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• Total Net Sales: $5.1 billion for the full year 2024.

• Earnings Per Share (EPS): $6.11 for the full year 2024.

• Fourth Quarter Net Sales: $1.2 billion.

• Gross Margin: 19% for the fourth quarter; 21.7% for the full year.

• Operating Profit: $97 million or 7.8% for the fourth quarter; $582 million or 11.3% for the full year.

• EBITDA: $114 million for the fourth quarter; $642 million or 12.5% for the full year.

• Free Cash Flow: $129 million for the fourth quarter; $190 million for the full year.

• Interest and Other Expense: $39 million for the fourth quarter; $83 million for the full year.

• Effective Tax Rate: 10.9% for the fourth quarter; 17.2% for the full year.

• Backlog: $2.3 billion, including $520 million for ESG.

• AWP Sales: $3 billion for the full year, 3% growth compared to 2023.

• MP Sales: $1.9 billion for the full year, 14.6% lower than the prior year.

• ESG Sales: $228 million for the fourth quarter, with a 21.9% operating margin.

• 2025 Sales Outlook: Approximately $5.4 billion.

• 2025 EPS Outlook: Between $4.70 and $5.10.

• 2025 Free Cash Flow Outlook: Between $300 million and $350 million.

• Warning! GuruFocus has detected 3 Warning Sign with EFX.

Release Date: February 06, 2025

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

• Terex Corp (NYSE:TEX) reported the second highest full-year EPS in the company's history, reflecting the strength of its portfolio.

• The integration of ESG has been financially accretive from day one, with strong performance and a 22% EBITDA margin on $228 million in revenue.

• Approximately 25% of Terex Corp (NYSE:TEX)'s revenue now comes from waste and recycling markets, which are characterized by low cyclicality and steady growth.

• The company has a strong backlog of $2.3 billion, with significant commitments from large customers, particularly in the Aerials segment.

• Terex Corp (NYSE:TEX) is well-positioned to benefit from megatrends such as onshoring, technology advancements, and federal investments, with a $40 billion addressable market.

Negative Points

• Legacy segment sales were down 17% in the fourth quarter, largely due to industry-wide channel adjustments.

• The European market remains weak, impacting the company's performance, particularly in the MP segment.

• Interest and other expenses increased by $24 million year-over-year due to acquisition-related financing.

• The company anticipates a slower start to 2025, with only about 10% of full-year earnings per share expected in the first quarter.

• Elevated interest rates and uncertainty around the Fed outlook pose macroeconomic headwinds, impacting rate-sensitive private projects.