
Core Insights - Terex Corporation reported its fourth quarter and full-year 2024 results, highlighting a strategic focus on resilience and growth opportunities despite industry challenges [1][2] - The company achieved adjusted earnings per share of $6.11 for the full year, marking the second highest in its history, driven by strong portfolio performance [2][4] - For 2025, Terex anticipates net sales between $5.3 billion and $5.5 billion, with earnings per share projected between $4.70 and $5.10 [2][10] Fourth Quarter Operational and Financial Highlights - Fourth quarter net sales reached $1.2 billion, a 2% increase from the same period in 2023, primarily due to the acquisition of Environmental Solutions Group (ESG) [8] - Income from operations for Q4 2024 was $53 million, or 4.3% of net sales, down from $116 million, or 9.5% of net sales, in Q4 2023 [8][22] - Adjusted income from operations for Q4 2024 was $97 million, or 7.8% of net sales, compared to $133 million, or 10.9% of net sales in the prior year [8][22] Full-Year 2024 Operational and Financial Highlights - Total net sales for 2024 were $5.1 billion, slightly down from $5.2 billion in 2023, attributed to industry-wide channel adjustments [8][22] - Full-year income from operations was $526 million, or 10.3% of net sales, compared to $637 million, or 12.4% in the previous year [8][22] - The effective tax rate for 2024 was 17.8%, up from 10.9% in 2023, which included a benefit from operations in Switzerland [8][22] Business Segment Review - Materials Processing segment reported net sales of $439 million in Q4 2024, down 20.9% year-over-year, with income from operations of $47 million [8][27] - Aerial Work Platforms segment had net sales of $573 million in Q4 2024, down 13.2% year-over-year, with income from operations of $18 million [8][27] - The Environmental Solutions Group contributed $228 million in net sales for Q4 2024, with an operating margin of 5.3% [8][27] 2025 Outlook - Terex expects 2025 net sales to be between $5.3 billion and $5.5 billion, with an operating margin of approximately 12% [10][11] - The company anticipates free cash flow of $300 to $350 million for 2025 [10][11] - Segment sales outlook includes low double-digit declines for Aerials and high single-digit declines for Materials Processing, while ESG is expected to grow in the mid single digits [10][11]