Manitowoc Reports 12.7-Percent Third Quarter Net Sales Increase

Nov. 7, 2018

Manitowoc Potain cranes at work in Belgrade Serbia in 2018 — Manitowoc Potain cranes at work in Belgrade, Serbia, in 2018.

The Manitowoc Co., a leading global manufacturer of cranes and lifting solutions, posted third quarter net sales of $450.1 million compared to $399.4 million in the third quarter of 2017, a 12.7-percent increase. The increase was attributed to improved crane shipments in all regions, with the United States and Asia Pacific markets leading the way.

Third quarter orders were $458.1 million, a 22 percent increase compared to the year-ago third quarter. Backlog totaled $700.2 million on Sept. 30, a 50-percent increase compared to the third quarter of 2017.

Manitowoc reported operating income of $16.9 million, $21.5 million on an adjusted basis, compared to $9.8 million and $13.5 million in the year ago quarter, respectively.

“The Manitowoc team continues to deliver excellent results with our sixth consecutive quarter of year-over-year adjusted EBITDA percentage improvement,” said Barry Pennypacker, president and CEO. “Our operational progress using the principles of the Manitowoc Way continue to product measurable improvements in a very competitive market environment. We, as other industrial manufacturers, are not immune to supply chain challenges as well as significantly higher input costs. The team has done an excellent job of effectively managing through these headwinds, while maintaining our focus on delivering our financial commitments.”

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.