Terex Corporation

Greetings and welcome to the Terex fourth quarter and year-end 2022 results conference call. At this time, all participants are in a listen-only mode. A brief question and answer session will follow the formal presentation. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Paritosh Mishra, Head of Investor Relations. Please go ahead.

Good morning and welcome to the Terex fourth quarter and year-end 2022 earnings conference call. A copy of the press release and presentation slides are posted on our investor relations website at investors.terix.com. The replay and slide presentation will also be available on our website. We are joined by John Garrison, Chairman and Chief Executive Officer, and Julie Beck, Senior Vice President and Chief Financial Officer. Their prepared remarks will be followed by Q&A. Please turn to slide two of the presentation, which reflects our safe harbor statement. Today's conference call contains forward-looking statements which are subject to risk that could cause actual results to be materially different from those expressed or implied. In addition, we will be discussing non-GAAP information and performance measures we believe are useful in evaluating the company's operating performance. Reconciliations for these non-GAAP and performance measures can be found in the conference call materials. Please turn to slide three, and I'll turn it over to John Garrison.

Thank you, Prakash, and good morning. I would like to welcome everyone to our earnings call and appreciate your interest in Terex. We are proud of our team members' performance that delivered strong results in 2022. It was another year of addressing a challenging global operating environment, including inflationary pressures, production disruptions, and COVID impacts. The Terex team members worldwide work tirelessly to improve our performance for our customers, dealers, and shareholders. I would like to thank our team members for their continued commitment to our zero-harm safety culture and Terex Way values. Safety remains the top priority of the company, driven by Think Safe, Work Safe, Home Safe. Please turn to slide four to review our financial results. The team delivered an excellent quarter. Sales of $1.2 billion were up 23% from last year and up 31% on an FX-neutral basis. We ended 2022 with a backlog of $4.1 billion, up 22% from prior year, driven by strong global customer demand. Operating margins of 9.9% improved 290 basis points from the prior year. An EPS of $1.34 increased 63%, reflecting strong execution by our team members.