Manitowoc posts positive results
By Christian Shelton18 February 2019
Crane manufacturer Manitowoc reported full-year orders for 2018 of US$1,910.7 million – a three percent increase on 2017’s figure. Manitowoc also reported its full-year revenue for 2018 increased by 17 per cent year-over-year (YOY), from $1,581.3 million in 2017 to $1,846.8 million in 2018.
Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) was $116.2 million, and 6.3 % of net sales.
The company’s 2018 results were boosted by its fourth quarter figures, where net sales were $515.3 million versus $481.5 million in the comparable period in 2017. Manitowoc primarily attributed the YOY increase to improved demand in the Americas, driven by higher shipments of cranes for the commercial construction and energy end markets – although this was partially offset by lower demand in the Benelux countries and the Middle-East, coupled with unfavourable changes in foreign currency exchange rates.
“The Manitowoc team again delivered excellent results in the fourth quarter, marking the seventh consecutive quarter of year-over-year adjusted EBITDA percentage improvement,” commented Barry Pennypacker, Manitowoc president and chief executive officer.
Fourth-quarter orders, however, of $485.7 million for 2018 decreased 22 % from the comparable period in 2017.
Backlog totalled $670.6 million at 31 December 2018, an increase of 11 %, from the prior year ending backlog of $606.6 million.
Looking ahead to 2019, Manitowoc said it expected revenue to increase from approximately $1.85 billion to $1.95 billion and for adjusted EBITDA to increase from approximately $125 million to $145 million.
“Our results and outlook demonstrate how our strategic priorities are delivering ever-improving results,” Pennypacker added. “We will continue to provide our customers with the type of cranes they need to increase their return on invested capital. This will be evident with our new product introductions at the Bauma trade show in April 2019.”