Manitowoc Co. posted third quarter net sales of $448 million compared to $450.1 million in the third quarter of 2018. On a currency adjusted basis, net sales for the quarter were $456.7 million, an increase of $6.6 million, or 1.5 percent year over year. Third quarter EBITDA was $42.8 million, representing a $12.3 million or 40 percent improvement compared to the third quarter of 2018.
The company said the adjusted EBITDA margin improvement – 280 basis points to 9.6 percent of net sales – was primarily driven by continued improvements throughout the business.
“Manitowoc delivered solid third quarter results through continued operational improvements and we achieved our tenth consecutive quarter of year-over-year adjusted EBITDA margin expansion,” said Barry Pennypacker, president and CEO of Manitowoc Co. “Our application of lean principles of The Manitowoc Way continue to reflect favorably in our financial results. With this solid year-to-date performance, we have raised the midpoint of our 2019 full year adjusted EBITDA guidance while also reflecting current market conditions in our revenue outlook. Our results prove that we can effectively deliver on our commitments despite challenging market conditions. Through the transformation of Manitowoc over the past three years, we are better positioned to generate positive returns to our shareholders throughout the cycle while maintaining adequate liquidity.”
Manitowoc updated its guidance for the year to approximately $1.850 to $1.880 billion in revenue, adjusted EBITDA of about $145 to $160 million; and capital expenditures fo approximately $35 million.
For the first nine months of the year, Manitowoc posted $1,370.7 million in revenue compared to $1,331.5 million in the first nine months of 2018, a 2.9-percent year-over-year increase.
