Manitowoc sales up nearly 20% in 2022

Crane manufacturer Manitowoc increased net sales 18.2 per cent in 2022, over the previous year, to US$2,032.5 million.

The company said the figure was hit to the tune of $106.5 million, however, from changes in foreign currency exchange rates. Adjusted EBITDA was $143.1 million, up 23.4 % on the previous year. Full-year 2022 adjusted net income was $37.8 million.

Even higher in Q4

An even higher percentage increase for the fourth quarter of 2022 saw sales rise 24.9 % over the same period a year earlier to $621.6million. The company posted a net loss for the quarter, however, of $144.1 million.

Fourth-quarter adjusted EBITDA was $51.5 million, up $17.3 million or 50.6 %, from Q4 2021.

“The fourth quarter was a great end to a challenging year. The Manitowoc team delivered fourth-quarter revenue of over $600 million, contributing to full-year adjusted EBITDA margin of 7.0 %. I am proud of the team for these exceptional results and thank them for their hard work,” commented Aaron Ravenscroft, The Manitowoc Company president and chief executive officer.

In outlook the company’s guidance for 2023 includes a forecast for revenue to be between $2 billion and $2.1 billion and adjusted EBITDA to be between $130 and $160 million.