Good first half year for Manitowoc

Crane manufacturer Manitowoc’s sales in the first half of 2023 increased by 16 per cent to US$ 1,111.1 million, up from $956.2 million in the first half of 2022.

Operating income increased 80 % to $64.6 million, up from $35.9 million in the same period a year earlier. Net income at $36.7 million was up more than 100 % from $18.2 million in H1 2022. EBITDA was $83.3 million, up nearly 25 % from $66.9 million.

On the back of the strong performance the company updated its full year guidance. “Given our solid first half of the year and strong backlog, we are raising our guidance for the full year. Focusing on the long-term, we remain committed to investing in our four breakthrough initiatives that fuel our Cranes+50 strategy,” said Aaron Ravenscroft, Manitowoc president and CEO.

In outlook

Net sales is now forecast at $2.1 billion to $2.2 billion and adjusted EBITDA is expected to be $150 million to $180 million.

On the most recent quarter Ravenscroft commented, “Manitowoc’s strong second-quarter revenue and double-digit adjusted EBITDA margin exceeded our expectations. We continue to make progress on Cranes+50 with an 8.1 % increase in non-new machine sales year-over-year contributing to these results. The overall market remained strong in the Americas which offset softness in the European tower crane business.”