In the third quarter, orders rose by 21% year-on-year to $376.1m, while backlog grew by 32% to $467.9m.
The majority of the year-on-year increase in sales was attributed to increased demand, primarily in the U.S. market, partly offset by lower demand in the Asia-Pacific market. Approximately 40% of unit revenue in the third-quarter came from new products introduced since becoming a stand-alone crane company.
Barry Pennypacker, president and chief executive officer of The Manitowoc Company commented: “Our third-quarter came in largely as expected, reflecting some signs of positive momentum in certain end markets such as the US energy and commercial construction markets. Orders in the quarter continued to be led by the strength of our customers’ demand for our new products. The structural cost reductions we have made over the last eighteen months, coupled with higher year-on-year sales volumes resulted in significant profitability gains over the comparable period,”
In the nine months ended September 30, Manitowoc’s net sales revenue stood at $1.1bn, down from the $1.23bn reported in the same period in 2016. Over this period, the company had gross profit of $200.7m and operating loss of $5.9m.
