual segment performance expectations as well as some insight into our overall thinking and our focus and strategy for the year. Following that as usual we'll open it up to your questions, we expect to enforce to one question and follow up a little. For this call we prepared a presentation to guide you through our commentary that is available to download from our website.
Let me begin by referring to the forward-looking statement commentary on Page 2, I encourage you to read and review this, as well as all of our other disclosures available in our public documents.
Let me begin by turning to Page 3. An overview perspective, we just completed our rather significant year in Terex's development. A year of both investment and improvement, investment in the high quality business of Demag Cranes now our material handling and port solution segment. This adds a first class business to our portfolio, improvements and real progress was made as we streamlined operations, reduced the manufacturing footprint and started generating meaning cash from earnings and working capital.
The cost structure realignment is expected to improve profitability going forward, most notably within the cranes and construction segments. We've taken pricing actions to recapture margin loss in 2011 due to material cost pressures and to offset anticipated cost actions in 2012, most notably in Aerial Work Platforms and construction. The economic recovery is taking hold in many of our major markets with most markets healthier than a year ago. We do have some reservations about Europe, but the recovery in North America seemed solid.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV