Manitowoc (MTW) Reports Q3, Issues FY23 Guidance, Announces $35M Share Buyback

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Go back to Manitowoc (MTW) Reports Q3, Issues FY23 Guidance, Announces $35M Share Buyback

The Manitowoc Company Reports Third-Quarter 2023 Financial Results; Updates Full-Year 2023 Guidance; Announces $35 million Share Repurchase Program

November 1, 2023 4:06 PM EDT

Third-Quarter 2023 Highlights

Net sales of $520.9 million, up 14.6% year-over-year Net income of $10.4 million, an increase of $8.1 million year-over-year Adjusted EBITDA(1) of $33.3 million, margin percentage of 6.4% Non-new machine sales of $154.7 million, up 21.2% year-over-year

MILWAUKEE--(BUSINESS WIRE)-- The Manitowoc Company, Inc. (NYSE: MTW) (the Company or Manitowoc) today reported third-quarter net income of $10.4 million, or $0.29 per diluted share. Third-quarter adjusted net income(1) was $8.0 million, or $0.22 per diluted share.

Net sales increased 14.6% year-over-year to $520.9 million and were favorably impacted by $14.5 million from changes in foreign currency exchange rates. Non-new... More