The Manitowoc Company Inc. has reported a third-quarter net sales of $399.4 million versus $349.8 million in the same period in 2016. Its third quarter 2017 orders also were up 21% to $376.1 million from Q3 2016. The backlog totaled $467.9 million at Sep. 30, 2017, which is up 32% from the ending backlog of $353.6 million in the third-quarter of 2016.
The majority of the year-over-year net sales increase was attributed to increased demand primarily in the U.S. market, but it was tpartly 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 standalone crane company.
“Our third-quarter came in largely as expected, reflecting some signs of positive momentum in certain end markets, such as the U.S. energy and commercial construction markets,” said Barry Pennypacker, president and CEO. “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 18 months, coupled with higher year-over-year sales volumes resulted in significant profitability gains over the comparable period.”
He added that the company is continuing to streamline its organizational structure, which is “providing us the necessary momentum to achieve our long-term stated goal of double-digit operating margins by 2020.”
Manitowoc also reported net income from continuing operations of $9.7 million in third quarter 2017 versus a net loss from continuing operations of $(138.9) million in the third-quarter 2016. Non-GAAP adjusted net income from continuing operations was $13.5 million in the third-quarter 2017 versus a net loss of $(38.8) million in the comparable period of 2016. Both GAAP and Non-GAAP net income benefited from discrete tax items in the period totaling $13.7 million . Non-GAAP adjusted EBITDA for the third-quarter 2017 was $20.8 million compared to $(20.9) million in the same period last year.
Manitowoc expects its financial guidance for the full year of 2017 will be a decline in revenue of 5 to 7% year-over-years; adjusted EBITDA from approximately $59 to $69 million; depreciation of approximately $40 million; capital expenditures of approximately $30 million; and income tax expense of approximately $7 to $10 million, excluding discrete items.
