Manitowoc up in third quarter, posts loss
By Alex Dahm04 November 2021
Crane manufacturer Manitowoc reported net sales in the third quarter of US$404.5 million, up 13.8 per cent on the same period a year earlier.
Orders were up even more, by $145 million or 37.3 %, to $535.2 million but the USA-headquartered company reported a loss for the quarter of $200,000.
Adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) was $20.0 million, down $4.8 million from Q3 2020. The decrease was attributed to higher material and transportation costs and lower plant productivity.
At the end of September the order backlog was $890.6 million, up 91.6 % on the same quarter a year ago, and 64.0 % higher than the end of 2020.
Commenting on the performance Aaron Ravenscroft, Manitowoc president and chief executive officer, said, “I am extremely proud of our team’s performance in the face of unprecedented challenges during the third quarter. Inflation headwinds were as significant as anticipated, although parts shortages limited our ability to achieve our forecasted shipments. We were, however, encouraged by strong order rates and continued positive customer sentiment during the period.
“While we have made significant progress on price increases, we expect inflation and supply chain challenges to persist into 2022. The team remains focused on operational execution, supporting our customers, and growing Manitowoc through our four strategic priorities to enhance shareholder value. As an example, the recent acquisitions of the H&E Equipment Services’ crane business and Aspen Equipment were completed as planned, and we look forward to these acquisitions being catalysts for Manitowoc’s future growth,” Ravenscroft continued.
In outlook the company forecasts revenue for the full year 2021 between $1.725 and $1.775 billion and adjusted EBITDA around $100 to $110 million.