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    1. Aerial/Lifting
    2. Cranes

    Manitowoc Raises First Quarter Revenues 8.3 Percent

    May 19, 2019
    Crane manufacturer Manitowoc Co. posted an 8.3-percent first quarter revenue increase, and a 73-percent adjusted EBITDA boost.

    Crane manufacturer Manitowoc Co. posted net sales of $418 million in the first quarter of 2019, compared to $386.1 million in 2018’s first quarter, an 8.3-percent year-over-year increase. Adjusted EBITDA was $29.6 million compared to $17.1 million a year ago, a 73-percent boost.

    Manitowoc attributed the revenue jump to higher crane shipments in the Americas and the Europe and Africa region, along with favorable price realization, partly offset by unfavorable foreign currency exchange rates. The company credited its EBITDA hike to organic growth in the North American market, along with favorable mix, global price initiatives and cost reductions through restructuring initiatives.

    “Manitowoc once again delivered a strong start to the year, delivering our eighth straight quarter of year-over-year adjusted EBITDA margin increase,” said Barry Pennypacker, president and CEO of The Manitowoc Co. “The operating principles of The Manitowoc Way continue to produce improving financial results as we execute our strategy for profitable growth by delivering innovation and velocity in everything we do. In March, we successfully refinanced our capital structure to further strengthen our balance sheet. This action increases liquidity, reduces interest expense and allows us more flexibility to deploy our capital in order to increase shareholder value.

     “Market conditions remain very competitive. We continue to focus on providing innovative products and services for customers as evidenced by positive customer reception to our six new cranes introduced at the Bauma trade show in April. As a result of our first-quarter performance and our proven ability to execute on our strategy, we are raising our full-year guidance.”

    Manitowoc updates its full-year 2019 financial guidance as follows:

    • Revenue – approximately $1.900 to $1.975 billion;
    • Adjusted EBITDA - approximately $130 to $150 million;
    • Depreciation - approximately $35 to $37 million;
    • Restructuring expense - approximately $12 to $15 million;
    • Interest expense – approximately $29 million to $33 million, excluding debt refinancing costs;
    • Income tax expense - approximately $12 to $16 million, excluding discrete items; and
    • Capital expenditures - approximately $35 million.
    About the Author

    Michael Roth | Editor

    Michael Roth has covered the equipment rental industry full time for RER since 1989 and has served as the magazine’s editor in chief since 1994. He has nearly 30 years experience as a professional journalist. Roth has visited hundreds of rental centers and industry manufacturers, written hundreds of feature stories for RER and thousands of news stories for the magazine and its electronic newsletter RER Reports. Roth has interviewed leading executives for most of the industry’s largest rental companies and manufacturers as well as hundreds of smaller independent companies. He has visited with and reported on rental companies and manufacturers in Europe, Central America and Asia as well as Mexico, Canada and the United States. Roth was co-founder of RER Reports, the industry’s first weekly newsletter, which began as a fax newsletter in 1996, and later became an online newsletter. Roth has spoken at conventions sponsored by the American Rental Association, Associated Equipment Distributors, California Rental Association and other industry events and has spoken before industry groups in several countries. He lives and works in Los Angeles when he’s not traveling to cover industry events.