With more than $5 billion, Terex Group's two business units have significantly improved their profitability

Today, Terex Group announced its fourth quarter and full year 2023 results. In 2023, Terex achieved sales of $5.151.5 billion, an increase of 16.6%. The increase in sales was driven by strong demand across the Group's business units, strong demand across all regional markets, and product price increases in response to rising costs. In 2023, Terex's operating profit was 636.5 million US dollars, an increase of 51.5%. The operating margin was 12.4%, 2.9 percentage points higher than the previous year. The increase in sales volume, improved manufacturing efficiency and higher product prices led to the increase in profits.

In terms of the two major divisions of Terex Group, in 2023, the sales of the Material handling Division were 2.227 billion US dollars, an increase of 14.7%, the operating profit was increased by 20.4%, to 358.6 million US dollars, and the operating profit margin was 16.1%, an increase of 0.8 percentage points over the previous year. The sales volume of the aerial work platform division was $2.922 billion, an increase of 17.6%, the operating profit increased by 89.2% to $371.3 million, and the operating profit margin was 12.7%, an increase of 4.8 percentage points over the previous year.

As of the end of the fourth quarter of 2023, Terex's cumulative order volume was 3.411 billion US dollars, of which the cumulative order volume of the aerial work Platform Division was 2.644 billion US dollars, and the cumulative order volume of the Material Handling division was 767 million US dollars.

Terex Material Handling Business expects sales of $2.2 billion to $2.3 billion in 2024, with an operating margin of 15.6% to 15.9%; The Aerial Work Platform business unit is expected to have sales of $2.9 billion to $3 billion in 2024, and the operating margin is expected to be 13.4%-13.7%.

Simon Meester, Terex's new President and CEO, said: In 2024, Terex will focus on differentiated product lines and continue to focus on efficiency and end markets, although there will be some resistance in the European market, although the supply chain disruption has improved but still exists, but with a diversified product portfolio, Terex is expected to continue to achieve good results. In summary, Terex's 2024 sales are expected to be $5.1 billion to $5.3 billion, and its operating margin is expected to be 12.8% to 13.1%.