Terex Corporation announced fourth quarter 2015 income was $14.6 million on net sales of $1.6 billion. In the fourth quarter of 2014, income was $79.9 million on net sales of $1.8 billion.
For the full year 2015, Terex reported income of $142.5 million, on net sales of $6.5 billion, compared to $259.0 million, and $7.3 billion for 2014.
John L. Garrison, Terex president and chief executive officer (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.”
The AWP division (Genie) turned over $455.3million for Q4 2015 compared to $468.2million in 2014. The 2015 annual turnover of $2213.4 million was 6.5% down on the previous year, with profit remaining fairly stable at more than 12% of turnover.
The cranes division turned over $437.3million in the final quarter of 2015 compared to $474.3 million in 2014, annual turnover was $1699.7 million 5% down on the previous year with profit falling from 4.8% to 3.4% of turnover.
The MHPS (Material Handling and Port Services) division made sales of $390 million in the last quarter of 2015 compared to $515.6 million in 2014 – annual turnover was $1445.8 million 19% down on 2014 – percentage loss decreased from 1 to 0.6% of turnover.
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.”
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