Terex Corporation announced yesterday that income from continuing operations were $103.6 million, or $0.91 per share, on net sales of $7,348.4 million for the full year 2012, as compared to income from continuing operations of $38.6 million, or $0.35 per share, on net sales of $6,504.6 million for the full year 2011. Excluding the costs associated with debt repayments and certain other items during the year, income from continuing operations as adjusted in the full year 2012 was $1.83 per share. Excluding the gain on the sale of Bucyrus International shares and certain other items, income from continuing operations as adjusted for the full year 2011 was $0.46 per share. The Glossary at the end of this press release contains further details regarding these items.
For the fourth quarter of 2012 loss from continuing operations was $30.7 million, or $0.28 per share, compared to a loss from continuing operations of $4.2 million, or $0.04 per share for the fourth quarter of 2011. Excluding the costs associated with debt repayment and certain other items in the fourth quarter of 2012, income from continuing operations as adjusted would have been $21.9 million, or $0.19 per share. Excluding the impact of certain items in the fourth quarter of 2011, income from continuing operations as adjusted would have been $27.3 million, or $0.25 per share.
Net sales were $1,695.5 million in the fourth quarter of 2012, a decrease of 13.3% from $1,956.6 million in the fourth quarter of 2011. Income from operations was $27.9 million in the fourth quarter of 2012, a decrease of $3.2 million when compared to income from operations of $31.1 million in the fourth quarter of 2011. Excluding the impact of certain items in the fourth quarter of 2012, income from operations as adjusted was approximately $77 million. Excluding the impact of certain items in the fourth quarter of 2011, income from operations as adjusted was approximately $74 million.
All results are for continuing operations, unless stated otherwise. All per share amounts are on a fully diluted basis.
“We made significant progress in 2012. Our primary goals were margin improvement, cash generation and the integration of Demag Cranes AG. We made excellent advancement in these areas and more during the year,” commented Ron DeFeo Terex, chairman and CEO. “We were impacted in the second half of the year by challenging end markets in Europe and Asia but we still meaningfully improved our profitability, generated approximately $554 million of free cash flow, restructured and reduced our debt, and began to realize integration savings as planned.”
DeFeo continued, “We are optimistic about our business as we begin 2013. We are seeing improvements in many of our end-markets and believe the macro-economic uncertainty that affected our fourth quarter performance will abate by the middle of 2013. Three segments performed well in 2012 and we expect this to continue in 2013. Our Aerial Work Platforms (AWP) segment is continuing to benefit from North American rental channel demand. Cranes performance is expected to remain strong in North America and in certain developing market regions. The Materials Processing (MP) segment performance remains solid. Both the Cranes and MP segments delivered double digit operating margin in the fourth quarter of 2012.”
Read the full release and outlook for 2013.
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