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Mar 31, 2023
Manitowoc Q1 2023 Earnings Report
Net sales and adjusted EBITDA increased year-over-year, driven by strong demand and progress on the CRANES+50 strategy.
Key Takeaways
Manitowoc reported a solid first quarter with net sales of $508.3 million, a 10.7% increase year-over-year. Adjusted EBITDA was $45.1 million, up 44.6% from the prior year. The company is confident about its guidance despite concerns about a slowdown in the European tower crane business and the potential impact of higher interest rates.
Net sales increased by 10.7% year-over-year to $508.3 million.
Diluted net income per share was $0.46, up $0.37 year-over-year.
Adjusted EBITDA was $45.1 million, with a margin percentage of 8.9%.
Non-new machine sales increased by 16.7% year-over-year to $151.0 million.
Revenue by Segment
Forward Guidance
Manitowoc feels confident about its guidance, but can see a slowdown in the European tower crane business and are cautious regarding the impact higher interest rates could eventually have on demand.
Challenges Ahead
- Potential slowdown in the European tower crane business.
- Caution regarding the impact higher interest rates could have on demand.
- Continuing supply chain challenges.
- Labor challenges.
- Logistics challenges.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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