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Terex Corporation (TEX-4.53%) has filed its annual report on Form 10-K for the fiscal year ended December 31, 2024 filing.
The filing reports net sales of $5.127 billion, a slight decrease from $5.152 billion in 2023. The decline was primarily due to lower demand in certain markets and geographies within the Materials Processing segment.
Gross profit decreased to $1.068 billion from $1.177 billion in the previous year, impacted by lower sales volume, unfavorable absorption and mix, and higher severance costs.
Selling, general, and administrative expenses increased slightly to $542 million, driven by higher severance costs and technology expenses.
Income from operations fell to $526 million from $637 million in 2023, primarily due to lower sales volume and unfavorable product and geographic mix.
The Aerial Work Platforms segment reported sales of $2.996 billion, a 2.5% increase over 2023, with growth driven by increased demand in North America.
The newly acquired Environmental Solutions Group contributed $228 million in sales from October 8, 2024, through the end of the year.
Terex completed the acquisition of the Environmental Solutions Group from Dover Corporation for $2.010 billion in cash. The acquisition was financed through new debt and cash on hand.
The company reported a net income of $335 million, down from $518 million in 2023, with an effective tax rate of 17.8%.
Terex's backlog at the end of 2024 was $2.291 billion, a decrease from $3.411 billion at the end of 2023, due to improved customer deliveries and a return to historical ordering patterns.
The company anticipates net sales of $5.3 to $5.5 billion in 2025, with earnings per share expected to be between $4.70 and $5.10.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Terex Corporation annual 10-K report dated February 7, 2025. To report an error, please email earnings@qz.com.