Terex Corporation has released its fourth quarter and full year 2018 results. Fourth quarter net sales grew 16% to $1.2 billion, with full year net sales up 18% to $5.1 billion compared to net sales of $4.4 billion for the full year 2017. This results include a one-time, non-cash charge of $67 million related to the annuitization of its U.S. pension.
John L. Garrison, Terex Chairman and CEO commented on the results: “Overall, our global team executed well in the fourth quarter, completing a strong year for Terex. In 2018, we grew sales by 18%, improved operating margins, and significantly increased EPS. AWP grew sales 24% for the year and expanded operating margins by 200 basis points. MP had an excellent year, growing sales by 17% and increasing full year operating margin to 13.3%, up 160 basis points. Cranes continued to make operational improvements and returned to profitability on an adjusted basis in the fourth quarter.”
Fourth Quarter sales for the Terex Cranes segment grew 12% compared to 2017 to $365 million. For the full year, the Cranes segment achieved net sales of $1.3 billion, growing 10% versus last year.
Steve Filipov, President of Terex Cranes commented, “In Q4 the Cranes segment succeeded in overcoming the material supply challenges that impacted our performance earlier in 2018 – I’am proud of the team for meeting our commitments to better fulfil customer demand and return to profitability. The sale of the Damage Mobile Cranes business to Tadano Ltd. is based on strong industrial logic. Bringing these two complementary businesses together will combine Tadano’s 100 years of experience with Demag Mobile Cranes’ nearly two centuries to create a lifting company capable of bringing new leadership to the industry and continuing to create innovative lifting solutions. I also want to assure our customers that our parts and services team remains firmly in place and committed to providing them with world class support for all of their Terex cranes, and will support their Demag cranes through the transition to the new owners.”