Manitowoc up overall in 2023

Manitowoc 31000 crawler crane working at a semi-conductor plant jobsite in Arizona, USA

For the full year 2023 Manitowoc posted a strong increase in net sales, to US$2.228 billion, up 9.6 per cent from $2.033 billion in 2022.

Adjusted EBITDA was $175.3 million or a margin percentage of 7.9 %.

For just the fourth quarter of 2023, net sales decreased 4.2 % year on year, to $595.8 million. The company reported a net loss of $7.9 million for the quarter. Orders received in the fourth quarter were $475.7 million, down 32.8 % from Q4 2022. Order backlog at the end of 2023 was still $917.2 million.

Aaron Ravenscroft, Manitowoc Company president and CEO, commented, “I am pleased with the overall performance in 2023 where we delivered strong financial results and continued to execute on our Cranes+50 strategy. We increased our adjusted EBITDA 22.5 % year-over-year, and we grew our non-new machine sales 12.4 %.

“We enter 2024 with a strong backlog and expect global demand for mobile cranes to remain strong. We also anticipate the European tower crane market to remain challenging, which is reflected in our full year outlook.”

In outlook for 2024 the forecast is for net sales to be between $2.275 billion and $2.375 billion with an adjusted EBITDA of $150 million to $180 million.