Manitowoc(US:MTW)2020-11-08 18:52Financial Performance (Q3 2020 vs Q3 2019) - Net sales decreased by 206% from $4480 million to $3556 million[9] - Operating income decreased significantly by 639% from $325 million to $117 million[11] - Adjusted operating income decreased by 540% from $339 million to $156 million[12] - Net income experienced a substantial decrease of 1020% from $180 million to a loss of $04 million[13] - Adjusted net income decreased by 817% from $191 million to $35 million[14] - Adjusted EBITDA decreased by 421% from $428 million to $248 million[15] Financial Position - Cash increased significantly by 498% from $675 million to $1011 million[18] - Liquidity increased by 119% from $3544 million to $3967 million[19] - Backlog experienced a slight decrease of 04% from $4665 million to $4648 million[20] Market Conditions - The Americas are facing continued headwinds from COVID-19, the election, dealer inventory levels, and oil prices, with broad industry recovery unlikely until mid-2021 at the earliest[22] - EURAF is facing the most uncertain outlook due to a resurgence of COVID-19 and severe lockdowns, with the bottom of the Tower cycle not yet in sight[22] - MEAP is experiencing strength in China and South Korea, project-driven demand in the Middle East, softness in Southeast Asia and India, and moderating demand in Australia[22] Growth Strategy - The company sees a $3 billion market with plenty of opportunity for growth in the EU Tower Crane Market[26]