Sales and orders leap for Manitowoc

Manitowoc MLC100 lattice boom crawler crane

Crane manufacturer Manitowoc reported second quarter orders at US$537.2 million, up by $299.3 million, or 126 per cent, from the same period a year earlier.

Net sales in the same period were up 41 % year-on-year to $463.6 million and net income was $17.9 million. The company reported an adjusted EBITDA of $40.7 million, or 8.8 % of net sales, up by $32.9 million over the year before.

The order backlog on 30 June 2021 was $736.1 million, up 71 % from a year earlier, and an increase of 36 % from 31 December 2020.

Commenting on the results, Aaron Ravenscroft, Manitowoc president and chief executive officer, said, “I am very pleased with our performance in the quarter, particularly in June, as we were able to minimise the operational impact due to the cybersecurity incident. I especially thank our IT team members for their tireless efforts in resolving this matter in such an expeditious fashion. Demand for our products continued to exceed our expectations as we capitalised on a steadily improving market. Our liquidity remains strong at $454 million, providing us with a strong balance sheet for the pending acquisition of the H&E Equipment Services’ crane business.”

Ravenscroft said he anticipated challenges for the second half of 2021. “Rising inflation, supply chain shortages, and skilled labour constraints are headwinds that will be more impactful throughout the remainder of the year.”

Guidance for the full year 2021 is to achieve a revenue figure between about $1.775 and $1.825 billion. Adjusted EBITDA was forecast between $105 and $115 million.