Manitowoc reports sales growth in Q1

The manufacturer said sales revenue was favourably impacted by $15.4m from changes in foreign currency exchange rates. Earnings before interest, tax, depreciation and amortisation (EBITDA) stood at $21.1m.

Orders in the first quarter of the year amounted to $473.6m, an increase of 26.3% year-on-year and 20.7% on a currency neutral basis. Backlog as of March 31, 2021 totalled $662.5m, an increase of 27.2% year-over-year and 22% from December 31, 2020.

Aaron H. Ravenscroft, president and CEO of The Manitowoc Company 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 normalizes, we continue to see significant inflationary pressures and a multitude of supply chain challenges.

“As I have said, 2021 will be a year of transition. We expect inflation and supply chain challenges to persist for the balance of the year, more heavily impacting second half results. While we are taking actions to mitigate these headwinds, we remain resolute in our long-term strategy to grow the company by continuing to invest in our four strategic priorities.”