Crane manufacturer Manitowoc reported second-quarter 2019 results of $53.3 million, a 42% improvement compared to the same point a year ago.
Net sales at the end of June increased from $504.7 at the end of the first quarter to $922.7 at the end of June. Manitowoc attributed this year’s positive increase to higher crane and aftermarket shipments in the Americas region, although it says this was partly offset by continued weakness in the Middle East and unfavourable changes in foreign currency exchange rates.
“The second quarter marked our ninth consecutive quarter of year-over-year adjusted EBITDA margin improvement, and our fifth consecutive quarter of positive adjusted diluted earnings per share,” said Barry L. Pennypacker, president and chief executive officer of Manitowoc. “In the quarter, we repurchased approximately 473,000 shares of common stock, underscoring our commitment to effectively deploy our capital. Orders from European customers were in line with our expectations, reflecting positive reception of our products showcased at the Bauma trade show where we introduced six new cranes. Our North American orders slowed as customers became more cautious as a result of uncertain market conditions.
Overall, I am very proud of our team and the results we posted in the first half of the year, and look forward to our continued transformation into a leaner, more profitable Manitowoc.”