The Manitowoc Co. posted first quarter net sales of $386.1 million compared to $305.8 million in the first quarter of 2017, a 26.3-percent increase. The increase was attributable to improved crane shipments across all regions, with the United States and European markets generating the majority of the increase.
First quarter orders of $536 million were up 10 percent compared to the first quarter of 2017. Backlog totaled $756.6 million on March 31, 2018, up 49 percent year over year.
Manitowoc reported a net loss of $10 million compared to a net loss of $36 million in the year-ago quarter. Adjusted EBITDA for the first quarter of 2018 was $17.1 million compared to $1.1 million in Q117.
“We began 2018 by delivering another quarter of solid financial results using the principles of The Manitowoc Way,” said Barry Pennypacker, president and CEO of The Manitowoc Co. “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 od differentiation and value demonstrated by increases in customer demand for our extensive range of products.
“The global crane market is reaching an inflection point, and it shows in our order rates year-to-date. However, like many capital goods companies, we are beginning to see headwinds in terms of materials inflation and supply chain challenges. Also, foreign currency exchange rates are putting pressure on our margins, most notably on European-produced cranes that we sell in the U.S. We are actively managing these challenges and aggressively taking pricing actions to ensure that we deliver our full-year EBITDA guidance of $100 to $120 million.
“We are clearly making meaningful progress in transforming Manitowoc into a leaner, more profitable crane company. In June, we will be showcasing our transformation to customers, dealers and investors at our Crane Days event in Shady Grove. This event will highlight our industry-leading products and service solutions, including the introduction of five new innovative cranes.”
Manitowoc is expecting full year revenue in the range of $1.775 to $1.850 billion.
