Genie sales reflect market growth
By Euan Youdale14 February 2018
Following Terex Corporation’s release of its fourth quarter and full year 2017 results, Terex Aerial Work Platforms (AWP) shared its segment results.
Terex Corporation reported a strong finish to the year, with fourth quarter net sales of nearly $1.1 billion, up 9.1% compared to the same period in 2016. The company said this was thanks to improving market demand and successful implementation of the company’s transformation strategy.
For the full year, Terex reported net sales of $4.4 billion, down 1.8% from 2016 due to the sale of non-core businesses and softness in its mobile cranes business. The positive year-end momentum is poised to continue with the company reporting backlog up by 56% at year end.
The Terex AWP business segment, driven by its Genie brand, was a strong contributor to the overall Terex results, with net sales up by 18.6% in the fourth quarter and 4.7% for the full year while backlog was up by 51%.
Terex AWP’s operating profit was up considerably in the fourth quarter by 66.5% at $30.3 million, compared to the fourth quarter of 2016, although for the year it was down slightly by $4.2% at 170.3 million.
“The fourth quarter marked an excellent finish to an important year for Terex with profitability increasing significantly,” said John L. Garrison, Terex president and CEO. “We continued to simplify the company to enhance efficiency and make it easier for our customers to do business with us. We reduced administrative expenses while increasing investment in innovation, strategic sourcing, and commercial excellence.”
Matt Fearon, Genie president, Terex AWP commented, “AWP enters 2018 with clear signs that markets are improving for the first time in several years and we believe the Genie business is well positioned for the improving market.”