“It’s always good to go through a cycle,” says Ron DeFeo, Terex Corp. chairman and CEO. “It reminds you of what you need to be careful about.”
We are, of course, referencing the crippling worldwide economic recession that began in 2008 and subsequently stifled trades of all forms, but also changed the way we approach and conduct business.
Terex Corp., and its AWP division, Terex Aerial Work Platforms, have since seen much brighter days. Despite profit being down for Terex AWP in 2014, it saw a 137 percent rise in backlog, hinting that 2015 should bring continued momentum.
A snapshot of Terex AWP’s 2014 business shows full-year income from operations standing at $302 million, compared to $326 million in 2013. This represented a significant portion of group profit, with consolidated income from operations across the whole of Terex reaching $423 million.
In the fourth quarter of ’14, AWP income from operations was $38.7 million, down from $71.5 million in the same period 2013.
“We had an excellent year in our AWP business and revenues up 11 percent for the year is a pretty good year to be proud of,” DeFeo says. “So, I think we want to start from a position of strength – but it’s pretty different dynamics to close 2014 than what took place at the end of 2013.”
We sat down with DeFeo and his team during The Rental Show on Feb. 24 and asked for their thoughts on financials, the market, global growth and product development. To read the full interview, please see our March/April issue of Access, Lift & Handlers, which will be hitting mailboxes soon.