Revenue growth for Manitowoc13 February 2019
The Manitowoc Company has reported total revenue of $1.85bn for the year 2018, 17% ($265.5m) higher than the previous year.
During the same period orders increased by 3% to $1.91bn, while the order book at the end of the year was 11% higher year-on-year at $670.6m. The manufacturer has reported a net loss of $67.1m.
Looking specifically at the fourth quarter, net sales were $515.3m compared to $481.5m in the comparable period in 2017. The year-over-year revenue increase was primarily attributable to improved demand in the Americas, driven by higher shipments of cranes for the commercial construction and energy end markets. This was partially offset by lower demand in the Benelux and Middle-East regions, coupled with unfavorable changes in foreign currency exchange rates.
“The Manitowoc team again delivered excellent results in the fourth quarter, marking the seventh consecutive quarter of year-over-year adjusted EBITDA percentage improvement,” commented Barry Pennypacker, president and chief executive officer of The Manitowoc Company.
“For the year we delivered a double-digit increase in sales, a 157-basis point improvement in adjusted EBITDA margin, while increasing our cash by nearly 20% in a challenging market. Our strategy is driving continued, measurable improvement in our performance. While we encountered significant headwinds and tough comparables during 2018, the team successfully rose to the challenge and I am extremely proud of the results.
“Our results and outlook demonstrate how our strategic priorities are delivering ever-improving results. We will continue to provide our customers with the type of cranes they need to increase their return on invested capital. This will be evident with our new product introductions at the Bauma trade show in April 2019.”