The Manitowoc Company Inc. is the leading supplier of mobile cranes to the global construction industry. Cranes are found in a wide variety of applications, including energy and utilities, petrochemical and industrial projects, infrastructure development such as road, bridge and airport construction, and commercial and high-rise residential construction.
The company designs, manufactures, and distributes it crane products under various brand names:
Manitowoc - crawler mounted lattice boom cranes
Grove and Shuttlelift - mobile telescopic cranes
National Crane - telescopic boom cranes mounted on commercial truck chassis
Potain - top-slewing and self-erecting tower cranes
The company provides parts and services and crane rebuilding, remanufacturing, and training services under the Manitowoc Crane Care brand name. In some cases Manitowoc products are manufactured for or distributed for the company under strategic alliances.
Manitowoc had total revenues of $1.58 billion in 2017 all of that coming from crane sales, aftermarket parts, and other crane-related services. This compares to $1.61 billion in revenues during 2016 and $1.87 billion in 2015. (Results of the former foodservice business and the Manitowoc Dong Yue business in the years presented have been classified as discontinued operations exclude those results from continuing operations.) As seen in the following chart, crane sales improved from 2010 through 2013, but have been declining since that year falling to a low point in 2017. For the past two- to- three years, Manitowoc has been consolidating and restructuring its crane business activities and factories to improve efficiencies and to regain stronger profitability. Operating losses were incurred in 2015 and 2016 -- $12.4 million in 2015 and $153.3 million in 2016, but turned positive in 2017 at $1.1 million. Prior to 2015, the company had positive operating profits, which will be covered later in the report.