On the up at Manitowoc

By Alex Dahm10 May 2021

Aaron Ravenscroft Aaron Ravescroft, Manitowoc president and CEO

Net sales in the first quarter of 2021 were up 7.6 percent to US$354.3 million over the same period of 2020 for USA-headquartered crane manufacturer Manitowoc.

Adjusted EBITDA was $21.1 million, or 6.0 % of net sales, up by $4.8 million over the first quarter a year earlier. Orders were $473.6 million, up 26.3 % from a year earlier. The order backlog on 31 March 2021 was $662.5 million, up 27.2 % year-on-year and an increase of 22.0 % from the previous quarter.

For the period Manitowoc posted a net loss of $3.1 million.

Commenting on the performance Aaron Ravenscroft, Manitowoc president and CEO, said, “I am proud of our team’s execution during the quarter while navigating through the Covid-19 pandemic. We are encouraged by positive trends in crane demand across all segments, but as the world normalises, we continue to see significant inflationary pressures and a multitude of supply chain challenges.”

He said 2021 is a year of transition and the challenges will cause a bigger impact on the second half of the year’s results. In outlook Manitowoc issued full-year 2021 adjusted EBITDA guidance of $90 million to $105 million.

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