Terex Corp sales up, loss halved

10 February 2011

Sales at Terex Corp for 2010 were US$4.42 billion, up from $3.86 billion for the full year 2009.

The Corporation reported a loss of $215.5 million, about half the $407.5 million loss on net sales for 2009. Helping to reduce the loss were improved net sales volume, increased production, the effect of prior cost reductions and lower SG&A costs.

Net income for the full year 2010 of US$358.5 million reflected improved operating results over 2009 and the gain associated with the previously disclosed divestiture of the Mining business, Terex said.

"For Terex, 2010 was clearly a transitional year as we rebounded from the trough levels of 2009 and completed the sale of our Mining business," said Ron DeFeo, Terex chairman and chief executive officer.

"We have seen order rates accelerate throughout 2010 for most of our businesses, including a recent sequential upturn in order rates in our Cranes segment as we secured several large contracts in the fourth quarter for longer term delivery schedules. Markets in Latin America, India and China are driving large crane and off-highway truck equipment demand.

"Markets such as the Americas and Western Europe have shown a marked rebound in demand for smaller equipment, namely aerial work platforms in the United States and compact construction equipment in Germany, central European countries and Latin America."

Looking ahead, DeFeo said, "Our current outlook for net sales in 2011 is $5.0 billion to $5.4 billion, an increase of roughly 13-22% from 2010. Our expectation for income from operations is a profit of $220 million to $250 million."

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