Despite the decline in revenue, the company returned to profitability with net income of $9.4m. In 2016, the company reported a net loss of $375.8m.

Barry Pennypacker, president and chief executive officer of The Manitowoc Company said: “2017 was a pivotal year for Manitowoc. Despite a two percent decline in revenue vs the prior year, we delivered a 313-basis point improvement in adjusted EBITDA margin, and operating cash flow improvement of over $200 million. Our net debt improved over $55 million vs prior-year due to prudent cash management. These results clearly demonstrate strong operational improvements in the core business through the continued implementation of the principles of The Manitowoc Way.”

“During the fourth-quarter of 2017, we saw an increase of 78% year-over-year in orders primarily driven by increasing customer sentiment in the North American market, coupled with continued market share gains in our key areas of focus. Looking ahead, as reflected in our guidance provided above, we expect profitability to continue to increase as we execute our strategic priorities.”