More orders for Manitowoc, revenue went down

For the full year 2017 orders at crane manufacturer Manitowoc were reported as US$1,864.2 million, up 32 % on the previous year. Full-year revenue was down $31.8 million or 2 per cent, to $1,581.3 million from $1,613.1 million. Adjusted EBITDA was $67.4 million. Gross profit was up 11.29 % to $281.9 million from 253.3 million a year earlier. Operating income was shown as $1.1 million, up from a loss of -$153.3 million in 2016.

[quads id=1]

Barry Pennypacker, Manitowoc Company president and chief executive officer, said, “2017 was a pivotal year for Manitowoc. Despite a two percent decline in revenue versus the prior year, we delivered a 313-basis point improvement in adjusted EBITDA margin, and operating cash flow improvement of over $200 million. Our net debt improved over $55 million versus the prior-year due to prudent cash management. These results clearly demonstrate strong operational improvements in the core business through the continued implementation of the principles of The Manitowoc Way.”

Net sales in the most recent quarter, the last one of 2017, were $481.5 million, up 27 % from $378.2 million in the same period of 2016. This was attributed mainly to increased demand, mostly in the USA and Europe. In addition, “More than 40 % of unit revenue in the fourth-quarter came from new products introduced since becoming a stand-alone crane company,” Manitowoc said.

Commenting on the results of the most recent quarter, the last one of 2017, Pennypacker said, “During the fourth-quarter of 2017, we saw an increase of 78 % year-over-year in orders primarily driven by increasing customer sentiment in the North American market, coupled with continued market share gains in our key areas of focus. Looking ahead, as reflected in our guidance… we expect profitability to continue to increase as we execute our strategic priorities.”

Full year 2018 guidance from the company with brands that include Manitowoc crawler cranes, Grove wheeled mobiles, Potain tower cranes and National boom trucks, is for the adjusted EBITDA to be approximately $96 to $116 million.

[irp]

Share This Story

Leave a Comment

Related Topics

Read More

Manitowoc introduces the Grove GMK5150L-1e and GMK5150XLe—hybrid All Terrain cranes offering up to 20 hours of zero-emission lifting with no performance compromise. Launching at bauma 2025.
Tadano introduces the AS-63HD at bauma 2025—the first boom lift in North America with a 2,200-lb capacity. Designed for jobsite safety and efficiency, it combines boom lift reach with scissor lift strength.
Manitowoc’s booth at bauma 2025 will feature hybrid-electric cranes, smart diagnostics, and a full suite of lifecycle services. With 12 cranes on display, the company showcases its vision for a more efficient, connected, and sustainable future in lifting.
At bauma 2025, Manitowoc will dedicate a major part of its 3,300 m² booth to aftermarket services for Potain and Grove cranes. From genuine parts and remanufacturing to live demos of CONNECT™ platforms and training programs, visitors will get a comprehensive look at how Manitowoc enhances crane performance across the entire lifecycle.
Manitowoc revealed the Potain MCT 2205 at Bauma CHINA 2024, the largest topless tower crane in its Asia range. With an 80-ton capacity and 80-meter jib, it’s designed for heavy-duty lifting on large-scale projects.
Grove has introduced the GMK6450-1, a powerful six-axle all-terrain crane with an upgraded maximum capacity of 450 t, up from 400 t on the previous GMK6400-1 model. Featuring the MAXbase™ variable outrigger system and MegaWingLift™, it sets new standards for lifting performance and efficiency.
Item added to cart.
0 items - $0.00