Sales and orders up at Manitowoc in Q1

First quarter 2018 net sales at crane manufacturer Manitowoc were US$386.1 million, up 26 per cent from the $305.8 million posted for the first quarter of 2017.

Orders in Q1 2018 were $536.0 million, up 10 % from the same period in 2017. At the end of March the order backlog was $756.6 million, up 49 % on the figure from the same time a year earlier. The company attributed most of the increase to sales in the USA and Europe.

For the period, however, the company posted a net loss of $10 million. It was a lot less than the $36 million loss in the same period of 2017.

Commenting on the results, Barry Pennypacker, Manitowoc Company president and chief executive officer, said, “We began 2018 by delivering another quarter of solid financial results using the principles of The Manitowoc Way. This marked our fourth consecutive quarter of year-over-year improvement in financial performance, culminating in a 400 basis-point improvement in adjusted EBITDA percentage over the comparable period. Our enhanced product portfolio is delivering new levels of differentiation and value demonstrated by increases in customer demand for our extensive range of products.”

In outlook, Manitowoc forecasts a full year 2018 revenue figure between $1.775 billion and $1.850 billion with an adjusted EBITDA figure of $100 to $120 million.