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Jun 30, 2023
Manitowoc Q2 2023 Earnings Report
Manitowoc's second-quarter results were reported with revenue up 21.2% year-over-year and adjusted EBITDA margin at 10.0%.
Key Takeaways
Manitowoc reported strong second-quarter results, exceeding expectations with double-digit adjusted EBITDA margin. Revenue increased by 21.2% year-over-year, driven by progress on CRANES+50 with an 8.1% increase in non-new machine sales. The company raised its full-year guidance due to the solid first half of the year and strong backlog.
Net sales increased 21.2% year-over-year to $602.8 million.
Adjusted EBITDA was $60.4 million, with a margin of 10.0%.
Non-new machine sales increased 8.1% year-over-year to $150.4 million.
Orders increased 26.8% from the prior year to $550.5 million.
Revenue by Segment
Forward Guidance
Manitowoc raised its full-year 2023 guidance.
Positive Outlook
- Net sales are expected to be between $2.1 billion and $2.2 billion.
- Adjusted EBITDA is projected to be between $150 million and $180 million.
- Depreciation and amortization are estimated to be between $58 million and $62 million.
- Interest expense is anticipated to be between $33 million and $35 million.
- Adjusted diluted earnings per share are expected to be between $1.10 and $1.70.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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