Manitowoc Reports 12.7-Percent Third Quarter Net Sales Increase

The Manitowoc Co., a leading global manufacturer of cranes and lifting solutions, posted third quarter net sales of $450.1 million compared to $399.4 million in the third quarter of 2017, a 12.7-percent increase. The increase was attributed to improved crane shipments in all regions, with the United States and Asia Pacific markets leading the way.

Third quarter orders were $458.1 million, a 22 percent increase compared to the year-ago third quarter. Backlog totaled $700.2 million on Sept. 30, a 50-percent increase compared to the third quarter of 2017.

Manitowoc reported operating income of $16.9 million, $21.5 million on an adjusted basis, compared to $9.8 million and $13.5 million in the year ago quarter, respectively.

“The Manitowoc team continues to deliver excellent results with our sixth consecutive quarter of year-over-year adjusted EBITDA percentage improvement,” said Barry Pennypacker, president and CEO. “Our operational progress using the principles of the Manitowoc Way continue to product measurable improvements in a very competitive market environment. 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.”