Terex Corporation have released its third quarter 2018 results and reported sales of $1.2 billion, up 11 per cent versus Q3 of 2017, with increased sales and backlog in its aerial work platform (AWP) and materials processing (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 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 per cent 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,” said 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.”
According to Steve Filipov, president of Terex Cranes, their new products, including the Demag line of all-terrain cranes, have all been selling really well, showing him that the market for their products is still strong.
“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,” Filipov continued.
“We have a strong order book and remain committed to improving Cranes performance and meeting the need of our customers.”