Manitowoc Posts 16.8 Percent Jump in 2018 Net Sales
Manitowoc Co. reported fourth quarter net sales of $515.3 million compared to $481.5 million in the fourth quarter of 2017, a 7-percent year-over-year increase. Manitowoc said the revenue increase was primarily attributable to improved demand in the Americas, driven by higher shipments of cranes for the commercial construction and energy end markets. This was partially offset by lower demand in the Benelux and Middle East regions, coupled with unfavorable changes in foreign currency exchange rates.
Full year net sales totaled $1,846.8 million, compared to $1,581.3 million in 2017, a 16.8-percent jump.
Fourth quarter orders of $485.7 million decreased 22 percent compared to Q417. Backlog totaled $670.6 million on Dec. 31, 2018, an increase of 10.6 percent from the previous year-ending backlog of $606.6 million.
Full year 2018 orders totaled $1,910.7 million, a 3-percent year-over-year increase.
“The Manitowoc team again delivered excellent results in the fourth quarter, marking the seventh consecutive quarter of year-over-year adjusted EBITDA percent improvement,” said Barry Pennypacker, president and CEO of The Manitowoc Co. “For the year we delivered a double-digit increase in sales, a 157-basis point improvement in adjusted EBITDA margin, while increasing our cash by nearly 20 percent in a challenging market. Our strategy is driving continued, measurable improvement in our performance. While we encountered significant headwinds and tough comparables during 2018, the team successfully rose to the challenge and I am extremely proud of the results.
“Our results and outlook demonstrate how our strategic priorities are delivering ever-improving results. We will continue to provide our customers with the type of cranes they need to increase their return on invested capital. This will be evident with our new product introductions at the Bauma trade show in April 2019. By continuing to focus on the fundamental principles of The Manitowoc Way, we are well-positioned to deliver strong results in 2019 and beyond.”
Manitowoc is expecting full year 2019 revenue of approximately $1.85 billion to $1.95 billion, with adjusted EBITDA in the range of about $125 million to $145 million.
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.