Terex Corporation (NYSE: TEX) has reported third quarter 2018 sales of $1.2 billion, up 11 percent versus Q3 of 2017, with increased sales and backlog in its AWP and 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 the 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 percent 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.” stated 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.”
Steve Filipov, president, Terex Cranes commented, “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.”