Terex Cranes reports slight sales drop14 February 2018 by Sotiris Kanaris
Terex Corporation’s Cranes division has reported net sales revenue of $1.19bn for 2017, a fall from the $1.27bn generated in 2016.
On the other hand, the manufacturer’s restructuring and cost reduction strategies have been fruitful. For the full year 2017 loss from operation was $17.8m, significantly lower than the $321.7m loss reported in 2016.
In the fourth quarter Terex Cranes reported a profit of $1.8m, continuing the trend of the previous two quarters. In Q4, net sales for the segment were essentially flat compared to 2016.
“The fourth quarter marked an excellent finish to an important year for Terex with profitability increasing significantly,” said John Garrison, Terex president and CEO. “We continued to simplify the company to enhance efficiency and make it easier for our customers to do business with us. We reduced administrative expenses while increasing investment in innovation, strategic sourcing, and commercial excellence.”
Steve Filipov, president Terex Cranes said: “We will be launching innovative new products throughout the year. The global crane markets have stabilized, and we see pockets of growth. We plan to improve productivity on higher volumes and better operational execution in 2018.”