On the up at Manitowoc

Aaron Ravescroft, Manitowoc president and CEO

Net sales in the first quarter of 2021 were up 7.6 percent to US$354.3 million over the same period of 2020 for USA-headquartered crane manufacturer Manitowoc.

Adjusted EBITDA was $21.1 million, or 6.0 % of net sales, up by $4.8 million over the first quarter a year earlier. Orders were $473.6 million, up 26.3 % from a year earlier. The order backlog on 31 March 2021 was $662.5 million, up 27.2 % year-on-year and an increase of 22.0 % from the previous quarter.

For the period Manitowoc posted a net loss of $3.1 million.

Commenting on the performance Aaron Ravenscroft, Manitowoc president and CEO, said, “I am proud of our team’s execution during the quarter while navigating through the Covid-19 pandemic. We are encouraged by positive trends in crane demand across all segments, but as the world normalises, we continue to see significant inflationary pressures and a multitude of supply chain challenges.”

He said 2021 is a year of transition and the challenges will cause a bigger impact on the second half of the year’s results. In outlook Manitowoc issued full-year 2021 adjusted EBITDA guidance of $90 million to $105 million.