Much improved 4Q and stronger 2013 sales push Terex to “a good year”
| February 19, 2014 |
Fourth quarter sales were up 12-½ percent in 2013 over the previous year to $1.8 billion, and tracking closely with third quarter net sales of $1.810.6 billion.
Income from 2013 continuing operations of $209.0 million were $1.79 per share, compared with 2012’s income of $77 million, or 0.68 per share.
In terms of fourth quarter income, things were much better for the company this year. Terex reported income from operations of $84.8 million, up from a loss of $33.2 million during the same period in 2012.
Ron DeFeo, Terex chairman and CEO called 2013 overall “a good year.” The second half of the year in particular, saw improvements fueled in part by the continued strength of Terex’s aerial work platform segment, bolstered by a strong North American rental demand.
The company’s construction segment, however, was among three divisions that “did not meet our expectations in 2013,” DeFeo said. “The pending sale of our off-highway truck business results in a smaller and more focused construction portfolio.”
DeFeo continued: “We enter 2014 with optimism,” stemming from a continued focus on internal improvements and benefits from a 2013 restructuring. “Overall we believe that the global economy will be stronger in 2014, but still modest when viewed against historic demand levels,” he said.