Double digit rise for Manitowoc

By Alex Dahm10 November 2022

red Manitowoc crawler crane from rear three quarter view Manitowoc’s MLC250 lattice boom crawler crane

Net sales at crane manufacturer Manitowoc were US$454.7 million, up 12.4 per cent year on year in the third quarter. 

The company said the figure was unfavourably hit by $31.6 million from changes in foreign currency exchange rates. Order backlog, at $943.4 million, was up 5.9 % on the same period a year earlier. Third-quarter orders, however, were $472.0 million, down 12.7 % on a year earlier and impacted by a $24.4 million hit from foreign currency exchange rate fluctuation.

“I am very proud of the efforts put forth by our team in the third quarter. The team performed well in the face of persistent supply chain disruptions and continued inflationary pressure,” said Aaron Ravenscroft, Manitowoc president and chief executive officer.

“Looking to the fourth quarter, we expect these headwinds to continue. Nevertheless, given our elevated shippable backlog combined with the volume of nearly finished cranes that carried over from the third quarter, we continue to target the low end of our adjusted EBITDA guidance for 2022. Despite the challenging near-term outlook, we remain committed to supporting our customers while executing our Cranes+50 strategy,” Ravenscroft said.

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
Biden: US infrastructure to be made with US construction materials
At his State of the Union address US President Joe Biden said all federal infrastructure projects would have to use US made materials 
XL Specialized unveils latest lowboy trailer
The XL Guardian 110 HDG is 53 feet long and has a capacity rating of 110,000 pounds in 12 feet concentrated.
Crosby Group and Kito merger completed
The new entity, under the name Kito Crosby, brings together two companies with complementary geographic footprints and product portfolios
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