The Manitowoc Company reports Second-Quarter 2022 results
Second-quarter 2022 Highlights
- Net sales of $497.2 million, up 7.2% year-over-year
- Adjusted EBITDA(1) margin of 7.3%
- Backlog of $947.8 million, up 28.8% year-over-year
The Manitowoc Company, Inc., a global manufacturer of cranes and lifting solutions, today reported a second-quarter net income of $15.1 million, or $0.42 per diluted share. Second-quarter adjusted net income(1) was $7.4 million, or $0.21 per diluted share.
Net sales in the second quarter increased 7.2% year-over-year to $497.2 million and were unfavorably impacted by $27.9 million from changes in foreign currency exchange rates. Adjusted EBITDA(1) was $36.4 million, a decrease of $4.3 million from the prior year, of which $2.7 million is related to changes in foreign currency exchange rates.
Second-quarter orders were $434.0 million, a 19.2% decrease from the prior year. Orders were unfavorably impacted by $22.6 million from changes in foreign currency exchange rates. Backlog ended the second quarter at $947.8 million, a decrease of 8.3% sequentially. Backlog was unfavorably impacted by $24.4 million from changes in foreign currency exchange rates.
“Our second quarter results reflect our team’s solid operational performance and diligent cost management amid challenging macroeconomic conditions. While our backlog remains elevated due to continued supply chain constraints, order intake began to trend down. It is clear that ongoing global economic uncertainty is causing our customers to remain cautious when committing to future orders,” said Aaron H. Ravenscroft, President and Chief Executive Officer of The Manitowoc Company, Inc.
“As we enter the second half of the year, inflation, rising interest rates, and geopolitical tensions will continue to hinder customer confidence. Yet, we remain on track to deliver the low-end of our adjusted EBITDA guidance,” continued Ravenscroft. “Despite the challenging outlook, we are committed to our four breakthrough initiatives which enable our CRANES+50 strategy and position us to capitalize on the eventual crane renaissance. We look forward to showcasing our progress at the upcoming bauma trade show this October,” concluded Ravenscroft.
(1)Adjusted net income, adjusted diluted net income per share (“Adjusted DEPS”), EBITDA, adjusted EBITDA, adjusted operating income, and free cash flows are financial measures that are not in accordance with U.S. GAAP. For definitions and a reconciliation to the most comparable U.S. GAAP numbers, please see the schedule of “Non-GAAP Financial Measures” at the end of this press release.
