Terex Corporation today announced for the fourth quarter of 2011 loss from continuing operations was $4.0 million, or $0.03 per share, compared to a loss from continuing operations of $32.5 million, or $0.30 per share for the fourth quarter of 2010.
Net sales were $1,956.6 million in the fourth quarter of 2011, an increase of 47.5% from $1,326.6 million in the fourth quarter of 2010. Excluding the impact of the acquisition of Demag Cranes AG, net sales increased approximately 20% from the comparable prior year period. Income from operations was $32.0 million in the fourth quarter of 2011, an improvement of $32.5 million as compared with a loss from operations of $0.5 million in the fourth quarter of 2010.
“During 2011, we made significant investments and improvements and implemented actions to set us on a course toward improved profitability in 2012 and beyond,” says Ron DeFeo, Terex Chairman and Chief Executive Officer. “We have seen further recovery in many of our end markets as utilization rates improve and existing fleets age. This is consistent with an overall improving construction and economic environment. Emerging economies continue to grow most rapidly, along with solid performance in North America. This has helped offset some of the continuing weakness in several European markets.”
Outlook for 2012
Mr. DeFeo adds, “Turning now to our 2012 expectations, we see continued demand for new equipment, and estimate that we are in the second year of a multiple year recovery. Overall, our focus for 2012 will be on profit improvement and cash generation as opposed to net sales growth. During 2011, net sales growth was important, as it provided us more consistent run rates and we were able to solidify, if not improve our market shares. In general, however, we were unable to offset increases from our suppliers through pricing actions, which is common during the first year of a recovery. We expect this will be different in 2012.”