February 23 - Terex has recorded an income from continuing operations of USD142.5 million in 2015, compared with USD259 million in 2014.
"The macro operating environment in the fourth quarter of 2015 was challenging," said Terex president and ceo, John L. Garrison.
"Global economic volatility has made our customers more cautious overall, resulting in fourth quarter order activity that was below expectations in most business segments and product categories.
"On a positive note, free cash flow for the year came in at a strong USD290 million, nearly double our 2015 net income. Cash flow generation will be a primary focus going forward."
Garrison noted that he does not foresee market conditions improving in 2016.
"We anticipate lower fleet replacement from North American aerial work platform (AWP) rental customers. The oil and gas and commodity market decline will continue to impact demand across many of our products. We are developing and implementing plans to align our cost structure with these market realities."
HLPFI reported yesterday, February 22, that Terex and Konecranes had paused the integration planning activities for their intended merger, in light of the challenging business environment.