Following Terex Corporation’s release of its third quarter 2018 results, Terex Cranes is pleased to share these, along with its segment-specific, results.
Terex Corporation (NYSE: TEX) reported third quarter 2018 sales of $1.2 billion, up 11% versus Q3 of 2017, with increased sales and backlog in its AWP and MP business segments. The results were driven by continued implementation of the company’s Execute to Win business strategy and its focus on meeting the growing needs of customers during a period of broad-based growth.
Sales for the Terex Cranes segment were flat compared to 2017 at $301 million. Overall demand for Terex Cranes’ products is stable with pockets of growth, and with Q3 backlog up 20% versus 2017, the segment is positioned for stronger performance in Q4.
“We continue to see strong global demand for our products. We increased sales, bookings, and backlog in the quarter.” stated John L. Garrison, Terex Chairman and CEO. “We continue to implement our Execute to Win priorities. We are seeing benefits from our Commercial Excellence initiative positively impact customer experiences and our market performance. At the same time, we are executing plans in Strategic Sourcing and Lifecycle Solutions that are designed to significantly improve future performance.”
Steve Filipov, President Terex Cranes commented, “Our new products, including the Demag® line of all terrain cranes are selling well - our customers want the product. Our Utilities business is consistently meeting customer needs in a relatively stable market and our Tower Cranes business continues to grow and execute well with new products and customer-focused solutions. We have a strong order book and remain committed to improving Cranes performance and meeting the needs of our customers.”
For more information on Terex Corporation’s third quarter 2018 results, visit:
For more information about Terex Cranes products and services, visit https://www.terex.com/cranes/en/about/about-terex-cranes
Forward Looking Statements:
This press release contains forward-looking information regarding future events or Terex’s future financial performance based on the current expectations of Terex. Terex has based these forward-looking statements on current expectations and projections about future events. These statements are not guarantees of future performance. Actual events or the actual future results of Terex may differ materially from any forward-looking statement due to these and other risks, uncertainties and significant factors. The forward-looking statements speak only as of the date of this release. Terex expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement included in this release to reflect any changes in expectations with regard thereto or any changes in events, conditions, or circumstances on which any such statement is based.
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