Manitowoc Reports Third Quarter Earnings
Financial Performance: Manitowoc Company reported a net income of $5 million in Q3, a turnaround from a net loss of $7 million in the same quarter last year, with net sales increasing by 5.4% to $553.4 million.
Order Growth: The company saw a 15.7% year-over-year increase in orders, totaling $491.4 million, contributing to a backlog of $666.5 million.
Adjusted EBITDA Improvement: Adjusted EBITDA rose by 30.2% year-over-year to $34.1 million, attributed to a favorable product mix and growth in the aftermarket segment.
Market Challenges: Despite positive results, Manitowoc faces challenges in the Americas due to tariff pressures, while the European tower-crane market shows signs of recovery.
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Manitowoc: EU Initiates Investigation into Chinese Mobile Crane Imports for Anti-Dumping Practices
Investigation Initiation: The European Commission has launched an anti-dumping investigation into mobile crane imports from China, prompted by a complaint from European manufacturers represented by the VDMA Materials Handling and Intralogistics Association.
Concerns Over Competition: The investigation aims to address concerns regarding unfair competition due to low-priced Chinese cranes, which are believed to threaten over 7,000 jobs in Europe and impact the broader supply chain.
Evidence of Injury: VDMA members, including major companies like Liebherr and Manitowoc, have provided evidence of material injury caused by predatory pricing and advantages enjoyed by Chinese exporters, such as government subsidies and favorable financing.
Importance of European Cranes: European-made mobile cranes are vital for infrastructure, renewable energy, and defense projects, highlighting the industry's commitment to safety, performance, and compliance with EU standards.
Manitowoc Supports EU Anti-Dumping Investigation into Chinese Mobile Cranes
- Anti-Dumping Investigation Launched: The European Commission has initiated an anti-dumping investigation into mobile cranes from China, following a complaint from leading European manufacturers, focusing on self-propelled cranes with a lifting capacity of at least 30 tons, crucial for ensuring Europe's strategic independence in infrastructure, defense, and energy sectors.
- Industry Support: Manitowoc's CEO Aaron H. Ravenscroft expressed strong support for the investigation to ensure fair competition and protect European innovation, manufacturing, and jobs, urging the European Commission to act swiftly to restore a level playing field.
- Industry Impact: The complaint involves major companies including Manitowoc, Liebherr, Sennebogen, and Tadano, which represent a significant majority of the EU mobile crane industry, highlighting the industry's keen interest in anti-dumping measures.
- Market Context: The VDMA Materials Handling and Intralogistics Association represents over 250 European companies, underscoring the mechanical and plant engineering sector's economic significance in the EU, with an estimated turnover of €870 billion and impacting around 3 million jobs.
