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Sep 30, 2020
Manitowoc Q3 2020 Earnings Report
Net sales decreased due to lower sales volume, but were favorably impacted by foreign currency exchange rates, while orders increased due to stronger than anticipated demand.
Key Takeaways
Manitowoc reported a net loss of $(0.4) million, or $(0.01) per diluted share, but adjusted net income was $3.5 million, or $0.10 per diluted share. Net sales decreased 20.6% year-over-year to $355.6 million, while orders increased 10.5% from the prior year. The company ended the quarter with nearly $400 million of liquidity.
Third-quarter orders increased 10.5% from the prior year.
Backlog as of September 30, 2020 totaled $464.8 million, approximately flat to prior year.
Ended the third quarter with nearly $400 million of liquidity.
Company continues to invest in the future with new product development programs remaining on-track.
Forward Guidance
The Company’s fourth-quarter forecast for revenue is between $425.0 million and $450.0 million and between $18.0 million and $23.0 million for adjusted EBITDA.
Positive Outlook
- Revenue is forecasted between $425.0 million and $450.0 million
- Adjusted EBITDA is forecasted between $18.0 million and $23.0 million
Historical Earnings Impact
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Avg. Return Before/After Earnings
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