Manitowoc Crane, which also includes Grove mobile cranes and Potain tower cranes has posted first quarter revenues 8.3 percent higher at $418 million.
The increase was attributable to higher crane shipments in the Americas and European regions, coupled with pricing improvements, partly offset by unfavourable changes in exchange rates. The pre-tax loss increased from 6.1 million in the same quarter last year to $23.4 million this year, entirely due to a $25 million charge for early extinguishment of its debt, when it refinanced on more favourable terms in March. Without this the company would have been back in the black with a profit of $1.6 million. At the operating profit level it made $16.2 million compared to just $1.7 million last year. Full year revenues are now forecast to be three to seven percent higher at $1.9 to $1.97 billion.

Chief executive Barry Pennypacker said: “Manitowoc once again delivered a strong start to the year, delivering our eighth straight quarter of year over year adjusted EBITDA margin increase. The operating principles of The Manitowoc Way continue to produce improving financial results as we execute our strategy for profitable growth by delivering innovation and velocity in everything we do.”

“In March, we successfully refinanced our capital structure to further strengthen our balance sheet. This action increases liquidity, reduces interest expense and allows us more flexibility to deploy our capital in order to increase shareholder value.”

“Market conditions remain very competitive. We continue to focus on providing innovative products and services for customers as evidenced by positive customer reception to our six new cranes introduced at the bauma trade show in April. As a result of our first-quarter performance and our proven ability to execute on our strategy, we are raising our full-year guidance.”