North American materials handling equipment maker Terex has posted strong full-year sales and forecast another robust year ahead.

The company reported net sales of USD5.2 billion for the year, a 16.6% increase on the previous period, attributing the growth to strong demand across all business sectors and geographies and price rises mitigating increased costs.

Net profit for the year was USD518 million, up from USD300 million a year earlier.

In the fourth quarter, Terex reported a 4% increase in revenue to USD1.2 billion and net income of USD126.9 million, up from USD92.2 million in the fourth quarter a year earlier.

“Terex is in a very good place, and I look forward to a bright future," says Terex president and chief executive officer Simon Meester. 

“Our annual results demonstrate significant improvement over the prior year and highlight our ability to successfully manage cost inflation and supply chain challenges.” 

Meester forecast full year 2024 sales of between USD5.1 billion and USD5.3 billion.

"As we begin the new year, we again expect to deliver strong results across our diverse product portfolio, driven by our differentiated offerings, continued focus on efficiency and favorable end markets. 

“We do anticipate some headwinds from European markets as well as lingering, yet slowly improving supply chain disruptions.”  

By business segment, Terex’s materials processing unit delivered a 14.7% increase in net sales to USD2.2 billion for the full year and a 0.8% lift to USD554.7 million in the fourth quarter.

The company’s aerial work platform segment posted a 17.6% increase in net sales for the full year to USD2.9 billion, while fourth quarter net sales were fell 1.7% to USD659.9 million as deliveries returned to a more normal seasonal pattern.