Terex crane sales rise in Q36 November 2017 by Sotiris Kanaris
Terex’s cranes segment’s sales revenue was $301.9m in the third quarter of 2017, up from $282.8m in the same period of the previous year.
In the nine months to the end of September revenue stood at $869.6m, marking a $78.9m fall year-on-year.
Operating loss for the crane division was cut to $19.6m from $41.5m recorded in the first nine months of 2016.
As a group, Terex reported net sales of $3.3bn in the first three quarters of the year, compared to $3.47bn in the same period of 2016. Gross profit increased by $4.3m to $612m.
John Garrison, Terex president and CEO commented on the results: “Our third quarter financial results demonstrate the accelerating momentum across Terex. All three segments increased sales, improved operating margin and grew backlog. Aerial Work Platforms (AWP) grew in North America and Europe, and expanded its operating margin. Cranes continued to be profitable in the third quarter, realizing benefits from its restructuring program. Materials Processing (MP) continued its excellent performance, growing sales and operating margin for the fourth consecutive quarter.
“Footprint consolidation progress in the quarter included completing the sale of manufacturing locations in Jinan, China and Bierbach, Germany. “