06.11.2018

Manitowoc back to Black

Manitowoc Crane has reported another strong quarter as it heads for its first full year in the black for some time.

Looking first of all at the nine months to the end of September, revenues were almost 25 percent up on a year ago at $1.33 billion, thanks to solid sales of all crane types, particularly in North America and Asia. As a result the company is tightening its full year revenue forecast range to $1.8 to $1.825 billion. As a result of the higher revenues and lower restructuring costs, the company posted a pre-tax profit for the period of $3.4 million, compared to a loss in the same period last year of $34.9 million.

Moving on to the third quarter total sales were $450.1 million, up 12.5 percent on the same quarter in 2017, with order intake up 22 percent to $458.1 million. Pre-tax profits for the period were $800,000 compared to a loss of $3.4 million last year.

Chief executive Barry Pennypacker said: “The Manitowoc team continues to deliver excellent results with our sixth consecutive quarter of year-over-year adjusted EBITDA percentage improvement. Our operational progress using the principles of The Manitowoc Way continue to produce measurable improvements in a very competitive market environment.”

“We, as other industrial manufacturers, are not immune to supply chain challenges as well as significantly higher input costs. The team has done an excellent job of effectively managing through these headwinds, while maintaining our focus on delivering our financial commitments.”

Vertikal Comment

This is another good quarter from Manitowoc which is now out performing both Terex Cranes and Tadano in terms of revenues and revenue growth, although when it comes to profitability it falls well behind Tadano, but much stronger than Terex which is still suffering from red ink.

The company is now firmly on target to take second place in terms of annual revenues among the big four mobile crane manufacturers, with Liebherr out in front. The company still has much to go after in terms of increasing its market share, benefiting from the improving overall market and in terms of winning back some lapsed customers. All of which bodes well for 2019.

All in all a very encouraging set of numbers.