The Manitowoc Company, Inc. (MTW), a Milwaukee-based provider of engineered lifting solutions, swung back to profit in the third quarter.
Manitowoc reported a net income of $5 million, or $0.14 per share, compared with a net loss of $7 million, or $0.20 per share, in the same quarter last year.
Orders rose to $491.4 million, up 15.7 percent year-over-year, resulting in a backlog of $666.5 million. Net sales reached $553.4 million, up 5.4 percent versus the prior-year quarter, with non-new machine sales contributing $177.4 million - up 4.9 percent.
Adjusted EBITDA came in at $34.1 million, a 30.2 percent improvement year-over-year, driven by stronger product mix and growth in the company's aftermarket segment.
CEO Aaron H. Ravenscroft said, "Manitowoc delivered solid third-quarter results driven by favorable product mix, strong execution by our MGX distribution business, continued growth in our non-new machine sales, and actions to offset tariffs; all while battling softness in crane demand in the Americas."
The company cautioned that while the European tower-crane market is recovering, near-term challenges persist in the Americas due to tariff pressures. Manitowoc maintained that it expects full-year adjusted EBITDA to finish at the lower end of its guidance range.
MTW closed Wednesday at $10.31, up 2.89%, and traded after hours at $10.50, up 1.84% on the NYSE.
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