Manitowoc reports second-quarter results

MANITOWOC, Wis. — Crane and lifting solutions manufacturer Manitowoc Co. recently reported second-quarter net sales of $394.6 million.

Second-quarter orders of $379.5 million, which included the initial production order related to a U.S. Army contract, were up 9 percent from the comparable period in 2016. Backlog totaled $491.2 million at June 30, 2017, up 25 percent from the second-quarter 2016 ending backlog of $393.5 million.

Second-quarter 2017 net sales were $394.6 million, versus $457.7 million in the comparable period in 2016. The majority of the year-over-year decline was attributable to lower crawler crane shipments in the Americas, as the company shipped a significant volume of these cranes in the prior year, and lower rough-terrain crane shipments, primarily in the Americas and the Middle-East, mainly due to continued weakness in oil and gas market demand.
The company reported net income from continuing operations of $700,000 in the second-quarter 2017, versus a net loss from continuing operations of $5 million in the second-quarter 2016.

“In the second quarter we have seen order improvement in most product categories except lattice boom crawler cranes,” Barry L. Pennypacker, president and chief executive officer, said in a news release. “We have experienced pockets of improved demand in specific markets like the Permian and Eagle Ford basins in North America. European markets continue to experience moderate growth, mainly in residential and non-residential construction markets, partly offset by continued weakness in the Middle-East.”

The company’s crane group headquarters is in Shady Grove, Pa., near Greencastle.