Double digit rise at Manitowoc

By Alex Dahm08 November 2018

Manitowoc up in Q3 2018

Manitowoc up in Q3 2018

Third quarter sales at Manitowoc were US$450 million, up 13 percent on the $399 million for the same quarter in 2017.

The company attributed the increase to improved crane shipments across all regions, with the USA and Asia Pacific markets generating the majority of the increase.

Order backlog was $700.2 million at the end of September 2018, up 50 % from the third-quarter of 2017. Operating income was $16.9 million, ($21.5 million on an adjusted basis), against $9.8 million ($13.5 million on an adjusted basis) in the prior year. Adjusted EBITDA was $30.5 million compared to $22.7 million a year earlier. It was a $7.8 million, or 34 %, improvement.

“The Manitowoc team continues to deliver excellent results with our sixth consecutive quarter of year-over-year adjusted EBITDA percentage improvement,” commented Barry Pennypacker, Manitowoc president and chief executive Officer. “Our operational progress using the principles of The Manitowoc Way continue to produce measurable improvements in a very competitive market environment.”

Pennypacker continued, “We, as other industrial manufacturers, are not immune to supply chain challenges as well as significantly higher input costs. The team has done an excellent job of effectively managing through these headwinds, while maintaining our focus on delivering our financial commitments.”

In outlook Manitowoc forecasts a total revenue for 2018 of $1.800 to $1.825 billion and an adjusted EBITDA figure between $105 and $115 million.

MLC650 crawler crane from Manitowoc

MLC650 crawler crane from Manitowoc

MAGAZINE
NEWSLETTER
Delivered directly to your inbox, World Crane Week Newsletter features the pick of the breaking news stories, product launches, show reports and more from KHL's world-class editorial team.
Latest News
UltraWis CEO joins ITC conference line-up
Lior Avitan will be a panellist on the round-table on remote control of tower cranes at ITC in Nice, France on 2 December
First pictures of Jaso’s latest hydraulic luffing jib tower crane
The new J198HPA will be one of the biggest hydraulic luffing cranes in the market
Top 10 tower crane companies 2021
Who are the new entrants and which firms head up International Cranes and Specialized Transport magazine’s annual list of the world’s largest tower crane-owning companies?
CONNECT WITH THE TEAM
D.Ann Shiffler Editor, American Cranes & Transport Tel: +1 512 869 8838 E-mail: d.ann.shiffler@khl.com
Matt Burk VP Sales Tel: +1 312 496 3314 E-mail: matt.burk@khl.com
CONNECT WITH SOCIAL MEDIA