The Manitowoc Co., a leading global manufacturer of cranes and lifting solutions, recently reported third-quarter net sales of $399.4 million, compared to $349.9 million in the third quarter of 2016, a 14.1-percent increase. Third-quarter orders of $376.1 million were up 21 percent from the comparable period in 2016. Backlog totaled $467.9 million on Sept. 30, 2017, up 32 percent from the third-quarter 2016 ending backlog of $353.6 million.
The majority of the year-over-year increase was attributable to increased demand, primarily in the U.S. market, partly offset by lower demand in the Asia-Pacific market. Approximately 40 percent of unit revenue in the third-quarter came from new products introduced since becoming a stand-alone crane company.
The company reported net income from continuing operations of $9.7 million in the third-quarter 2017 versus a net loss from continuing operations of $138.9 million in the third quarter of 2016. Non-GAAP adjusted EBITDA for the third-quarter 2017 was $20.8 million compared to negative $20.9 million in the same period last year.
“Our third quarter came in largely as expected, reflecting some signs of positive momentum in certain end markets such as the U.S. energy and commercial construction markets,” said Barry Pennypacker, president and CEO of The Manitowoc Co. “Orders in the quarter continued to be led by the strength of our customers’ demand for our new products. The structural cost reductions we have made over the last 18 months, coupled with higher year-over-year sales volumes resulted in significant profitability gains over the comparable period.
“I am encouraged by the progress we continue to make in streamlining our organizational structure, providing us the necessary momentum to achieve our long-term stated goal of double-digit operating margins by 2020. Our strategy to evolve into the world’s leading crane company remains on track, as we continue to institutionalize the principles of The Manitowoc Way.”
Manitowoc is a leading provider of crawler cranes, tower cranes, and mobile cranes for the heavy construction industry, which are complemented by a slate of industry-leading aftermarket product support services. In 2016, Manitowoc’s net sales totaled $1.6 billion, with over half generated outside the United States.
