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Terex Announces Fourth Quarter And Full Year 2013 Results And Provides 2014 Outlook

Stocks in this article: TEX

Terex Corporation (NYSE:TEX) today announced income from continuing operations of $209.0 million, or $1.79 per share, on net sales of $7.1 billion for the full year 2013, as compared to income from continuing operations of $77.0 million, or $0.68 per share, on net sales of $7.0 billion for the full year 2012. Excluding certain items, income from continuing operations as adjusted for the full year 2013 was $261.2 million or $2.23 per share compared to $179.5 million or $1.58 per share in 2012. The Glossary at the end of this press release contains further details regarding these items and all per share amounts are on a fully diluted basis.

For the fourth quarter of 2013 income from continuing operations was $84.8 million, or $0.72 per share, on net sales of $1.8 billion, compared to a loss from continuing operations of $33.2 million, or $0.30 per share, on net sales of $1.6 billion, for the fourth quarter of 2012. Excluding certain items, income from continuing operations as adjusted was $76.8 million, or $0.65 per share in 2013 compared to $19.4 million, or $0.17 per share in 2012.

“Overall, 2013 was a good year and I am pleased with the improvements and progress underway at Terex,” commented Ron DeFeo, Terex Chairman and CEO. “This past year was a tale of two halves, with the second half of the year significantly stronger than the first half. Our performance in the second half was fueled by the continued strength of our Aerial Work Platforms (AWP) segment and a turnaround in our Materials Handling & Port Solutions (MHPS) segment. Our focus throughout the year on strengthening margins and driving financial efficiency helped deliver a strong close to the year.

“Operationally, our AWP segment is continuing to benefit from strong North American rental channel demand plus a noticeable pickup in Latin America and European performance. Additionally, the Materials Processing (MP) segment performance remains solid, delivering double digit operating margin in 2013 despite a relatively soft demand environment. These business segments performed well in 2013 and we expect even better performance in 2014. The remaining three segments did not meet our expectations in 2013. However, we have made good progress with the integration of our MHPS segment and we expect continued progress in 2014. The pending sale of our off highway truck business results in a smaller and more focused Construction portfolio. We have confidence we can improve the financial profile of this segment going forward. Lastly, our Cranes segment failed to realize the growth that we had anticipated entering 2013. While new product launches did provide some growth, markets such as Australia, Europe and Latin America were more challenging than anticipated.”

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