US based crane manufacturer Manitowoc, which also owns Grove, Potain and National Crane has reported its third quarter results
YTD Total revenues for the nine months to the end of September were $1.56 billion, just over just over one percent lower than at the same point last year. Order intake for the period was $$1.47 billion, down 10 percent on 2024.
The backlog/order book at the end of September was reduced from $742.1 million at this point last year to £666.5 million this year.
Pre-tax profit the company broke even for the nine months, compared to a $2.3 million profit at this point last year – due to flat volumes and higher operating costs.
Third Quarter
Total revenues for the quarter increased 5.4 percent to $553.4 million, following a small improvement in the same quarter last year. Revenues from services and distribution – non new crane sales – improved 4.9 percent to $177 million or 32 percent of the total.
Order intake jumped 15.7 percent to $491.4 million.
Pre-tax profit Last year’s $7.3. million pre-tax loss was converted into $7.5 million profit this year, thanks to the higher volumes and a reduction in some of the operating costs.
Third quarter sales comparison Chief executive Aaron Ravenscroft said: “Manitowoc delivered solid third quarter results driven by favourable product mix, strong execution by our MGX distribution business, continued growth in our non new machine sales, and actions to offset tariffs, all the while battling softness in crane demand in the Americas caused by ongoing U.S. tariff pressures.”
“The European tower crane market continues to recover, marking the fifth consecutive quarter of year over year order growth. This quarter results help support our view that we will finish the year at the lower end of our adjusted EBITDA guidance range.”
"Despite the near term challenges, Manitowoc’s long term outlook remains strong, we continue to invest in new product development and expand our aftermarket product offerings to service customers and grow our recurring, higher margin non-new machine sales. Looking longer term, we are optimistic as central banks continue to cut interest rates, funds from the Infrastructure and Chips bills begin to flow, activity in the Middle East remains strong, and crane fleets age to historic levels. As we continue to launch new machines and execute our Cranes+50 strategy, we are well positioned to capitalise on these trends.”
Vertikal Comment
The third quarter numbers indicate a respectable bounce back at Manitowoc, given the market uncertainties. The fact that the tower crane market is showing ongoing signs of recovery is promising, given Potain’s market position, while Grove continues to make steady progress with its new All Terrain cranes.
The company does not appear to have suffered as much as some of its competitors from the US tariff situation, although the overall market is definitely depressed by what is effectively a tax on new crane purchases. It will, though, continue to impact Manitowoc’s new equipment sales revenues in the country, which are unlikely to be fully offset by growth elsewhere.
However, its investment in parts and services, which now extends to all manner of ancillary equipment, will pay dividends in the months and perhaps years ahead.
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