Terex Corporation posted $990.1 million in net sales in the fourth quarter of 2021 versus $786.7 million during the same period in 2020. For the full year, net sales were $3.9 billion, a 26% jump year-over-year.
"I am proud of the continued resilience demonstrated by Terex team members to manage through a challenging operating environment. We delivered significantly improved 2021 results and made progress on our Execute, Innovate and Grow strategy," said Chairman and Chief Executive Officer John L. Garrison Jr.
The aerial work platform/utilities business segment specifically saw a 29.6% increase in sales in the fourth quarter of 2021 versus 2020, which the company says reflected strong global customer demand and strict cost discipline. The materials processing segment saw strong operational performance as well, delivering margins of 13.8% in the quarter.
"We were able to generate $125 million of free cash flow in 2021,” said Julie Beck, senior vice president and chief financial officer. “Our strong balance sheet and expected 2022 free cash flow generation of $175 to $225 million allows us to fund growth investments, such as our new Genie Mexico facility and digitalization initiatives."
Garrison added, "Customer demand remains strong for our products and services. The entire organization remains focused on overcoming supply disruptions to increase production and deliver for our customers. As a result, we expect 2022 sales will be $4.1 to $4.3 billion with EPS of $3.55 to $4.05. We are confident that Terex is well positioned to drive innovation and growth in 2022."
Other highlights include:
- Fourth-quarter earnings per share of $0.82, up significantly year-over-year.
- Fourth-quarter operating margin of 7% improved 300 basis points year-over-year.
- Full year operating margins of 8.4% improved 620 basis points year-over-year.
- Repaid $503 million of debt in 2021.
Looking at 2022, the company anticipates sales of $4.1 to $4.3 billion and earnings per share of $3.55 to $4.05.