Terex Cranes is confident that its vehicles are in demand and will improve its financial
position, following the publication of the company’s latest financial figures.
In the OEM’s third-quarter results for 2018, the company’s crane segment reported sales of
US$301m, a marginal fall on US$301.9m for the same period in the year 12 months ago.
At the same time, backlog increased by 20% since Q3 2017 to US$601m, and as a result
Terex Cranes’ president Steve Filipov remains bullish about the company’s future: “Our new
products, including the Demag line of all-terrain cranes, are selling well – our customers
want the product. 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. We have a strong order book and
remain committed to improving Cranes performance and meeting the needs of our
customers.”
Wider context
Overall, the wider business – including its truck business – posted healthier results, as Q3 sales for 2018 at US$1.2bn were an 11% improvement on last year, though backlog also rose here by 41% in 12 months to US$1.6billion.
John L Garrison, Terex Corporation chairman and CEO, said, “We continue to see strong
global demand for our products. We increased sales, bookings and backlog in the quarter.
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.”
