Terex Corporation announced income from continuing operations of $38.8 million, on net sales of $6,504.6 million for the full year 2011, as compared to a net loss from continuing operations of $215.5 million on net sales of $4,418.2 million for the full year 2010. Excluding the impact of certain items in the full year 2011, income from continuing operations as adjusted would have been approximately $51 million. Excluding the impact of certain items in the full year 2010, loss from continuing operations as adjusted would have been approximately $140 million.
Net sales were $1,956.6 million in the fourth quarter of 2011, an increase of 47.5% from $1,326.6 million in the fourth quarter of 2010. Excluding the impact of the acquisition of Demag Cranes AG, net sales increased approximately 20% from the comparable prior year period.
“During 2011, we made significant investments and improvements and implemented actions to set us on a course toward improved profitability in 2012 and beyond,” said Ron DeFeo, Terex Chairman and Chief Executive Officer. “We have seen further recovery in many of our end markets as utilization rates improve and existing fleets age. This is consistent with an overall improving construction and economic environment. Emerging economies continue to grow most rapidly, along with solid performance in North America. This has helped offset some of the continuing weakness in several European markets.”
Outlook
Mr. DeFeo added, “Turning now to our 2012 expectations, we see continued demand for new equipment, and estimate that we are in the second year of a multiple year recovery.”
The following provides some insight into the drivers and expectations of our 2012 performance by segment:
• AWP – Our outlook is positive, with the North American rental channel in a full replacement cycle and in need of new equipment.
• Cranes – The outlook reflects the slightly weakened demand environment for cranes in Europe, offset by anticipated continued growth in markets that are experiencing recovery, such as North America and Australia. Additionally, we expect that increasing demand from developing markets, such as Latin America and the Middle East, will continue.
• Materials Processing – We anticipate continued strong sales performance in Australia and South Africa.
• Material Handling and Port Solutions – We expect improving sales trends, led by the services and the port solutions businesses, specifically in North America, India and the Middle East.
• Construction – Our focus will be on profitable products and markets. We expect roadbuilding operations to continue to face challenges in 2012.