“We made significant progress in 2012. Our primary goals were margin improvement, cash generation and the integration of Demag Cranes AG. We made excellent advancement in these areas and more during the year,” commented Ron DeFeo Terex Chairman and CEO. “We were impacted in the second half of the year by challenging end markets in Europe and Asia but we still meaningfully improved our profitability, generated approximately $554 million of free cash flow, restructured and reduced our debt, and began to realize integration savings as planned.”Mr. DeFeo continued, “We are optimistic about our business as we begin 2013. We are seeing improvements in many of our end-markets and believe the macro-economic uncertainty that affected our fourth quarter performance will abate by the middle of 2013. Three segments performed well in 2012 and we expect this to continue in 2013. Our Aerial Work Platforms (AWP) segment is continuing to benefit from North American rental channel demand. Cranes performance is expected to remain strong in North America and in certain developing market regions. The Materials Processing (MP) segment performance remains solid. Both the Cranes and MP segments delivered double digit operating margin in the fourth quarter of 2012.”
Terex Announces Fourth Quarter And Full Year 2012 Results And Provides 2013 Outlook
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