Boston, MA 02/19/2014 (wallstreetpr) – Terex Corporation (NYSE:TEX) has reported impressive earnings for the fourth quarter and full year for the period ending December 31, 2013. The construction equipment maker reported a profit for the fourth compared to a net loss registered in the same quarter a year ago. Fourth quarter profit was impacted by improved margins and double digit revenue growth experienced in the quarter.
Overall, 2013 was a good fiscal year for the company according to its Chief executive officer Ronald DeFeo as the company enjoyed continued strength in the second half of the year.
Terex financial outlook
Terex Corporation (NYSE:TEX) reported net income for the fourth quarter totaling $86.4 million compared to a net loss of $33.3 million that was reported for the same quarter a year ago. Income from continuing operations came in at $84.8 million compared to a net loss of $33.2 million a year ago
Terex net sales for the quarter was up growing to $1.81 billion compared to a $1.62 billion registered for a similar period a yearago and was in line with analysts’ estimates of the same. Full year sales clocked at $7.1 billion with a total income of $209 million
Strong North American rental channel demand and a pick-up in the Latin America markets seem to have done enough to boost the company’s earnings for the quarter and full year. The company’s material processing segment remains stable delivering double digits in terms of operating margins for the full year. The company’s other three segments did not perform as expected, however they are expected to improve in F2014.
Terex 2014 outlook
Terex Corporation (NYSE:TEX) projects earnings per share for 2014 fiscal year to come in between $2.50 and $2.80 at the back of net sales estimated to be between $7.3 billionand $7.7 billion. Benefits in internal cost initiatives accompanied with improved capital structure are expected to be the driving force behind the positive financial results for the full year. Terex full year earnings projections beat that of analyst’s which has been set at $2.13 at the back of annual revenues amounting to $7.26 billion.
Terex Corporation (NYSE:TEX) liquidity levels dropped by $30 million as of December 31, 2013 compared to levels of $736.2 million reported in September 30, 2013. The company is currently at a capable position of being able to return a portion of its cash flow to its shareholders.
