Industry News, Product News

Terex Cranes returns to profitability in 2018

Palfinger has revealed its financial results for the year so far, reporting a 10 per cent increase in revenue, with a record-breaking target in sight.

Terex Cranes has released its full year 2018 results, reporting a net sales of $US1.3 billion ($1.82 billion), a 10 per cent increase compared with 2017.

The company found its cranes business had made improvements in materials management and operational performance and has returned to profitability in the fourth quarter of 2018.

Sales for the Terex Cranes segment grew 12 per cent compared to 2017, reaching $US365 million ($510 million).

Overall, Terex Corporation reported net sales of $5.1 billion for 2018, an increase of 18 per cent compared with the previous year.

The news follows the company’s recent move to sell its Demag Mobile Cranes business and exit mobile crane product lines manufactured at its Oklahoma City facility. Terex will continue to manufacture and support specialised crane products, including its pick and carry cranes in Brisbane, Australia.

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Terex Cranes President Steve Filipov said in the further quarter of the year, the Cranes segment succeeded in overcoming the material supply challenges which had impacted its performance earlier in 2018.

“The sale of the Demag Mobile Cranes business to Tadano Ltd is based on strong industrial logic,” Filipov said.

“Bringing these two complementary businesses together will combine Tadano’s 100 years of experience with Demag Mobile Cranes’ nearly two centuries to create a lifting company capable of bringing new leadership to the industry and continuing to create innovative lifting solutions.

“I also want to assure our customers that our parts and services team remains firmly in place and committed to providing them with world class support for all of their Terex cranes, and will support their Demag cranes through the transition to the new owners,” he said.

Terex Chairman and CEO John Garrison said the global team had executed well in the fourth quarter, completing a strong year for Terex.

“We will continue to support all of our customers, including those affected by the changes in our Cranes segment, as we execute our strategy to be a high performing, customer-focused company,” he said.

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