FOR IMMEDIATE RELEASE
TEREX ANNOUNCES FOURTH QUARTER AND FULL YEAR 2017 RESULTS AND PROVIDES 2018 GUIDANCE
WESTPORT, CT, February 13, 2018 -- Terex Corporation (NYSE: TEX) today announced fourth quarter 2017 loss from continuing operations of $31.7 million, or ($0.37) per share, on net sales of $1.1 billion. The fourth quarter and full year 2017 results include a one-time $50.4 million charge associated with the new U.S. tax law. In the fourth quarter of 2016, Terex reported a net loss from continuing operations of $313.9 million, or ($2.96) per share, on net sales of $1.0 billion. Income from continuing operations, as adjusted, for the fourth quarter of 2017 was $28.3 million, or $0.33 per share. This compares with income from continuing operations, as adjusted, of $10.7 million or $0.10 per share in the fourth quarter of 2016. The Glossary at the end of this press release contains further details regarding these non-GAAP measures.
For the full year 2017, Terex reported income from continuing operations of $60.0 million, or $0.63 per share, on net sales of $4.4 billion, compared with a loss from continuing operations of $193.0 million, or ($1.79) per share, on net sales of $4.4 billion for the full year 2016. Income from continuing operations, as adjusted, for the full year 2017 was $128.4 million, or $1.35 per share, compared with $95.3 million, or $0.88 per share, in 2016.
“The fourth quarter marked an excellent finish to an important year for Terex,” remarked John L. Garrison, Terex President and CEO. “We increased operating margins, bookings and backlog in every segment and significantly improved earnings per share.”
“We delivered on our commitments in 2017. The sales of MHPS and the remaining Construction businesses concluded the Focus element of our strategy and created substantial value for our shareholders,” continued Mr. Garrison. “We continued to simplify the company by executing our footprint rationalization plan, exiting 12 manufacturing locations totaling 2.6 million square feet. We reduced administrative expenses while increasing investment in innovation, strategic sourcing, and commercial excellence. We fundamentally improved our capital structure by executing our disciplined capital allocation strategy, reducing debt by $583 million, refinancing at the lowest interest rates in the Company’s history, and returning capital to shareholders by repurchasing $924 million of Terex stock.”
Mr. Garrison concluded, “By implementing our strategy, strengthening the Company, and increasing backlog by 56%, we are well positioned for what we expect to be an improving global market environment in 2018. We expect to increase revenue and improve operating margins in every business segment. We will continue to implement the Simplify and Execute to Win elements of our strategy, and follow our disciplined capital allocation strategy. We expect to deliver 2018 earnings per share of between $2.35 and $2.65, excluding restructuring, transformation investments, and other unusual items, on net sales approximately 10% higher than 2017.”
The following information was filed by Terex Corp (TEX) on Tuesday, February 13, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.