Terex’s income from continuing operations in 2013 totaled $209 million, on net sales of $7.1 billion, compared to income of $77 million on net sales of $7 billion in 2012. The company’s Aerial Work Platform (AWP) business net sales rose to $482 million for the quarter and $2.131 billion for the year, compared with $368.3 and $1.742 billion, respectively, for the same periods in 2012. All other segments experienced a full-year decline in sales.
Excluding certain items, income from continuing operations as adjusted for the full year 2013 was $261.2 million compared to $179.5 million in 2012.
For the fourth quarter of 2013 income from continuing operations was $84.8 million on net sales of $1.8 billion, compared to a loss from continuing operations of $33.2 million on net sales of $1.6 billion for the fourth quarter of 2012. Excluding certain items, income from continuing operations as adjusted was $76.8 million in 2013 compared to $19.4 million in 2012.
Construction segment net sales rose slightly to $193.5 million for the quarter, up from $190.7 million in 2012, but declined from $952.1 million in 2012 to $820 million in 2013.
Cranes sales totaled $480.4 million for the quarter, compared with $511.2 million in 4Q 2012. Total crane net sales for 2013 were $1.925 billion, compared to $1.987 billion in 2012.
Materials Handling & Port Solutions (MHPS) net sales rose to $528.9 million for the quarter, but dropped to $1.698 billion for the year, compared with $416.3 million and $1.742 billion in 2012, respectively.
Materials Processing net sales totaled $149.9 million for the quarter, compared with $152.1 million in the fourth quarter of 2012. Sales were $628.2 million for full-year 2013, compared with $661.5 million in 2012.
“Overall, 2013 was a good year and I am pleased with the improvements and progress underway at Terex,” said Ron DeFeo, Terex chairman and CEO. “This past year was a tale of two halves, with the second half of the year significantly stronger than the first half. Our performance in the second half was fueled by the continued strength of our AWP segment and a turnaround in our MHPS segment.”
The company expects 2014 earnings per share to be between $2.50 and $2.80 (excluding restructuring and other unusual items) on net sales of between $7.3 billion and $7.7 billion.
“Our 2014 guidance reflects the benefits of internal cost initiatives, capital structure improvements and some anticipated net sales growth,” DeFeo said. “The guidance is for continuing operations, and as such excludes the earnings associated with the off-highway truck business due to its impending sale. We see some signs of improvement in many parts of the world although this is tempered with some continued market uncertainty, particularly in developing markets. Overall, we believe that the global economy will be stronger in 2014, but still modest when viewed against historic demand levels.”