The Manitowoc Company, Inc., in its second-quarter financial results, reported second-quarter net sales of $394.6 million, diluted EPS on a GAAP basis of breakeven and $0.05 on an adjusted basis.
Second-quarter orders of $379.5 million, which included the initial production order related to the U.S. Army contract, were up 9% from the comparable period in 2016. Backlog totaled $491.2 million at June 30, 2017, up 25%, from the second-quarter 2016 ending backlog of $393.5 million.
Second-quarter 2017 net sales were $394.6 million versus $457.7 million in the comparable period in 2016. The majority of the year-over-year decline was attributable to lower crawler crane shipments in the Americas as the Company shipped a significant volume of these cranes in the prior year, and lower Rough-terrain crane shipments primarily in the Americas and the Middle-East, mainly due to continued weakness in oil and gas market demand.
The Company reported net income from continuing operations of $0.7 million, or $0.00 per diluted share, in the second-quarter 2017 versus a net loss from continuing operations of $(5.0) million, or $(0.04) per diluted share, in the second-quarter 2016. Non-GAAP adjusted net income from continuing operations was $6.5 million, or $0.05 per diluted share, in the second-quarter 2017 versus $3.9 million, or $0.03 per diluted share, in the comparable period of 2016. Non-GAAP adjusted EBITDA for the second-quarter 2017 was $25.2 million compared to $25.3 million in the same period last year.
"We are very pleased with our second-quarter performance as we made considerable progress in consolidating our manufacturing footprint and reducing the cost of our organizational structure. We delivered $0.05 of adjusted EPS and our adjusted EBITDA was flat year-over-year despite a $63 million decline in revenue. Considering our year-to-date performance and future market outlook, we have improved our full year 2017 guidance. This underscores that our team can deliver improved results using the principles of The Manitowoc Way. The relocation of our crawler crane production is complete, on time and under budget," commented Barry L. Pennypacker, President and Chief Executive Officer of The Manitowoc Company, Inc.
"In the second-quarter we have seen order improvement in most product categories except lattice boom crawler cranes. We have experienced pockets of improved demand in specific markets like the Permian and Eagle Ford basins in North America. European markets continue to experience moderate growth, mainly in residential and non-residential construction markets, partly offset by continued weakness in the Middle-East," said Pennypacker.
"While we remain cautiously optimistic in the near term, we continue to focus on delivering value through innovative products that provide superior return on invested capital for our customers. In these challenging times, we are maintaining our disciplined adherence to The Manitowoc Way, positioning us to achieve our long-term target of double-digit operating margins by 2020 and becoming the leading global crane company as the market recovers," concluded Pennypacker.
