Total sales rise 19% to $1.4bn led by $355m in cranes segment with increased backlog of orders
Construction equipment heavyweight Terex has reported a strong second quarter 2018 with sales of $1.4bn, up 19% over the same period last year, with increased sales and backlog in all three of its business segments.
According to Terex, 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 company’s Terex Cranes segment grew 10% to $335m, driven by higher demand while constrained by global supply chain challenges. Terex said the global cranes markets are generally stable with growth in certain areas. Indications for the future are positive, with Terex Cranes’ second quarter-ending backlog up 31% over 2017.
“We delivered very strong results in the second quarter. Our global team continued to execute well and continued the trend of improving overall performance. We increased sales and backlog in all three segments and increased production to meet strong global demand,” said John L. Garrison, Terex president and CEO. “Overall, it was a strong quarter that positions us very well going into the second half of the year.”
Steve Filipov, president, Terex Cranes, added: “Our tower crane business continues to grow driven by higher demand in Europe, North America and Asia, and our utilities business continues to perform well in a relatively stable market environment. A critical element of our cranes’ improvement plan is to successfully introduce new products. The three-axle Demag AC 55-3 all-terrain crane is the latest addition to our portfolio. By reinvigorating our product portfolio, we are re-establishing ourselves as a leader in the all-terrain segment.”