- Net sales grew 13% in 2012 to $7.3 billion
- Net sales in Q4 2012 fell 13% to $1.7 billion
- Forecasting 2013 net sales of $7.9 to $8.3 billion
In its fourth-quarter and year-end report, Terex Corp. announced income from continuing operations of $103.6 million, or $0.91 per share, on net sales of $7,348.4 million for the full year 2012, as compared to income from continuing operations of $38.6 million, or $0.35 per share, on net sales of $6,504.6 million for the full year 2011.
Excluding the costs associated with debt repayments and certain other items during the year, income from continuing operations as adjusted in the full year 2012 was $1.83 per share. Excluding the gain on the sale of Bucyrus International shares and certain other items, income from continuing operations as adjusted for the full year 2011 was $0.46 per share. The Glossary at the end of this press release contains further details regarding these items.
“We were impacted in the second half of the year by challenging end markets in Europe and Asia but we still meaningfully improved our profitability, generated approximately $554 million of free cash flow, restructured and reduced our debt, and began to realize integration savings as planned,” said Ron DeFeo, Terex Chairman and CEO.
For the fourth quarter of 2012 loss from continuing operations was $30.7 million, or $0.28 per share, compared to a loss from continuing operations of $4.2 million, or $0.04 per share for the fourth quarter of 2011. Excluding the costs associated with debt repayment and certain other items in the fourth quarter of 2012, income from continuing operations as adjusted would have been $21.9 million, or $0.19 per share. Excluding the impact of certain items in the fourth quarter of 2011, income from continuing operations as adjusted would have been $27.3 million, or $0.25 per share.
Net sales were $1,695.5 million in the fourth quarter of 2012, a decrease of 13.3% from $1,956.6 million in the fourth quarter of 2011. Income from operations was $27.9 million in the fourth quarter of 2012, a decrease of $3.2 million when compared to income from operations of $31.1 million in the fourth quarter of 2011. Excluding the impact of certain items in the fourth quarter of 2012, income from operations as adjusted was approximately $77 million. Excluding the impact of certain items in the fourth quarter of 2011, income from operations as adjusted was approximately $74 million.
