Terex revenues fall 10.5% in 2015

Premium Content

22 February 2016

Terex

Terex

US-based equipment manufacturer Terex has recorded revenues of US$ 6.543.1 billion – a decrease of -10.5% from the $ 7.308.9 recorded in 2014.

The company’s reported income was $ 355.3 million for 2015, compared to the $ 423.1 million in 2014.

Earnings before interest, taxes, depreciation and amortization (EBITDA) also dropped to $ 478.1 million 2015, from $ 629.5 million in 2014.

The company said that it is cautious of the China market “slowing”, among other things, but is confident that restructuring actions and new product development will help control any potential danger.

John Garrison, president and CEO, said, “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.”

He added, “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.

Garrison also said that the company expects net sales for 2016 to be about 10% lower than in 2015.

Crane strike reveals strain in UK construction
Government policy failures highlighted by UK tower crane operator strike, CPA chief says
ESTA pushes ahead with trailer operator training
European Trailer Operator Licence programme development includes ‘dual track’ trailer operator training
Donaldson to lift the lid on ArmorSeal in upcoming webinar
Expert panel will discuss new air filtration technology designed to improve durability, serviceability and performance – February 19.