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Manitowoc reports 41 per cent growth in revenue, 126 per cent growth in orders in Q2
August 9, 2021 By Crane & Hoist Canada Staff
The Manitowoc Company, a global manufacturer of cranes and lifting solutions, reported second-quarter net income of $17.9 million, or $0.50 per diluted share. Second-quarter adjusted net income was $21.2 million, or $0.60 per diluted share. (All figures U.S.)
Net sales in the second-quarter increased 41 per cent year-over-year to $463.6 million and were favorably impacted by $21.3 million from changes in foreign currency exchange rates. Adjusted EBITDA of $40.7 million, or 8.8% of net sales, increased $32.9 million over the prior year.
Second-quarter orders of $537.2 million increased $299.3 million, or 126 per cent from the prior year. On a currency neutral basis, orders increased by $277.9 million. Backlog as of June 30, 2021 totalled $736.1 million, an increase of 71 per cent year-over-year, and an increase of 36 per cent from December 31, 2020.
“I am very pleased with our performance in the quarter, particularly in June, as we were able to minimize the operational impact due to the cybersecurity incident. I especially thank our IT team members for their tireless efforts in resolving this matter in such an expeditious fashion. Demand for our products continued to exceed our expectations as we capitalized on a steadily improving market. Our liquidity remains strong at $454 million, providing us with a strong balance sheet for the pending acquisition of the H&E Equipment Services’ crane business,” said Aaron H. Ravenscroft, president and CEO.
“As we previously mentioned, the second half of 2021 will present challenges on various fronts that our teams are proactively managing. Rising inflation, supply chain shortages, and skilled labor constraints are headwinds that will be more impactful throughout the remainder of the year. Despite these challenges, we continue to invest in our long-term strategy to grow the Company by executing our four strategic priorities,” said Ravenscroft.
Manitowoc is updating its full-year 2021 guidance, which excludes any impact associated with the pending acquisition of the H&E Equipment Services’ crane business, as follows:
- Revenue – approximately $1.775 to $1.825 billion;
- Adjusted EBITDA – approximately $105 to $115 million;
- Depreciation – approximately $38 to $42 million;
- Interest expense – approximately $28 to $30 million;
- Income tax expense – approximately $12 to $16 million, excluding discrete items; and
- Capital expenditures – approximately $40 million.
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