The Manitowoc Co., global manufacturer of cranes, reported second quarter net sales of $495.3 million, compared to $394.6 million for the same period last year, a 25.5 percent year-over-year increase. Second quarter orders were $430.8 million, a 14-percent hike from a year ago. Backlog totaled $692.1 million on June 30, a 41-percent boost from the same period last year.
Manitowoc said the sales increase was the result of improved crane shipments to all regions, with the U.S. and European markets generating the majority of the increase.
“I am very pleased with our continuing momentum in delivering solid financial results using the principles of the Manitowoc way,” said Barry Pennypacker, president and CEO. “We achieved our fifth consecutive quarter of year-over-year improvement in adjusted EBITDA percentage along with a 14-percent year-over-year increase in orders. Our product revolution is real, highlighted by the outstanding customer, dealer and investor feedback from our Crane Days event held in June 2018 at our Shady Grove manufacturing facility.
“Key markets continue to show signs of recovery, particularly North America. In spite of the well-documented increase in input costs such as tariffs and steel costs, we remain committed to improve the returns for our shareholders. We have updated our EBITDA guidelines by narrowing the range as a result of better visibility for the remainder of the year.”
Manitowoc is upgrading revenue expectations to the range of $1.775 billion to $1.850 billion for the full year. It is projecting adjusted EBITDA of $105 million to $115 million, and capital expenditures in the range of $25 million to $30 million.
