Manitowoc reports sales growth15 May 2019
The Manitowoc Company has reported first-quarter 2019 net sales of $418m, up 8.3% compared to the same period in 2018. The increase was attributed to higher crane shipments in the Americas and EURAF regions, coupled with favourable price realisation, partly offset by unfavourable changes in foreign currency exchange rates.
Earnings before interest, tax, depreciation and amortisation (EBITDA) stood at $29.6m compared to $17.1m in Q1 2018, representing a $12.5m or 73% improvement.
“Manitowoc once again delivered a strong start to the year, delivering our eighth straight quarter of year-over-year adjusted EBITDA margin increase. The operating principles of The Manitowoc Way continue to produce improving financial results as we execute our strategy for profitable growth by delivering innovation and velocity in everything we do,” commented Barry L. Pennypacker, president and chief executive officer of The Manitowoc Company.
“In March, we successfully refinanced our capital structure to further strengthen our balance sheet. This action increases liquidity, reduces interest expense and allows us more flexibility to deploy our capital in order to increase shareholder value.”
Pennypacker continued, “Market conditions remain very competitive. We continue to focus on providing innovative products and services for customers as evidenced by positive customer reception to our six new cranes introduced at the Bauma trade show in April. As a result of our first-quarter performance and our proven ability to execute on our strategy, we are raising our full-year guidance.”