Terex Corporation has announced a loss in 4Q16 from continuing operations of US$313.9 million, on net sales of US$1.0 billion. Excluding after tax charges of US$321.3 million, income from continuing operations, as adjusted, for 4Q16 was US$7.4 million. This compares to income from continuing operations, as adjusted, of US$32.0 million in 4Q15.
In FY16, Terex also reported a loss, from continuing operations of US$193.0 million, on net sales of US$4.4 billion. This compares to income from continuing operations if US$128.4 million on net sales of US$5.0 billion for FY15. Income from continuing operations, as adjusted, for FY16 was US$95.3 million, compared to US$154.6 million in 2015.
“Our fourth quarter results were in line with our expectations and reflect the challenging global market conditions,” said John L. Garrison, Terex President and CEO. “We have taken significant steps to better position Terex for the future,” continued Mr. Garrison. “We completed the sale of our MHPS business, initiated major restructuring actions within our Cranes segment, and dramatically improved our balance sheet. We continue to implement our strategy, to focus and simplify the company, and build capabilities in key commercial and operational areas.”
Mr. Garrison continued, “Looking ahead to 2017, we expect our primary global markets to remain challenging. We anticipate lower fleet replacement demand from North American AWP rental customers. The global Crane market remains challenging and we expect a further decline in 2017. We anticipate modest growth in our Materials Processing business. Combined with our cost reduction actions and capital structure improvements, we expect to deliver 2017 earnings per share of between US$0.60 and US$0.80, excluding restructuring, impact from our ownership interest in Konecranes, and other unusual items, on net sales of approximately US$3.9 billion.”
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