Manitowoc posts a loss for third quarter 2024

Manitowoc 31000 lattice boom crawler crane

Crane manufacturer Manitowoc reported a loss of US$7 million for the third quarter of 2024.

Orders were also down, by 20 per cent, to $424.7 million from the same period a year earlier. Net sales were flat at $524.8 million while at the end of September the order backlog was still $742.1 million. Adjusted EBITDA was $26.2 million, down 21.3 % from the year before.

Commenting on the result Aaron Ravenscroft, Manitowoc president and chief executive officer, said, “During the quarter, we made good progress on our Cranes+50 strategy; non-new machine sales reached a new high of $617.5 million for the trailing twelve-months. Demand, however, for new cranes slowed as customers await the outcome of the US election and further interest rate cuts. Given the soft results in the third quarter, we are expecting our full year adjusted EBITDA to be at the low end of our guidance. Strengthening our balance sheet with a focus on working capital remains our top financial priority.”

In outlook Ravenscroft said, “Looking longer term, we are optimistic as central banks continue to cut interest rates, monies from the Infrastructure and CHIPS bills begin to flow, activity in the Middle East remains strong, and crane fleets age to historic levels. As we continue to launch new machines and execute our Cranes+50 strategy, we are well positioned to capitalize on these trends.”