NEW YORK - Terex the company which was spun off from General Motors in 1968 and has long been used as a proxy for U.S. manufacturing data reported their Q4 results yesterday. Terex translated from Latin means Earth King. The king, yesterday reported Q4 results which showed they broke even operationally, but revenue surged more than 30%.
The company now expects to have 5 to $5.4 billion in revenue next year, up 11-22%. The company saw revenue surge in all of its segments by over 50% businesses except for cranes which increased 1.8% year over year.
The most impressive results were from materials processing a long forgot about segment, especially since the company sold the mining part of this segement to Bucyrus in late 2009. The division saw revenues soar over 70% and the business now makes up a large amount of Terex's revenue and should increase the available earnings to shareholders going forward.
Joker investors played the jack of hearts this morning as Terex dropped in the morning as much as 6%. However Terex then played the king of spades and proceeded to win the game of war. Investors have now cheered results as the stock is up 1% at midday.
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