Manitowoc has reported third-quarter net income of USD2.3 million, with net sales rising 12.4% year-over-year to USD454.7 million.

Third-quarter orders were USD472.0 million, a 12.7% decrease from the prior year, caused largely by USD24.4 million in foreign currency exchange falls. 

“I am very proud of the efforts put forth by our team in the third quarter. The team performed well in the face of persistent supply chain disruptions and continued inflationary pressure,” says Aaron H. Ravenscroft, president and chief executive officer of The Manitowoc Company.

“Looking to the fourth quarter, we expect these headwinds to continue. Nevertheless, given our elevated shippable backlog combined with the volume of nearly finished cranes that carried over from the third quarter, we continue to target the low end of our Adjusted EBITDA guidance for 2022. 

“Despite the challenging near-term outlook, we remain committed to supporting our customers while executing our Cranes+50 strategy," Ravenscroft stresses.