Third quarter sales at Manitowoc were US$450 million, up 13 percent on the $399 million for the same quarter in 2017.
The company attributed the increase to improved crane shipments across all regions, with the USA and Asia Pacific markets generating the majority of the increase.
Order backlog was $700.2 million at the end of September 2018, up 50 % from the third-quarter of 2017. Operating income was $16.9 million, ($21.5 million on an adjusted basis), against $9.8 million ($13.5 million on an adjusted basis) in the prior year. Adjusted EBITDA was $30.5 million compared to $22.7 million a year earlier. It was a $7.8 million, or 34 %, improvement.
“The Manitowoc team continues to deliver excellent results with our sixth consecutive quarter of year-over-year adjusted EBITDA percentage improvement,” commented Barry Pennypacker, Manitowoc president and chief executive Officer. “Our operational progress using the principles of The Manitowoc Way continue to produce measurable improvements in a very competitive market environment.”
Pennypacker continued, “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.”
In outlook Manitowoc forecasts a total revenue for 2018 of $1.800 to $1.825 billion and an adjusted EBITDA figure between $105 and $115 million.