JUNE 2021 Ӏ NEWS
CAuTIouS opTIMISM
The crane manufacturers' financial results for the first quarter of the year show market recovery, as sales and orders are up for most players. Despite being optimistic for the rest
of the year, the manufacturers mention potential challenges such as supply chain limitations and higher raw material prices.
The Manitowoc Company has reported
sales revenue of $354.3m in the first quarter of the year, 7.6% higher than the same period in 2020. The manufacturer said sales revenue
was favourably impacted by $15.4m from changes in foreign currency exchange rates. Earnings before interest, tax, depreciation and amortisation (EBITDA) stood at $21.1m. Orders in the first quarter of the year amounted to $473.6m, an increase of 26.3% year-on-year and 20.7% on a currency neutral basis. Backlog as of March 31, 2021 totalled $662.5m, an increase of 27.2% year-over-year and 22% from December 31, 2020. Aaron H. Ravenscroft, president and CEO of The Manitowoc Company said: “We are encouraged by positive trends in crane demand across all segments, but as the world normalises, we continue to see significant inflationary pressures and a multitude of supply chain challenges. "As I have said, 2021 will be a year
of transition. We expect inflation and supply chain challenges to persist for the balance of the year, more heavily impacting second half results. While we are taking actions to mitigate these headwinds, we remain resolute in our long-term strategy to grow the company by continuing to invest in our four strategic priorities.” The Palfinger Group reported a
revenue of €405.9m for the first quarter of the year, up €12.7m (3.2%) compared to the previous year. Earnings before interest and taxes amounted to €40m—27.6% higher year- on-year—while consolidated net result
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increased by 58.4% to €24.5m. These positive results were achieved despite the company being a victim of cyber attack during this period. “Palfinger faced two-weeks of production downtime due to a cyber attack at the end of January, the consequences of which are being compensated for as quickly as possible. For this reason, extra shifts are being worked at our production sites,” said Palfinger CEO Andreas Klauser. “We reacted fast and efficiently to the cyber attack, successfully limited the damage and restarted production in the shortest time possible.” The manufacturer said the global economic recovery was reflected on its good order intake in the first quarter of the year and that it has a full order book. “Economic growth of 8.4% is forecast for China, 6.4% for the USA and 4.4% for Europe. The upturn is being driven largely by the construction industry. The timber industry is developing positively too. However, the upturn is accompanied by rising raw material prices, which results in higher costs along the supply chain,” said Palfinger. Klauser added that the risk of limited material availability should be considered. For the full fiscal year 2021, Palfinger’s management is aiming for a record year with revenues in excess of €1.75bn and an EBIT of more than €149m. “However, despite full order books and
the worldwide economic upswing, there are substantial risk factors such as supply chain limitations, higher raw material prices, production capacity bottlenecks and uncertainty concerning the Covid-19 pandemic,” said the company. Hiab, part of Cargotec, has reported
sales revenue of €287m for the first quarter of the year, down 5% compared to the same period in 2020. However, the orders received increased
by 44% year-on-year to €425m; while the order book on March 31 amounted to €642m, 28% higher compared to the December 31.
Cargotec’s CEO Mika Vehviläinen,
commented: “Hiab’s orders received was once again its best ever.” One of the orders booked in Cargotec’s
Q1 order intake was the one from UK hard landscaping manufacturer Marshalls, with a value of €4.9m. The order includes 108 new loader cranes equipped with HiConnect and ProCare. Hiab’s operating profit was €33.1m, up
17% year-on-year. Manitex International has reported
net sales revenue of $47.2m for the first quarter of 2021, down $1.5m year-on- year. However the sales increased compared
to the fourth quarter of 2020, when they totalled $45.2m. Gross profit in Q1 was $8.8m, or 18.7% of sales. The company said this figure was in-line with the $8.4m gross profit generated in Q4 2020. EBITDA increased by 24% to $1.9m. The $107m backlog recorded as of April 30, 2021 was at a five-year high. Steve Filipov, CEO of Manitex International said: "Our first quarter results were in-line with our expectations and reflect increased net sales and adjusted EBITDA. "Our backlog has grown consistently
over the past several quarters, evidence of a healthy recovery in demand in many of the markets that our products are uniquely suited for, and has surpassed $100m, giving us confidence that we will achieve a year of growth in 2021. “To put that in perspective, just slightly
over a year ago, we reported a backlog of $57m, and thus, we're pleased with the progress that our global sales team is making. "While the backlog indicates a healthy
level of demand in each product category, there remain challenges with respect to logistics, supply chain, and input pricing that are typical at the early stages of a recovery. We will aim to work closely with our customers to collectively address the cost increases, protect our margins, and effectively manage our working capital.”
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