Crane manufacturer Manitowoc posted second quarter net sales of $504.7 million compared to $495.3 million in second quarter 2018 net sales, a 1.9-percent increase. The company said the increase was attributable to higher crane and aftermarket shipments in the Americas region, partly offset by continued weakness in the Middle East and unfavorable changes in foreign currency exchange rates.
Orders in the second quarter were $372 million compared to $430.8 million in the second quarter of 2018, a 13.6-percent drop. The decrease was primarily in the Americas segment, and was partially offset by increased orders in the Europe and West Africa regions.
Adjusted EBITDA margin increased 300 basis points year over year to 10.6 percent of net sales, including a $92 million recovery of administrative expenses. Excluding the impact of the settlement, adjusted EBITDA margin rose 120 basis points primarily driven by North America revenue growth, favorable price realization, favorable mix and cost reductions.
“The second quarter marked our ninth consecutive quarter of year-over-year adjusted EBITDA margin improvement, and our fifth consecutive quarter of positive adjusted diluted earnings per share,” said chairman and CEO Barry Pennypacker. “The foundation of The Manitowoc Way is firmly in place reflecting the strength of our operating model to continually improve financial results. In the quarter, we repurchased approximately 473,000 shares of common stock, underscoring our commitment to effectively deploy our capital.
“In the quarter, order intake from European customers was in line with our expectations, reflecting positive reception of our products showcased at the Bauma trade show where we introduced six new cranes. Our North American orders slowed as customers became more cautious as a result of uncertain market conditions. Overall, I am very proud of our team and the results we posted in the first half of the year and look forward to our continued transformation into a leaner, more profitable Manitowoc.”
The company is expecting full year revenue of approximately $1.880 to $1.920 billion for 2019.