Terex Corp.’s Revenues Jump 25.9 Percent in Fourth Quarter
Terex Corp. reported fourth quarter 2021 net sales from continuing operations of $990.1 million, compared to $786.7 million for the fourth quarter of 2020, a 25.9-percent increase. Net income was $58 million in Q421, compared to $14 million in the fourth quarter of 2020, more than four times as much.
For the full year 2021, Terex posted $3.9 billion in net sales, compared to $3.1 billion in 2020, a 20.5-percent jump. Income from continuing operations was $217.5 million, compared to $9 million in 2020.
Terex’s AWP division with operating margins improving 530 basis point, on strong global customer demand and strict cost discipline. Materials Processing continued to demonstrate strong operational performance, delivering operating margins of 13.8 percent in the fourth quarter.
"I am proud of the continued resilience demonstrated by Terex team members to manage through a challenging operating environment,” said chairman and CEO John Garrison Jr. “We delivered significantly improved 2021 results and made progress on our Execute, Innovate and Grow strategy. Customer demand remains strong for our products and services. The entire organization remains focused on overcoming supply disruptions to increase production and deliver for our customers. As a result, we expect 2022 sales will be $4.1 to $4.3 billion with EPS of $3.55 to $4.05. We are confident that Terex is well positioned to drive innovation and growth in 2022."
"We were able to generate $125 million of free cash flow in 2021,” said Julie Beck, senior vice president and chief financial officer. “Our strong balance sheet and expected 2022 free cash flow generation of $175 to $225 million allows us to fund growth investments, such as our new Genie Mexico facility and digitalization initiatives."
About the Author
Michael Roth
Editor
Michael Roth has covered the equipment rental industry full time for RER since 1989 and has served as the magazine’s editor in chief since 1994. He has nearly 30 years experience as a professional journalist. Roth has visited hundreds of rental centers and industry manufacturers, written hundreds of feature stories for RER and thousands of news stories for the magazine and its electronic newsletter RER Reports. Roth has interviewed leading executives for most of the industry’s largest rental companies and manufacturers as well as hundreds of smaller independent companies. He has visited with and reported on rental companies and manufacturers in Europe, Central America and Asia as well as Mexico, Canada and the United States. Roth was co-founder of RER Reports, the industry’s first weekly newsletter, which began as a fax newsletter in 1996, and later became an online newsletter. Roth has spoken at conventions sponsored by the American Rental Association, Associated Equipment Distributors, California Rental Association and other industry events and has spoken before industry groups in several countries. He lives and works in Los Angeles when he’s not traveling to cover industry events.