Sales at Terex Cranes in 2015 were US$ 1.67 billion, down 6.7 % on the $ 1.79 billion of 2014. The port and industrial crane division (MHPS) fared even less well with sales at $1.46 billion, down 18 % from $ 1.78 billion in 2014.
For the last quarter of 2015 sales at Terex Cranes were $ 390 million, down 24 % from the $ 516 million of the same quarter in 2014.
For the whole of Terex Corporation sales were down, in all divisions, by 10.5 % overall, from $ 7.31 billion in 2014 to $ 6.54 billion in 2015.
John Garrison, Terex president and CEO, said, “The macro operating environment in the fourth quarter was challenging. Global economic volatility has made our customers more cautious overall, resulting in fourth quarter order activity that was below expectations in most business segments and product categories. On a positive note, free cash flow for the year came in at a strong $290 million, nearly double our 2015 net income. Cash flow generation will be a primary focus going forward.”
Garrison continued, “Looking ahead to 2016, we do not see market conditions improving. We anticipate lower fleet replacement from North American AWP rental customers. The oil and gas and commodity market decline will continue to impact demand across many of our products. We are developing and implementing plans to align our cost structure with these market realities. We expect 2016 earnings per share to be between $1.30 and $1.60, excluding restructuring and other unusual items, and net sales to be about 10% lower than 2015.”