Crane manufacturer Manitowoc Co. posted $497.2 million in second quarter 2022 net sales, compared to $463.6 million in the second quarter of 2021, a 7.2-percent increase. Net income was $15.1 million, compared to $17.9 million a year ago. For the first six months of 2022, Manitowoc recorded net sales of $956.2 million, compared to $817.9 million for the first six months of 2021, a 16.9-percent jump. Second-quarter orders were $434.0 million, a 19.2-percemt decrease from the prior year.
Orders were unfavorably impacted by $22.6 million from changes in foreign currency exchange rates. Backlog ended the second quarter at $947.8 million, a decrease of 8.3 percent sequentially. Backlog was unfavorably impacted by $24.4 million from changes in foreign currency exchange rates.
“Our second quarter results reflect our team's solid operational performance and diligent cost management amid challenging macroeconomic conditions. While our backlog remains elevated due to continued supply chain constraints, order intake began to trend down,” said Aaron Ravenscroft, president and CEO of The Manitowoc Co. “It is clear that ongoing global economic uncertainty is causing our customers to remain cautious when committing to future orders. As we enter the second half of the year, inflation, rising interest rates, and geopolitical tensions will continue to hinder customer confidence. Yet, we remain on track to deliver the low end of our adjusted EBITDA guidance.
“Despite the challenging outlook, we are committed to our four breakthrough initiatives which enable our CRANES+50 strategy and position us to capitalize on the eventual crane renaissance. We look forward to showcasing our progress at the upcoming bauma trade show this October.”
Manitowoc Co. is headquartered in Manitowoc, Wis.