The Manitowoc Company manufactures lifting equipment for a mix of industrial and commercial customers around the world. Manitowoc is particularly distinguished with its crawler cranes that give its customers mobility. Customers include utilities, construction, petrochemical and other industrial players that need to lift, hoist and move heavy materials or objects. Its crawler-mounted lattice-boom cranes are sold under its flagship Manitowoc brand name while other brand names grace the Company’s top-slewing and self-erecting cranes.
Demand for cranes used in construction, commercial and industrial activities is expected to reach $41.2 billion in revenue value by 2027. This estimate by industry research firm, Allied Market Research implies a compound annual growth rate of 4.8% from 2020 to 2027. Cranes are used for lifting heavy materials, transporting objects to another location and other hoisting functions. There are no substitutes. There are numerous crane manufacturers and The Manitowoc Company is among them. It is not among the largest ten and cannot claim any dominance in the crane market. However, Manitowoc has carved out a defensible niche with particular crane designs that meet customer needs, including a group of mobile hydraulic, all-terrain and telescoping mobile cranes. A wide selection of boom trucks also supports customers with a need for mobility. It may also help that The Manitowoc Company can deliver on giant self-erecting tower cranes as well as shuttlelift industrial cranes.
The Company reached $1.8 billion in sales before the onset of the coronavirus pandemic and felt the pinch of business shutdowns and travel restrictions through 2020. However, we expect a return to more normal business activities in 2021 and a return to pre-pandemic sales in 2022. With a history of stable and profitable operation, we expect higher profits to follow revenue growth.
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