The Manitowoc Company Reports Third-Quarter 2024 Financial Results MILWAUKEE, Wis. - The Manitowoc Company, Inc. (NYSE: MTW) (the "Company" or "Manitowoc") today reported a thirdquarter net loss of $7.0 million, or $0.20 per diluted share. Third-quarter adjusted net loss (1) was $2.9 million, or $0.08 per diluted share. Orders in the third quarter were $424.7 million, a 20.0% decrease from the prior year, resulting in backlog at the end of the third quarter of $742.1 million. Net sales in the third quarter ...

A month has gone by since the last earnings report for The Manitowoc Company, Inc. (MTW) . Shares have lost about 9.4% in that time frame, underperforming the S&P 500. Will the recent negative trend continue leading up to its next earnings release, or is The Manitowoc Company due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important drivers. Manitowoc Q2 Earnings Miss ...

Have you evaluated the performance of The Manitowoc Company, Inc.'s (MTW) international operations for the quarter ending June 2024? Given the extensive global presence of this company, analyzing the patterns in international revenues is crucial for understanding its financial strength and potential for growth. The global economy today is deeply interlinked, making a company's engagement with international markets a critical factor in determining its financial success and growth path. It has become essentia ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock, $.01 Par Value MTW New York Stock Exchange (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Num ...

Financial Data and Key Metrics - Q2 2024 orders were $428 million, down 22% YoY, with backlog at $836 million [5][15] - Net sales for Q2 were $562 million, a 7% decrease YoY, missing expectations due to part shortages, logistics disruptions, customer financing issues, and lower demand [16] - Adjusted EBITDA for Q2 was $36 million, with a margin of 6.4%, down 360 basis points YoY, primarily due to the European tower crane business [17] - GAAP diluted income per share was $0.04, while adjusted diluted income per share was $0.25, down $0.50 YoY [18] - Net working capital ended the quarter at $517 million, 24% of trailing 12-month sales, driven by inventory buildup [18] - Cash from operating activities was $11 million, with capital expenditures of $13 million, including $6 million for the rental fleet [19] - Full-year 2024 guidance adjusted to net sales of $2.175 billion to $2.25 billion, adjusted EBITDA of $125 million to $140 million, and adjusted diluted EPS of $0.45 to $0.90 [20] Business Line Performance - Non-new machine sales were $147 million in Q2, slightly down YoY, but resilient given the softness in the global tower crane market [13] - The European tower crane market remains a headwind, with new crane orders down 21% YoY and adjusted EBITDA impacted by $14 million [9] - The Americas mobile crane industry remains solid, but customer purchasing activity is slow due to operator shortages and rent-to-purchase requests [6] - In Asia Pacific, the China market remains muted, but Vietnam and Hong Kong are showing signs of recovery, with optimism for South Korea in 2025 [11] Market Performance - In the Americas, crane operators are gaining confidence, but orders are expected to remain depressed until after the US election [6] - Europe faces a tough environment due to political uncertainty, higher interest rates, and a slowdown in residential and non-residential construction [7][8] - The Middle East shows strong quoting activity, particularly in Saudi Arabia, with orders slightly up YoY, driven by large projects like Trojena and the 2029 Asia Winter Games [10] - Asia Pacific is experiencing a regional slowdown, with delays in South Korean semiconductor facilities and commercial construction projects [11] Strategy and Industry Competition - The company is focused on its CRANES+50 strategy, which has grown the higher-margin aftermarket business by 34% since its launch [21] - Competitive dynamics in Asia Pacific and the Middle East have intensified, with price compression due to aggressive competition from Chinese manufacturers [25] - The company is optimistic about long-term infrastructure projects, particularly in power transmission and data centers, which are expected to drive future crane demand [23] Management Commentary on Operating Environment and Outlook - The current operating environment is challenging, with geopolitical tensions, high interest rates, and global elections creating uncertainty [5] - Management expects a slow recovery in the European tower crane market, with no major improvements anticipated until Q4 2024 [9] - Long-term optimism remains for infrastructure projects, but short-term demand is impacted by the US election cycle and interest rate uncertainty [24] Other Important Information - The company reduced its 2024 build schedule to support year-end free cash flow targets, which will negatively impact short-term financial performance [14] - The company repurchased 478,000 shares for $6 million in Q2 and plans to opportunistically repurchase more shares in the second half of 2024 [19] Q&A Session Summary Question: What changed in the last 90 days to impact orders so aggressively? - Orders slowed due to the US election cycle and interest rate uncertainty, with July orders at $121 million [24] Question: How does the company view competitive dynamics and pricing? - Price compression is observed in Asia Pacific and the Middle East due to aggressive competition from Chinese manufacturers, but no significant changes in Western markets [25] Question: What is the cadence for Q3 and Q4, and how will margins be affected? - Q3 is expected to be weaker than Q4, with Q4 likely to see higher revenue and margins [27] Question: Why hasn’t robust construction activity translated into stronger crane demand? - Crane demand is more influenced by customer confidence and interest rates than by construction activity levels [29][30] Question: How significant are rent-to-purchase options, and what are the conversion rates? - Rent-to-purchase requests have increased due to interest rate uncertainty, with expectations of more purchases post-election [31][33] Question: What was the impact of part shortages, and how will non-new machine sales trend? - Part shortages contributed to a $100 million miss in Q2, and non-new machine sales are expected to remain stable despite the tower crane market downturn [34][43] Question: Are there any order cancellations or deferrals, and what is the pricing outlook? - One crane was canceled, which is not abnormal, and pricing is expected to remain stable in Western markets [38] Question: How have crane prices and financing costs evolved, and what rate cuts are needed to boost demand? - Crane prices have not changed significantly, but higher interest rates have increased financing costs, with demand likely to improve as rates decline [39][40] Question: How did non-new machine sales perform versus expectations, and what is the outlook? - Non-new machine sales were slightly down but resilient, with expectations of stability for the rest of the year [43]

The Manitowoc Company, Inc. (MTW) reported adjusted earnings per share (EPS) of 25 cents in secondquarter 2024, missing the Zacks Consensus Estimate of 58 cents. The company reported an EPS of 75 cents in the year-ago quarter. Including one-time items, the company reported an EPS of 4 cents in the quarter compared with the prior-year quarter's 57 cents. Manitowoc's revenues moved down 6.8% year over year to $562 million in the quarter under review. The top line missed the Zacks Consensus Estimate of $603 mi ...

Second-Quarter 2024 Earnings Conference Call August 8, 2024 Forward-Looking Statements Safe Harbor Statement Any statements contained in this presentation that are not historical facts are "forward-looking statements." These statements are based on the current expectations of the management of the Company, and are subject to uncertainty and changes in circumstances. The Company undertakes no obligation to update or revise forward-looking statements, whether as a result of new information, future events, or ...

The Manitowoc Company, Inc. (MTW) came out with quarterly earnings of $0.25 per share, missing the Zacks Consensus Estimate of $0.58 per share. This compares to earnings of $0.75 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of -56.90%. A quarter ago, it was expected that this company would post earnings of $0.19 per share when it actually produced earnings of $0.14, delivering a surprise of -26.32%. Over the last four quarter ...

Exhibit 99.1 The Manitowoc Company Reports Second-Quarter 2024 Financial Results; Updates Full-Year 2024 Guidance Second-Quarter 2024 Highlights • Net sales of $562.1 million, down 6.8% year-over-year • Adjusted EBITDA (1) of $36.0 million, margin percentage of 6.4% • Adjusted return on invested capital (1) of 7.1% MILWAUKEE, Wis. - The Manitowoc Company, Inc. (NYSE: MTW) (the "Company" or "Manitowoc") today reported secondquarter net income of $1.6 million, or $0.04 per diluted share. Second-quarter adjust ...

Zacks Investment Research Image Source: Zacks Investment Research Downward Revision Activity in Estimates: The earnings estimates for the current year have been revised downward by 3% over the past 30 days. The Zacks Consensus Estimate for 2024 earnings is currently pegged at $1.25, which indicates year-over-year growth of 17.8%. The company has also reported year-over-year declines in adjusted gross profit and adjusted operating profit in the past two quarters. The decline is primarily attributable to decr ...