05.11.2025

Third quarter pick up for Manitowoc

US based crane maker 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.

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.

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

An initial look over the results indicates signs of a bounce back at Manitowoc, which is making good progress in a number of key areas. However, we will wait until the conference call and presentation tomorrow afternoon. When we will also add some additional data that is usually disclosed at that meeting.