Terex Corporation has reported a strong Q1 with sales of US$1.3 billion (AU$1.74 billion), a 25% growth compared to Q1 of 2017.
The company attributed the growth to improvements made to its operations as well as broad-based growth across its global market.
Income from continuing operations as adjusted for the first quarter of 2018 was US$44.6 million. This compares to income from continuing operations as adjusted of $5.5 million in the first quarter of 2017.
Sales for the Terex Cranes business segment grew 19% to US$314 million, driven by higher demand and the favourable impact of foreign exchange rates. Operating performance improved compared to the first quarter of last year, however, Terex’s results were negatively impacted by disruptions in the company’s mobile crane factories caused by supply chain challenges.
Indications for future growth are positive, with Terex Cranes Q1 ending backlog up 58% versus 2017.
“Overall, we had a strong start to the year. Our backlog is up significantly in every segment and our global markets are improving” remarked John L. Garrison, Terex president and CEO.
“Aerial Work Platforms (AWP) and Materials Processing (MP) are off to a great start. Our Cranes segment improved compared to the prior year but performed below our expectations in the quarter.”
Turning to Australia, Garrison noted in Terex’s earnings presentation that there has been a pick up, albeit off a “very low base”, of pick and carry cranes.
Steve Filipov, president Terex Cranes commented: “Global crane markets were fairly stable with pockets of growth as expected. We executed well in Towers and Utilities, and we continued to roll out exciting new products including our Demag AC 300-6 all-terrain crane and Terex CTT 472-20 flat top tower crane.”