Manitowoc (MTW) Tops Q3 EPS by 16c; Offers FY23 Revenue Guidance

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Go back to Manitowoc (MTW) Tops Q3 EPS by 16c; Offers FY23 Revenue Guidance

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

November 1, 2023 4:07 PM EDT

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 machine sales increased 21.2% year-over-year to $154.7 million. Adjusted EBITDA(1) was $33.3 million, an increase of $9.3 million or 38.8% from the prior year.

Orders were $531.2 million, a 12.5% increase from the prior year. Orders were favorably impacted by $13.5 million from changes in foreign currency exchange rates. Backlog increased... More