The Manitowoc Company reports Second-Quarter 2018 Financial Results
The Manitowoc Company, Inc. , a global manufacturer of cranes and lifting solutions, today reported second-quarter net sales of $495.3 million and diluted EPS (“DEPS”) on a GAAP basis of $0.27 and $0.40 on an adjusted basis.
Second-quarter orders of $430.8 million were up 14% from the comparable period in 2017. Backlog totaled $692.1 million at June 30, 2018, up 41% from the second-quarter 2017.
Second-quarter 2018 net sales were $495.3 million versus $394.6 million in the comparable period in 2017; a year-over-year increase of 26%. The increase was attributable to improved crane shipments across all regions, with the U.S. and European markets generating the majority of the increase.
The Company reported operating income of $24.1 million as compared to $11.9 million in the prior year. Income from continuing operations of $9.9 million, or $0.27 per diluted share, in the second-quarter 2018 versus $0.7 million, or $0.02 per diluted share, in the second-quarter 2017. Adjusted income from continuing operations(1) was $14.3 million, or $0.40 per diluted share, in the second-quarter 2018 versus adjusted income from continuing operations of $6.5 million, or $0.18 per diluted share, in the comparable period of 2017. Adjusted EBITDA for the second-quarter 2018 was $37.5 million compared to $27.2 million in the same period last year.
“I am very pleased with our continuing momentum in delivering solid financial results using the principles of The Manitowoc Way. We achieved our fifth consecutive quarter of year-over-year improvement in adjusted EBITDA percentage, along with a 14 percent year-over-year increase in orders. Our product revolution is real, highlighted by the outstanding customer, dealer and investor feedback from our Crane Days event held in June, 2018 at our Shady Grove manufacturing facility,” commented Barry L. Pennypacker, President and Chief Executive Officer of The Manitowoc Company, Inc.
“Key markets continue to show signs of recovery, particularly in North America. In spite of the well-documented increased input costs such as tariffs and steel costs, we remain committed to delivering on our financial targets and transforming Manitowoc into a world-class crane manufacturer while continuing to improve the returns for our shareholders. We have updated our EBITDA guidance by narrowing the range as a result of better visibility for the remainder of the year,” added Pennypacker.
Full-Year 2018 Guidance
Manitowoc updates its’ full-year 2018 financial guidance as follows:
- Revenue – approximately $1.775 to $1.850 billion;
- Adjusted EBITDA – approximately $105 to $115 million;
- Depreciation – approximately $36 million;
- Restructuring expense – approximately $13 to $15 million;
- Capital expenditures – approximately $25 to $30 million; and
- Income tax expense – approximately $14 to $20 million.
