Terex MP achieved net sales of $554.7 million for the fourth quarter of 2023, up 0.8% or $4.4 million year-over-year, primarily driven by healthy demand for its products across multiple businesses. Income from operations decreased 3.7% to $83.8 million in Q4 2023, or 15.1% of net sales, compared to $87 million, or 15.8% of net sales, in the prior year as improved manufacturing efficiencies and disciplined cost management were offset by non-recurring charges related to an unfavourable product liability verdict.
Under Terex MP's Aggregates vertical are the brands Powerscreen, Finlay, EvoQuip, Terex Mineral Processing Systems [Terex MPS], Terex Washing Systems [TWS], MDS, ProStack, Marco and Terex Conveyor Systems.
The other four Terex MP verticals are Environmental, including Terex Recycling Systems, ZenRobotics, Terex Ecotec, and Continental Biomass Industries (CBI); Concrete, featuring Advance, Bid-Well and ProAll; Handling, home to the Fuchs brand of material-handling equipment; and Lifting, which includes Terex Tower Cranes, Terex Rough Terrain Cranes and Franna pick and carry cranes.
Terex Corporation posted net sales of $1.2 billion in Q4 2023 and $5.2 billion for the full year 2023, up 16.6% compared to $4.4 billion in 2022.
"After five years in the organisation, I am honoured, humbled and excited to be Terex's next CEO. Terex is in a very good place, and I look forward to a bright future," said Terex president and chief executive officer Simon Meester. He added: "We are pleased by our strong 2023 performance and believe Terex is well-positioned to continue to deliver value to its customers and shareholders, with strong demand for its products and favourable megatrends for the long term. Our annual results demonstrate significant improvement over the prior year and highlight our ability to successfully manage cost inflation and supply chain challenges. I would like to thank our team members for their hard work and resilience to consistently deliver value for our customers and shareholders.
"As we begin the new year, we again expect to deliver strong results across our diverse product portfolio, driven by our differentiated offerings, continued focus on efficiency and favourable end markets. We anticipate some headwinds from European markets and lingering yet slowly improving supply chain disruptions.
As such, Terex plans to deliver sales between $5.1 and $5.3 billion and earnings per share between $6.85 and $7.25 and continue to stay ahead of our December 2022 Investor Day targets."
