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Terex Announces Fourth Quarter And Full Year 2012 Results And Provides 2013 Outlook

Stocks in this article: TEX

The Company’s Construction segment backlog increased by approximately 56% from September 30, 2012 primarily due to a large annual order for material handlers in Germany, increased demand for the Company’s new concrete mixer trucks, and initial orders from the previously announced supply agreement for eight models of skid steer loaders for Takeuchi. Backlog decreased year-over-year primarily due to lower demand for compact construction equipment products during the same quarter in 2012 and the effect of a high backlog in 2011 due to long lead times for these products.

The Cranes backlog decreased primarily due to the segment’s focus on margins and from lower demand for all-terrain cranes in most European markets due to macro-economic headwinds. This was largely offset by continued strong demand in North America for rough terrain and truck cranes.

MHPS backlog decreased primarily due to a decrease in orders for mobile harbor cranes and industrial cranes, mostly due to a dampened European economic environment. This was partially offset by incremental components of the large automated port equipment orders placed in July 2012 now being recognized within the reported 12-month backlog.

The Company’s MP segment experienced a quarter-over-quarter increase in backlog mainly due to increased demand in North America. The year-over-year backlog decline reflected continued weakness in orders from European customers as compared to the end of 2011. Macro-economic uncertainty continued to keep customers on the sidelines and financial lending requirements for this type of equipment force prospective buyers in many cases to rent rather than buy. The trend within the industry continues to move toward more flexible and mobile solutions, and the type of equipment the segment produces is expected to recover as customer financing and confidence returns.

The Glossary contains further details regarding backlog.

Conference call

The Company will host a one-hour conference call to review the financial results on Wednesday, February 20, 2013 at 8:30 a.m. ET. Ronald M. DeFeo, Chairman and CEO, will host the call. A simultaneous webcast of this call will be available on the Company’s website, www.terex.com. To listen to the call, select “Investor Relations” in the “About Terex” section on the home page and then click on the webcast microphone link. Participants are encouraged to access the call 10 minutes prior to the starting time. The call will also be archived on the Company’s website under “Audio Archives” in the “Investor Relations” section of the website.

Forward-Looking Statements

This press release contains forward-looking information regarding future events or the Company’s future financial performance based on the current expectations of Terex Corporation. In addition, when included in this press release, the words “may,” “expects,” “intends,” “anticipates,” “plans,” “projects,” “estimates” and the negatives thereof and analogous or similar expressions are intended to identify forward-looking statements. However, the absence of these words does not mean that the statement is not forward-looking. The Company has based these forward-looking statements on current expectations and projections about future events. These statements are not guarantees of future performance.

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