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Sep 30, 2023
Manitowoc Q3 2023 Earnings Report
Reported a net sales increase of 14.6% year-over-year, driven by strong aftermarket performance and favorable currency impacts. Net income and adjusted EBITDA also increased, leading to an update in full-year guidance and a new share repurchase program.
Key Takeaways
Manitowoc reported a strong third quarter with a 14.6% increase in net sales to $520.9 million, a net income of $10.4 million, and an adjusted EBITDA of $33.3 million. The company updated its full-year guidance and announced a $35 million share repurchase program.
Net sales increased by 14.6% year-over-year to $520.9 million.
Net income increased by $8.1 million year-over-year to $10.4 million.
Adjusted EBITDA increased by $9.3 million or 38.8% from the prior year to $33.3 million.
Orders increased 12.5% from the prior year to $531.2 million.
Revenue by Segment
Forward Guidance
Manitowoc updated its full-year 2023 guidance with net sales expected to be between $2.175 billion and $2.225 billion and adjusted EBITDA between $160 million and $180 million.
Positive Outlook
- Net sales are expected to be between $2.175 billion and $2.225 billion
- Adjusted EBITDA is expected to be between $160 million and $180 million
Historical Earnings Impact
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Avg. Return Before/After Earnings
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