Terex (NYSE: TEX) reported Q4 EPS of $0.51, $0.04 better than the analyst estimate of $0.47. Revenue for the quarter came in at $1.23 billion versus the consensus estimate of $1.2 billion.

• Q4 Sales up 16%
• Q4 Operating Profit up 14%, as adjusted up 30%
• Q4 EPS $(0.42), as adjusted Q4 EPS $0.51 - up 55%
• FY Sales up 18%, Backlog up 19%
• FY Operating Profit up 63%, as adjusted up 52%
• FY EPS $1.45, as adjusted FY EPS $2.71 - up 101%
• 2019 Guidance Highlights: Sales of ~$4.7 billion, EPS improves to $3.60-$4.20

“Overall, our global team executed well in the fourth quarter, completing a strong year for Terex,” remarked John L. Garrison, Terex Chairman and CEO. “In 2018, we grew sales by 18%, improved operating margins, and significantly increased EPS. AWP grew sales 24% for the year and expanded operating margins by 200 basis points. MP had an excellent year, growing sales by 17% and increasing full year operating margin to 13.3%, up 160 basis points. Cranes continued to make operational improvements and returned to profitability on an adjusted basis in the fourth quarter.”

Mr. Garrison continued, “We continued to implement the Focus, Simplify and Execute to Win elements of our strategy and made significant progress in our Commercial Excellence, Lifecycle Solutions, and Strategic Sourcing priority areas. We also continued to follow our disciplined capital allocation strategy, investing to improve and grow our businesses, and returning capital to shareholders through higher dividends and by repurchasing approximately 14% of our outstanding shares in 2018.”

Mr. Garrison continued, “The sale of the Demag® Mobile Crane business and the decision to exit the mobile crane product lines manufactured at our Oklahoma City facility, will dramatically improve Terex’s operating results by Focusing the portfolio on our high performing businesses.”

Mr. Garrison concluded, “We entered 2019 with 29% higher backlog, on a comparable basis, with growth in AWP and MP, and we expect our global markets to remain strong. We will continue to execute our strategy to Focus and Simplify Terex while building capabilities in our Execute to Win priority areas, and will continue to follow our disciplined capital allocation strategy. As a result, we expect to significantly increase continuing operations EPS again in 2019, to between $3.60 and $4.20, excluding restructuring, transformation investments, and other unusual items, on net sales of approximately $4.7 billion.”

GUIDANCE:

Terex sees FY2019 EPS of $3.60-$4.20, versus the consensus of $3.41. Terex sees FY2019 revenue of $4.7 billion, versus the consensus of $5.26 billion.

For earnings history and earnings-related data on Terex (TEX) click here.