The Terex Corporation reported second quarter 2018 sales of $1.4 billion, up 19% versus Q2 of 2017, with increased sales and backlog in all business segments. Terex said the results were driven by continued implementation of the company’s ‘Execute to Win’ business strategy and its focus on meeting the growing needs of customers during a period of broad-based growth.
Sales for the Terex Cranes business segment grew 10% to $335 million. According to Terex, growth was driven by higher demand while constrained by global supply chain challenges. The company reported that cranes markets around the globe are generally stable, with growth in certain areas. Indications for the future are positive, Terex Cranes said, with Q2 ending backlog at $602 million, up 31% versus 2017.
“We delivered very strong results in the second quarter,” said John L. Garrison, Terex president and CEO. “Our global team continued to execute well and continued the trend of improving overall performance. We increased sales and backlog in all three segments and increased production to meet strong global demand. Overall, it was a strong quarter that positions us very well going into the second half of the year.”
Steve Filipov, President Terex Cranes commented, “Our tower crane business continues to grow, driven by higher demand in Europe, North America and Asia, and our utilities business continues to perform well in a relatively stable market environment. A critical element of our cranes improvement plan is to successfully introduce new products. The 3-axle Demag AC 55-3 all terrain crane is the latest addition to our portfolio. By reinvigorating our product portfolio, we are re-establishing ourselves as a leader in the all terrain segment.”