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Jun 30, 2022
Manitowoc Q2 2022 Earnings Report
Manitowoc's financial performance in Q2 2022 reflected solid operational execution and cost management amidst macroeconomic challenges, with net sales up 7.2% year-over-year, but order intake began to trend down due to global economic uncertainty.
Key Takeaways
Manitowoc reported a 7.2% increase in net sales to $497.2 million in Q2 2022. Net income was $15.1 million, or $0.42 per diluted share. However, new orders decreased by 19.2% year-over-year to $434.0 million, and the company's backlog decreased sequentially by 8.3% to $947.8 million.
Net sales increased by 7.2% year-over-year to $497.2 million, but were unfavorably impacted by foreign currency exchange rates.
Net income was $15.1 million, or $0.42 per diluted share; adjusted net income was $7.4 million, or $0.21 per diluted share.
Orders decreased by 19.2% year-over-year to $434.0 million, impacted by foreign currency exchange rates.
Backlog ended the quarter at $947.8 million, down 8.3% sequentially, and also impacted by foreign currency exchange rates.
Forward Guidance
Manitowoc expects inflation, rising interest rates, and geopolitical tensions to continue to hinder customer confidence in the second half of the year, but remains on track to deliver the low-end of its adjusted EBITDA guidance.
Positive Outlook
- Team's solid operational performance
- Diligent cost management
- Elevated backlog due to continued supply chain constraints
- Committed to four breakthrough initiatives
- Positioned to capitalize on the eventual crane renaissance
Challenges Ahead
- Challenging macroeconomic conditions
- Order intake began to trend down
- Ongoing global economic uncertainty
- Inflation
- Rising interest rates and geopolitical tensions hinder customer confidence
Historical Earnings Impact
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Avg. Return Before/After Earnings
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