Terex (NYSE: TEX) reported Q4 EPS of $0.21, $0.19 better than the analyst estimate of $0.02. Revenue for the quarter came in at $786.7 million versus the consensus estimate of $755.93 million.

"Despite the challenges associated with managing through the pandemic, Terex delivered another quarter of improving operating performance" said John Garrison, Chairman and Chief Executive Officer. "I would like to thank the Terex team members, dealers and suppliers throughout the world who have helped us safely maintain our operations and serve customers. Because of their contributions, Terex entered 2021 well positioned for growth. Terex will continue to deliver to our customers innovative products and solutions that yield superior productivity and return on investment."

Additionally, the Company announced that its Board of Directors had reinstated its quarterly dividend for 2021. The Board of Directors has declared a quarterly dividend of $0.12 per share. The dividend is to be paid on March 19, 2021 to all stockholders of record as of the close of business on March 5, 2021.

John Sheehan, Senior Vice President and Chief Financial Officer, said, "Through aggressive working capital management, we were able to generate over $140 million of free cash flow in 2020. Our disciplined liquidity management supported Terex entering 2021 in a very strong financial position, with $670 million of cash and over $1.1 billion of total available liquidity. We will use this liquidity to fund our growth opportunities. Our strong balance sheet and expected 2021 free cash flow generation of approximately $100 million allowed our Board of Directors to reinstate our quarterly dividend for 2021."

GUIDANCE:

Terex sees FY2021 EPS of $1.95-$2.35, versus the consensus of $1.77. Terex sees FY2021 revenue of $3.45 billion, versus the consensus of $3.49 billion.

Mr. Garrison continued, "Our entire organization is focused on delivering margin expansion in 2021 by realizing the benefits of our previously announced cost actions along with improved customer demand and production volumes. Renewed optimism and improved customer sentiment will drive customer demand for Terex's products and services. As a result, our expectations are that 2021 sales will be approximately $3.45 billion, and EPS will be approximately $1.95 to $2.35."

Mr. Garrison concluded, "We are confident that the Company is well positioned with its operating strategy to drive improved execution, profitability, innovation and growth in 2021."

The Company's 2021 outlook for earnings per share is a non-GAAP financial measure because it excludes the impact of potential future acquisitions, divestitures, restructuring, and other unusual items. The Company is not able to reconcile this forward-looking non-GAAP financial measure to its most directly comparable forward-looking GAAP financial measures without unreasonable efforts because the Company is unable to predict with a reasonable degree of certainty the exact timing and impact of such items. The unavailable information could have a significant impact on the Company's full-year 2021 GAAP financial results. This forward looking information provides guidance to investors about the Company's EPS expectations excluding unusual items that the Company does not believe is reflective of its ongoing operations.

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