31.01.2013

Manitowoc Crane ends year up 13%

Manitowoc crane has reported its full year results, revenues were up almost 13 percent on 2011 at $2.44 billion. Operating profit for the same period increased almost 45 percent to $156 million.

Looking at the fourth quarter revenues were 11.6 percent up on the same period in 2011, while profits climbed just over 45 percent to $56.3 million.

Sales were largely driven by strong activity in the Americas, as well as higher demand in emerging markets.

The backlog at the end of the year was virtually the same as last year, at $756 million. Strong order intake in the third quarter was offset by a 19 percent drop in the fourth quarter leaving order intake in the second half at 2011 levels.

Chief executive Glen Tellock said: “We finished 2012 on a strong note. The steadfast execution against our strategic initiatives drove another quarter of positive sales growth and margin improvement, while our full-year results matched our revenue and earnings expectations."

"These results also demonstrated our ability to effectively manage our global businesses despite macroeconomic challenges. Despite this prolonged and often volatile operating environment, we continue to believe we have the right strategy to continue expanding profitability across the entire Manitowoc enterprise as we look to 2013. In addition, we will continue to invest prudently in our strategies to leverage and enhance our market leadership positions.”

Focusing in the crane business he added: “During the quarter we saw continued strength in the Americas region, coupled with positive performance in several emerging markets, including Brazil, Greater Asia/Pacific, and Africa. Our initiatives to drive meaningful margin expansion and take advantage of expected growth trends globally continue to take shape. We expect operational excellence to be a primary driver for Cranes in 2013 as our sustained focus on efficiency will not only enhance our competitive position, but also drive long-term profitability,”

Manitowoc as a whole reported full year revenues up 8.5 percent to $3.93 billion, while pre-tax profits more than tripled to $132.3 million.

Vertikal Comment

This is a decent set of numbers from Manitowoc with a solid improvement in margins and overall profitability. The only negativity was the drop off in order intake in the fourth quarter. This reflects the overall market, and will hopefully be a temporary pause prior to a resumption of steady, sustainable growth.