Manitowoc(US:MTW)2022-11-08 19:36Financial Performance - Orders decreased by 12.7% year-over-year, reaching $472 million in Q3 2022 compared to $540.6 million in Q3 2021[16] - Net sales increased by 12.4% year-over-year, with $454.7 million in Q3 2022 compared to $404.5 million in Q3 2021[16] - Adjusted operating income decreased by 10.3% year-over-year, from $9.7 million in Q3 2021 to $8.7 million in Q3 2022[16] - Adjusted net income increased significantly by 54.5% year-over-year, from $2.2 million in Q3 2021 to $3.4 million in Q3 2022[16] - Adjusted EBITDA increased by 20% year-over-year, from $20 million in Q3 2021 to $24 million in Q3 2022[16] - Free cash flow was negative $21.2 million in Q3 2022, compared to positive $11.5 million in Q3 2021[16] - Backlog increased by 5.9% year-over-year, from $890.6 million to $943.4 million[16] Market Dynamics and Strategic Initiatives - Aftermarket grew +27% year-over-year[8] - The company is expanding its direct-to-customer footprint through acquisitions like MGX and Aspen, and expanded boom truck territory[11, 12]