Manitowoc logo

The Manitowoc Company reports Third-Quarter 2021 results

Listen to this article
  • Net Sales of $404.5 million, up 13.8% year-over-year
  • Orders of $535.2 million, up 37.3% year-over-year
  • Updates full-year guidance

The Manitowoc Company, Inc., (the “Company” or “Manitowoc”) a global manufacturer of cranes and lifting solutions, has reported a third-quarter loss of $(0.2) million, or $(0.01) per diluted share. Third-quarter adjusted net income(1) was $2.2 million, or $0.06 per diluted share.

Net sales in the third quarter increased 13.8% year-over-year to $404.5 million and were favorably impacted by $2.7 million from changes in foreign currency exchange rates. Adjusted EBITDA(1) was $20.0 million, a decrease of $4.8 million from the prior year due to higher material and transportation costs and lower plant productivity.

Third-quarter orders of $535.2 million increased $145.3 million, or 37.3% over the prior year. On a currency-neutral basis, orders increased by $142.9 million. Backlog as of September 30, 2021, totaled $890.6 million, an increase of 91.6% year-over-year, and an increase of 64.0% from December 31, 2020.

“I am extremely proud of our team’s performance in the face of unprecedented challenges during the third quarter. Inflation headwinds were as significant as anticipated, although parts shortages limited our ability to achieve our forecasted shipments. We were, however, encouraged by strong order rates and continued positive customer sentiment during the period,” said Aaron H. Ravenscroft, President and Chief Executive Officer of The Manitowoc Company, Inc.

“While we have made significant progress on price increases, we expect inflation and supply chain challenges to persist into 2022. The team remains focused on operational execution, supporting our customers, and growing Manitowoc through our four strategic priorities to enhance shareholder value. As an example, the recent acquisitions of the H&E Equipment Services’ crane business and Aspen Equipment were completed as planned, and we look forward to these acquisitions being catalysts for Manitowoc’s future growth,” concluded Ravenscroft.

Full-Year 2021 Guidance

Manitowoc updates its full-year 2021 guidance, which now includes the acquisitions of Aspen Equipment and the H&E crane business. The guidance is as follows:

  • Revenue – approximately $1.725 to $1.775 billion;
  • Adjusted EBITDA – approximately $100 to $110 million;
  • Depreciation – approximately $40 to $45 million;
  • Interest expense – approximately $28 to $30 million;
  • Income tax expense – approximately $10 to $14 million, excluding discrete items; and
  • Capital expenditures – approximately $40 million.

Magazine & eNewsletter

Printed Monthly Magazine

Published monthly, Material Handling Wholesaler offers feature columns and special coverage of relevant industry issues and products.

Digital Monthly Magazine

Published on the fourth Thursday of each month, Material Handling Wholesaler offers feature columns and special coverage of relevant industry issues and products.

Material Handing Wholesaler Weekly Newsletter

Our Weekly newsletter is emailed every Tuesday and contains the latest Industry Events and People News, Source Directory, and important Industry Links.

Forklift International Weekly Hot Sheet Newsletter

Published every Monday morning with the latest material handling equipment
available for sale.

Share the Post:

Related Posts

Our Current Issue

Magazine & eNewsletter

Our magazine is published and mailed monthly, Material Handling Wholesaler offers feature columns and special coverage of important industry issues. 

Weekly Newsletter – Get the latest industry events and people news in this weekly e-newsletter as well as direct access to Wholesaler’s Source Directory and link.

Current Supplements







Steady Hands in Shifting Sands: Maintaining Your Dealership’s Edge

Listen to this article In the September issue, we typically cover the latest developments in finance, rental, and leasing, providing…

Caldwell launches custom lifting beam with LGH

Listen to this article A new lifting beam that enables forklifts to more efficiently carry longer loads is now in…

Fed holds rates steady amid diverging views; Manufacturing outlook remains strong

Listen to this article The Federal Reserve held the federal funds rate steady at a target range of 4.25% to…

Seeking Nominations: 25th Salute To Women in Material Handling Cover Story

Listen to this article Do you know an exceptional woman making an impact in the material handling industry? Material Handling…

The PTDA Manufacturer-Distributor Idea Exchange evolves as the largest direct networking event for PT/MC Channel Partners

Listen to this article In response to demands for more effective tools for accelerating supply chain relationships, the Power Transmission…