Manitowoc sales and orders grow in Q2

The increase was attributed to improved crane shipments across all regions, with the US.and European markets generating the majority of the increase.

In the same period, orders were up 14% to $430.8m, while backlog rose 41% to $692.1m.

Barry Pennypacker, president and chief executive officer of The Manitowoc Company, said:  “I am very pleased with our continuing momentum in delivering solid financial results using the principles of The Manitowoc Way. We achieved our fifth consecutive quarter of year-over-year improvement in adjusted EBITDA percentage, along with a 14% year-over-year increase in orders. Our product revolution is real, highlighted by the outstanding customer, dealer and investor feedback from our Crane Days event held in June, 2018 at our Shady Grove manufacturing facility.”

“Key markets continue to show signs of recovery, particularly in North America. In spite of the well-documented increased input costs such as tariffs and steel costs, we remain committed to delivering on our financial targets and transforming Manitowoc into a world-class crane manufacturer while continuing to improve the returns for our shareholders. We have updated our EBITDA guidance by narrowing the range as a result of better visibility for the remainder of the year.”