Manitowoc sales up 19%

By Alex Dahm22 February 2022

Manitowoc 999 crawler owned by Guay crane in Canada replacing a steam surface condenser in Montreal. The old condenser weighed 185.6 tonnes

Sales in 2021 for the full year at crane manufacturer Manitowoc were up 19 per cent to US$1,720.2 billion, from $1,443.4 billion in 2020.

The USA-headquartered company reported full-year 2021 adjusted earnings before taxes, etc. (EBITDA) of $116.0 million, or 6.7% of net sales.

For the fourth-quarter of 2021 the company posted a 15.7 % increase in sales to $497.8 million from $430.3 million in the same period a year earlier. A net loss of $(3.6) million was reported. This was attributed to “a $13.9 million charge due to a legal matter with the U.S. Environmental Protection Agency. Adjusted EBITDA in the quarter was $34.2 million, or 6.9% of net sales.

Orders, rather than sales, in the fourth-quarter were up 21.0 % year-on-year at $615.2 million

Commenting on the results Aaron Ravenscroft, Manitowoc president and CEO, said, “In spite of the multitude of operational challenges we faced during the year, the Manitowoc team ended the quarter exceptionally strong and delivered great results.

“As the crane market dynamics remain robust, orders for the quarter increased 21 % year-over-year, and our backlog ended the year in excess of $1.0 billion, our highest level in over 10 years. This improved demand combined with our recent acquisitions provide us with a solid foundation as we focus on growth in 2022 and beyond. As previously indicated, we will continue to battle inflation, parts shortages, and logistic disruptions. However, we expect those headwinds to subside as the year progresses,” said Ravenscroft.

“On the back of our four strategic initiatives, we are introducing Cranes+50, which codifies our ambition to increase our non-new machine sales by 50 % over the next five years. Growing our aftermarket business is critical to reducing our cyclicality and expanding our margins long-term,” concluded Ravenscroft.

The company’s order backlog on 31 December 2021 was $1,010.9 million, up 86.1% year-on-year.

In outlook the company forecasts sales for the full year 2022 around $2.0 billion to $2.2 billion and adjusted EBITDA of approximately $130 million to $160 million.

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