Sales and orders leap for Manitowoc

By Alex Dahm18 August 2021

Manitowoc MLC100 lattice boom crawler crane in red 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.

MAGAZINE
NEWSLETTER
Delivered directly to your inbox, World Crane Week Newsletter features the pick of the breaking news stories, product launches, show reports and more from KHL's world-class editorial team.
Long Reads
Vita Inclinata CEO develops lifesaving stabilization technology
Under the leadership of Caleb Carr, Vita Inclinata Technologies is changing the landscape of load stabilization and safety.  
Mexican construction sector sees “boom”
The crane, rigging and transport industry in Mexico is thriving, at the moment.
A history of boom dollies in the United States
The ubiquitous boom dolly is a legendary solution for moving cranes over the road.
CONNECT WITH THE TEAM
Alex Dahm Editor, International Cranes and Specialized Transport Tel: +44(0) 1892 786 206 E-mail: alex.dahm@khl.com
Mike Posener Sales Manager Tel: +353 860 431 219 E-mail: mike.posener@khl.com
CONNECT WITH SOCIAL MEDIA