The Manitowoc Company, a global producer of cranes and lifting solutions, reported second-quarter net sales of $495.3 million. Second quarter 2018 net sales were $495.3 million versus $394.6 million in the comparable period in 2017, the company said. This is a year-over-year increase of 26 percent. Backlog totaled $692.1 million on June 30, 2018, up 41 percent from the second-quarter 2017.
The increase was attributable to improved crane shipments across all regions, with the U.S. and European markets generating the majority of the increase, Manitowoc said.
Manitowoc reported operating income of $24.1 million as compared to $11.9 million in the prior year. Income from continuing operations of $9.9 million, or $0.27 per diluted share, in the second-quarter 2018 versus $0.7 million, or $0.02 per diluted share, in the second-quarter 2017. Adjusted EBITDA(1) for the second-quarter 2018 was $37.5 million compared to $27.2 million in the same period last year.
“I am very pleased with our continuing momentum in delivering solid financial results using the principles of The Manitowoc Way,” said Barry Pennypacker, president and CEO. “We achieved our fifth consecutive quarter of year-over-year improvement in adjusted EBITDA percentage, along with a 14 percent year-over-year increase in orders. Our product revolution is real, highlighted by the outstanding customer, dealer and investor feedback from our Crane Days event held in June, 2018 at our Shady Grove manufacturing facility.”
He said key markets continue to show signs of recovery, particularly in North America.
“In spite of the well-documented increased input costs such as tariffs and steel costs, we remain committed to delivering on our financial targets and transforming Manitowoc into a world-class crane manufacturer while continuing to improve the returns for our shareholders,” Pennypacker said. “We have updated our EBITDA guidance by narrowing the range as a result of better visibility for the remainder of the year.”