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H&E Equipment to Sell Crane Biz to Manitowoc
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Manitowoc Enters Agreement to Acquire H&E Equipment Services
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Manitowoc to Acquire Crane Business of H&E Equipment Services : CEG
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Upward pressure on prices - Cranes Today
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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: “I am proud of our team’s execution during the quarter while navigating through the Covid-19 pandemic. We are encouraged by positive trends in crane demand across all segments, but as the world normalizes, we continue to see significant inflationary pressures and a multitude of supply chain challenges.