Terex Corp. posted income from continuing operations of $259 million for the full year of 2014, or $2.27 per share on net sales of $7.3 billion, compared to $209 million or $1.79 per share on net sales of $7.1 billion in 2013.
Totaling to a 23.9 percent net income increase. While income per share climbed 26.8 percent and total revenue increased less than 1 percent. Excluding the $0.49 per share tax benefit related to the ASV disposition and certain other items, income from continuing operations adjusted for the full year was $268.5 million compared to $261.2 million in 2013.
For the fourth quarter of 2014, income from continuing operations was $79.9 million compared to $84.8 million in the fourth quarter of 2013, a decrease of 5.7 percent, while net sales were flat year over year at $1.8 billion.
Terex Chairman and CEO Ron DeFeo credits the positive performance to a streamlined business portfolio, reduced cost stucture, new products and simplified operations. In addition, Terex "purchased 5.3 million shares, lowered borrowing costs and extended our debt maturity dates, as well as generated $329 million of free cash flow,” said DeFeo.
Read more about Terex's fiscal year in 2014 on Rental Equipment Register.