Terex Corp. posts losses for fourth quarter and year

Terex Corp. reported a fourth-quarter loss of $267.2 million, after reporting a $16.5 million profit in the same period a year earlier. Net sales at the Westport company, which manufactures lifting and material processing products and services, declined by 16.5 percent in the fourth quarter to $974.7 million.

For the year, Terex posted a revenue loss of $176.1 million, compared with a gain of $145.9 million in 2015. Net sales for 2016 were $4.4 billion, down from 2015’s $6.5 billion, with the company saying it expected that figure to fall to about $3.9 billion this year.

Last week, the company announced that John D. Sheehan will succeed Kevin Bradley as senior vice president and chief financial officer, effective Feb. 27. Sheehan most recently served as executive vice president and chief financial officer at Manhattan-based Mylan Inc. Bradley will stay with Terex until mid-March to assist with the transition, after which he will leave to pursue other opportunities.