Double digit rise for Manitowoc
10 November 2022
Net sales at crane manufacturer Manitowoc were US$454.7 million, up 12.4 per cent year on year in the third quarter.
The company said the figure was unfavourably hit by $31.6 million from changes in foreign currency exchange rates. Order backlog, at $943.4 million, was up 5.9 % on the same period a year earlier. Third-quarter orders, however, were $472.0 million, down 12.7 % on a year earlier and impacted by a $24.4 million hit from foreign currency exchange rate fluctuation.
“I am very proud of the efforts put forth by our team in the third quarter. The team performed well in the face of persistent supply chain disruptions and continued inflationary pressure,” said Aaron Ravenscroft, Manitowoc president and chief executive officer.
“Looking to the fourth quarter, we expect these headwinds to continue. Nevertheless, given our elevated shippable backlog combined with the volume of nearly finished cranes that carried over from the third quarter, we continue to target the low end of our adjusted EBITDA guidance for 2022. Despite the challenging near-term outlook, we remain committed to supporting our customers while executing our Cranes+50 strategy,” Ravenscroft said.