The Manitowoc Company, Inc. reported its financial results for the third quarter and the nine months ended September 30, 2024, revealing a mixed performance compared to the previous fiscal period. Net sales for the third quarter reached $524.8 million, a slight increase from $520.9 million in the same period of 2023. However, for the nine months, net sales decreased by 3.1% to $1,582.0 million from $1,632.0 million in 2023.
Gross profit for the third quarter was $87.6 million, down from $96.8 million year-over-year, reflecting a gross profit margin decline to 16.7% from 18.6%. For the nine-month period, gross profit fell to $279.8 million from $326.1 million, with the gross profit percentage decreasing from 20.0% to 17.7%. The decline in profitability was attributed to unfavorable product mix and increased expenses, particularly in the EURAF segment, which reported an operating loss of $14.9 million for the third quarter, compared to a loss of $7.7 million in 2023.
Operating income for the third quarter was $7.5 million, significantly lower than $18.0 million in the prior year, while for the nine months, it dropped to $35.6 million from $82.6 million. The company reported a net loss of $7.0 million for the third quarter, compared to a net income of $10.4 million in 2023, and a net loss of $0.9 million for the nine months, down from a profit of $47.1 million.
Total assets increased to $1,776.7 million as of September 30, 2024, from $1,706.7 million at the end of 2023. Current assets also rose, driven by an increase in inventories, which grew from $666.5 million to $769.9 million. Long-term debt increased to $426.7 million from $358.7 million, contributing to total outstanding debt of $467.2 million.
The company experienced a significant decrease in orders, with a 20.0% decline in the third quarter to $424.7 million, attributed to lower demand in the Americas amid economic uncertainties. Total backlog also fell by 19.1% to $742.1 million compared to the end of 2023.
In terms of strategic developments, Manitowoc issued $300.0 million in senior secured second lien notes due in 2031, with proceeds used to redeem existing debt. The company also reported a non-cash charge of $1.1 million related to refinancing activities. Cash and cash equivalents decreased to $22.9 million from $34.4 million at the end of 2023, reflecting ongoing operational challenges.
About MANITOWOC CO INC
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