The Manitowoc Company reports Third-Quarter 2021 results
- Net Sales of $404.5 million, up 13.8% year-over-year
- Orders of $535.2 million, up 37.3% year-over-year
- Updates full-year guidance
The Manitowoc Company, Inc., (the “Company” or “Manitowoc”) a global manufacturer of cranes and lifting solutions, has reported a third-quarter loss of $(0.2) million, or $(0.01) per diluted share. Third-quarter adjusted net income(1) was $2.2 million, or $0.06 per diluted share.
Net sales in the third quarter increased 13.8% year-over-year to $404.5 million and were favorably impacted by $2.7 million from changes in foreign currency exchange rates. Adjusted EBITDA(1) was $20.0 million, a decrease of $4.8 million from the prior year due to higher material and transportation costs and lower plant productivity.
Third-quarter orders of $535.2 million increased $145.3 million, or 37.3% over the prior year. On a currency-neutral basis, orders increased by $142.9 million. Backlog as of September 30, 2021, totaled $890.6 million, an increase of 91.6% year-over-year, and an increase of 64.0% from December 31, 2020.
“I am extremely proud of our team’s performance in the face of unprecedented challenges during the third quarter. Inflation headwinds were as significant as anticipated, although parts shortages limited our ability to achieve our forecasted shipments. We were, however, encouraged by strong order rates and continued positive customer sentiment during the period,” said Aaron H. Ravenscroft, President and Chief Executive Officer of The Manitowoc Company, Inc.
“While we have made significant progress on price increases, we expect inflation and supply chain challenges to persist into 2022. The team remains focused on operational execution, supporting our customers, and growing Manitowoc through our four strategic priorities to enhance shareholder value. As an example, the recent acquisitions of the H&E Equipment Services’ crane business and Aspen Equipment were completed as planned, and we look forward to these acquisitions being catalysts for Manitowoc’s future growth,” concluded Ravenscroft.
Full-Year 2021 Guidance
Manitowoc updates its full-year 2021 guidance, which now includes the acquisitions of Aspen Equipment and the H&E crane business. The guidance is as follows:
- Revenue – approximately $1.725 to $1.775 billion;
- Adjusted EBITDA – approximately $100 to $110 million;
- Depreciation – approximately $40 to $45 million;
- Interest expense – approximately $28 to $30 million;
- Income tax expense – approximately $10 to $14 million, excluding discrete items; and
- Capital expenditures – approximately $40 million.
