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Jun 30, 2021
Manitowoc Q2 2021 Earnings Report
Manitowoc reported second-quarter results with net income of $17.9 million and adjusted EBITDA of $40.7 million.
Key Takeaways
Manitowoc reported a strong second quarter, with net sales increasing 41% year-over-year to $463.6 million. The company's order intake was robust at $537.2 million, up 126% from the prior year. Despite facing challenges such as rising inflation and supply chain shortages, Manitowoc is updating its full-year 2021 guidance.
Orders of $537.2 million increased $299.3 million, or 126% from the prior year.
Net income of $17.9 million, or $0.50 per diluted share.
Adjusted EBITDA of $40.7 million, or 8.8% of net sales.
Backlog as of June 30, 2021 totaled $736.1 million, an increase of 71% year-over-year.
Forward Guidance
Manitowoc is updating its full-year 2021 guidance, which excludes any impact associated with the pending acquisition of the H&E Equipment Services’ crane business.
Positive Outlook
- Revenue – approximately $1.775 to $1.825 billion
- Adjusted EBITDA – approximately $105 to $115 million
- Depreciation – approximately $38 to $42 million
- Interest expense – approximately $28 to $30 million
- Capital expenditures – approximately $40 million
Challenges Ahead
- Rising inflation
- Supply chain shortages
- Skilled labor constraints
- COVID-19 impacts
- Uncertain market conditions
Historical Earnings Impact
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Avg. Return Before/After Earnings
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