[Financial and Operational Highlights](index=1&type=section&id=First-Quarter%202025%20Highlights) Manitowoc's Q1 2025 orders increased 10.1% to $610.3 million, driven by European tower cranes, despite a 4.9% net sales decline and a 30.7% Adjusted EBITDA drop, with operating cash flow significantly improving Q1 2025 Key Financial Metrics | Metric | Q1 2025 | Change (YoY) | | :--- | :--- | :--- | | Orders | $610.3 million | ▲ 10.1% | | Net Sales | $470.9 million | ▼ 4.9% | | Non-new machine sales | $160.6 million | ▲ 10.6% | | Adjusted EBITDA | $21.7 million | ▼ 30.7% | | Net cash provided by operating activities | $12.9 million | ▲ $43.5 million | - Order growth was primarily driven by a **68.3% increase** in new machine orders in the European tower crane business and a **23.8% increase** in the Americas segment[1](index=1&type=chunk) - The company's backlog at the end of the first quarter stood at **$797.8 million**[1](index=1&type=chunk) - Despite a fluid tariff situation, the company is maintaining its full-year 2025 guidance[3](index=3&type=chunk) [Company Overview and Investor Information](index=1&type=section&id=Investor%20Conference%20Call) Manitowoc will host an investor conference call on May 7, 2025, to discuss its Q1 2025 results, highlighting its position as a leading global provider of engineered lifting products - An investor conference call is scheduled for **Wednesday, May 7, 2025, at 11:00 a.m. ET**[4](index=4&type=chunk) - Manitowoc is a leading provider of engineered lifting products, including mobile hydraulic cranes, crawler cranes, and tower cranes under brands like Aspen Equipment, Grove, Manitowoc, MGX, National Crane, Potain, and Shuttlelift[5](index=5&type=chunk) [Forward-Looking Statements](index=2&type=section&id=Forward-looking%20Statements) This section outlines significant risks and uncertainties, including macroeconomic conditions, geopolitical events, supply chain disruptions, and changes in customer demand, that could impact future financial results - The company identifies several key risk factors that could impact future performance, including: macroeconomic conditions (inflation, interest rates, tariffs), geopolitical events (conflicts in Ukraine and the Middle East), changes in customer demand and ability to convert backlog to sales, supply chain, labor, and logistics constraints, and actions of competitors and changes in trade policy[8](index=8&type=chunk) [Consolidated Financial Statements](index=4&type=section&id=Consolidated%20Financial%20Statements) This section presents the unaudited condensed consolidated financial statements for Q1 2025 and 2024, encompassing the Statements of Operations, Balance Sheets, and Cash Flows [Condensed Consolidated Statements of Operations](index=4&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20OPERATIONS) For Q1 2025, net sales decreased to $470.9 million, resulting in a net loss of $6.3 million or ($0.18) per share, a reversal from net income in Q1 2024 Q1 Statement of Operations Summary (in millions, except per share data) | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net sales | $470.9 | $495.1 | | Gross profit | $89.8 | $92.5 | | Operating income | $5.3 | $15.2 | | Net income (loss) | $(6.3) | $4.5 | | Diluted net income (loss) per share | $(0.18) | $0.12 | [Condensed Consolidated Balance Sheets](index=5&type=section&id=CONDENSED%20CONSOLIDATED%20BALANCE%20SHEETS) As of March 31, 2025, total assets increased to $1,763.8 million, primarily due to higher inventories, with total liabilities and stockholders' equity also rising Balance Sheet Summary (in millions) | Account | March 31, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $41.4 | $48.0 | | Inventories - net | $701.7 | $609.4 | | Total current assets | $1,054.5 | $958.9 | | Total assets | $1,763.8 | $1,660.0 | | Total current liabilities | $554.8 | $474.3 | | Long-term debt | $381.4 | $377.1 | | Total stockholders' equity | $651.6 | $640.1 | [Condensed Consolidated Statements of Cash Flows](index=6&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20CASH%20FLOWS) In Q1 2025, the company generated $12.9 million in cash from operating activities, a significant improvement from the prior year, despite a net decrease in cash overall Q1 Statement of Cash Flows Summary (in millions) | Cash Flow Activity | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net cash provided by (used for) operating activities | $12.9 | $(30.6) | | Net cash used for investing activities | $(23.6) | $(12.0) | | Net cash provided by financing activities | $3.2 | $40.2 | | Net decrease in cash and cash equivalents | $(6.6) | $(2.9) | | Cash and cash equivalents at end of period | $41.4 | $31.5 | [Non-GAAP Financial Measures](index=7&type=section&id=Non-GAAP%20Financial%20Measures) This section reconciles GAAP to non-GAAP financial measures, including Adjusted Net Income, Adjusted DEPS, Adjusted ROIC, Free Cash Flows, and Adjusted EBITDA, for enhanced performance insight - The company uses non-GAAP measures like Adjusted EBITDA, Adjusted DEPS, Adjusted ROIC, and free cash flows to provide what it believes is a more meaningful comparison of performance by excluding specified items[18](index=18&type=chunk) [Adjusted Net Income (Loss) and Adjusted DEPS](index=7&type=section&id=Adjusted%20Net%20Income%20(Loss)%20and%20Adjusted%20DEPS) After adjustments, Q1 2025 saw an adjusted net loss of $5.7 million or ($0.16) per share, contrasting with an adjusted net income in Q1 2024 Reconciliation of Net Income (Loss) to Adjusted Net Income (Loss) (in millions) | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net income (loss) (as reported) | $(6.3) | $4.5 | | Adjustments | $0.6 | $0.6 | | Adjusted net income (loss) | $(5.7) | $5.1 | | Adjusted diluted net income (loss) per share | $(0.16) | $0.14 | [Adjusted ROIC](index=8&type=section&id=Adjusted%20ROIC) The company's Adjusted Return on Invested Capital (ROIC) for the trailing twelve months ending March 31, 2025, was 5.1% - Adjusted ROIC as of March 31, 2025 was **5.1%**[23](index=23&type=chunk) - For the trailing twelve months, Adjusted NOPAT was **$49.9 million** and the 5-quarter average invested capital was **$970.2 million**[24](index=24&type=chunk) [Free Cash Flows](index=8&type=section&id=Free%20Cash%20Flows) Free cash flow for Q1 2025 was $2.1 million, a significant improvement from a negative $42.8 million in Q1 2024, driven by positive operating cash flow Free Cash Flow Calculation (in millions) | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net cash provided by (used for) operating activities | $12.9 | $(30.6) | | Capital expenditures | $(10.8) | $(12.2) | | **Free cash flows** | **$2.1** | **$(42.8)** | [EBITDA and Adjusted EBITDA](index=9&type=section&id=EBITDA%20and%20Adjusted%20EBITDA) Adjusted EBITDA for Q1 2025 decreased to $21.7 million, with the margin falling to 4.6% from 6.3% year-over-year Adjusted EBITDA Reconciliation (in millions) | Metric | Q1 2025 | Q1 2024 | Trailing Twelve Months | | :--- | :--- | :--- | :--- | | Net income (loss) | $(6.3) | $4.5 | $45.0 | | EBITDA | $15.9 | $31.3 | $98.9 | | **Adjusted EBITDA** | **$21.7** | **$31.3** | **$118.8** | | **Adjusted EBITDA margin** | **4.6%** | **6.3%** | **5.5%** |

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It has been about a month since the last earnings report for The Manitowoc Company, Inc. (MTW) . Shares have lost about 15% 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 catalysts.How Have Estimates Be ...

Have you evaluated the performance of The Manitowoc Company, Inc.'s (MTW) international operations during the quarter that concluded in December 2024? Considering the extensive worldwide presence of this company, analyzing the patterns in international revenues is crucial for understanding its financial resilience and potential for growth.In the modern, closely-knit global economic landscape, the capacity of a business to access foreign markets is often a key determinant of its financial well-being and grow ...

Growth Strategy - Manitowoc aims to grow non-new machine sales to $1 billion as part of its CRANES+50 strategy[20] - The company plans to expand its tower crane rental and aftermarket business in Europe as part of its growth strategy[20] - The company is focused on new product development and market acceptance to drive growth[11] Product Development and Innovation - The company launched ten new tower crane models for the Belt and Road initiative, reducing product development cycles from 18-24 months to 12-14 months[22] - The company has launched ten new or refreshed all-terrain cranes since 2021, featuring enhancements like longer boom lengths and improved roadability[24] - The company invests significantly in research and development to innovate new products, which is critical for maintaining competitiveness in the market[77] Market Expansion - Since 2021, Manitowoc has increased its European tower crane rental fleet by $27.3 million, enhancing aftermarket services[21] - Approximately 51% of the company's net sales for the years ended December 31, 2024, 2023, and 2022 were attributable to products sold outside of the United States, indicating a focus on international market expansion[75] Financial Performance - The company reported $3.0 billion in net sales and $1.0 billion in non-new machine sales, with a 12% Adjusted EBITDA margin and 15% Adjusted ROIC[24] - As of December 31, 2024, total consolidated debt was $390.2 million, an increase from $372.1 million as of December 31, 2023[92] - The company has a senior secured asset-based revolving credit facility of up to $325.0 million, with $100.0 million available to its German subsidiary[93] Safety and Compliance - The company is committed to achieving a recordable injury rate of less than 1.0, reflecting its focus on safety[24] - The company recorded a Recordable Injury Rate (RIR) of 1.19 in 2024, significantly lower than the industry average of 3.7, and a Lost Time Injury Frequency Rate (LTIFR) of 0.81 compared to the industry average of 0.9[56] - Compliance with regulations is critical, as failure to do so could lead to significant expenses and operational disruptions[16] Operational Efficiency - The Manitowoc Way focuses on continuous improvement and customer value, utilizing lean tools to enhance operational efficiency[19] - The company operates nine manufacturing facilities globally, utilizing advanced manufacturing processes and automation to produce cranes[45] - The company employs approximately 4,800 people, with 1,800 in the Americas, 2,500 in the EURAF segment, and 500 in the MEAP segment[55] Aftermarket Services - Manitowoc expanded its North American aftermarket activities through acquisitions, including assets from Aspen Equipment and H&E Equipment Services[23] - The company has over 460 technicians globally providing various aftermarket services to customers[39] - The company continues to invest in its rental fleet to enhance aftermarket services and provide additional options for customers[37] Risks and Challenges - The company faces significant competition from foreign competitors benefiting from government policies, which could adversely affect financial results[67] - Economic downturns may impact leveraged companies more severely, potentially affecting financial condition and cash flows[69] - The company faces risks related to labor relations, with approximately 27% of employees covered by a national trade union or collective bargaining agreement[89] Supply Chain and Costs - The company has incurred additional expenses and delays due to supply chain constraints, which may continue to affect manufacturing and service capacity[78] - The company’s ability to maintain competitive pricing is challenged by large increases in raw material costs and supply chain issues[72] - Increasing costs of doing business, including labor and raw material costs, may adversely affect profit margins and price competitiveness[88] Strategic Management - The company must successfully manage acquisitions and strategic alliances to avoid adverse effects on future results[85] - The company relies on key executive officers and skilled personnel, and competition for talent may hinder recruitment and retention efforts[79] - The company’s ability to comply with debt covenants may be impacted by economic conditions, potentially requiring disadvantageous actions[96]

The Manitowoc Company, Inc. (MTW) reported adjusted earnings per share (EPS) of 10 cents in fourth-quarter 2024, missing the Zacks Consensus Estimate of 14 cents. Compared with an EPS of 9 cents in the fourth quarter of 2023, Manitowoc’s earnings in the quarter under review marked an increase of 11%.Find the latest EPS estimates and surprises on Zacks Earnings Calendar.Including one-time items, the company reported earnings of $1.59 per share in the fourth quarter of 2024 against the year-ago quarter’s loss ...

Financial Data and Key Metrics Changes - For the full year 2024, the company reported sales of $2.2 billion and adjusted EBITDA of $128 million, with free cash flow of $100 million generated during the fourth quarter [10][30][34] - The adjusted EBITDA margin decreased by 200 basis points to 5.9%, primarily due to product mix and under-absorption of fixed costs [31][32] - The company achieved a GAAP diluted income per share of $1.59 and an adjusted diluted income per share of $0.41, reflecting a penny increase from the prior year [29][34] Business Line Data and Key Metrics Changes - Non-new machine sales reached a record high of $629 million, representing a 67% increase since 2020 [10][30][44] - The company grew its field service technician count by 7% to over 467 team members [9][44] - Adjusted EBITDA for the year was $128 million, a decrease of 27% year over year [31] Market Data and Key Metrics Changes - Orders in the fourth quarter totaled $516 million, an increase of 8% year over year, with a backlog of $650 million, down 29% from the previous year [16][27] - The Americas market showed signs of recovery post-election, while Europe faced a complicated situation with modest growth in certain regions [16][18] - Orders in the Middle East increased over 44% year over year, driven by ongoing projects related to major upcoming events [20][21] Company Strategy and Development Direction - The company continues to execute its Cranes Plus 50 strategy, focusing on growing the less cyclical, higher-margin aftermarket business [44][46] - New product introductions are aimed at staying competitive against Chinese exporters, particularly in the Middle East [42][46] - The company plans to expand service locations in the Americas and has recently acquired crane assets in several states [43][44] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism for 2025, with expectations of slight improvements in the US and European markets, while Asia remains uncertain [37][41] - The company anticipates a challenging first quarter of 2025 due to reduced build schedules in 2024 [39][40] - Overall sentiment in the US market is improving, but uncertainties regarding interest rates and tariffs persist [37] Other Important Information - The company achieved a record low recordable incident rate of 1.19%, marking 2024 as one of the safest years in its history [11][12] - Environmental initiatives led to a 6% reduction in greenhouse gas intensity, resulting in approximately $100,000 in savings [14] Q&A Session Summary Question: Can you discuss regional sales expectations for 2025? - Management indicated that expectations are for marginal improvements in Europe and the US, while Asia remains uncertain, particularly in South Korea [54] Question: How have used crane values trended recently? - Management noted that used crane values have remained stable, with no significant changes observed [56][57]

Fourth-Quarter 2024 and Full-Year 2024 Earnings Conference Call February 13, 2025 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, only speak as of the date on which they are made and are subject to uncertainty and changes in circumstances. The Company undertakes no obligation to update or revise forward-looking ...

Financial Data and Key Metrics Changes - For the full year 2024, the company reported sales of $2,200,000,000 and adjusted EBITDA of $128,000,000, with free cash flow of $100,000,000 generated in the fourth quarter [6][24][26] - The fourth quarter total revenue was $596,000,000, with adjusted EBITDA of $35,000,000, reflecting a 4% year-over-year decrease [20][23] - The company achieved a record high in non-new machine sales at $629,000,000, a 67% increase since 2020 [5][24] Business Line Data and Key Metrics Changes - Non-new machine sales were $629,000,000 for the full year, showing significant growth compared to $376,000,000 in 2020 [24][34] - The company launched 13 new cranes during the year, including an EV self-erecting tower crane and the MCT 2,205 [5] Market Data and Key Metrics Changes - Orders in the fourth quarter totaled $516,000,000, an 8% increase year-over-year, with a backlog of $650,000,000, down 29% year-over-year [11][21] - The Americas market showed improvement post-U.S. elections, while Europe is gradually recovering, particularly in Germany, Italy, and the UK [11][12] - Orders in the Middle East increased over 44% year-over-year, driven by upcoming major events [15] Company Strategy and Development Direction - The company continues to execute its "Cranes plus 50" strategy, focusing on growing the less cyclical, higher-margin aftermarket business [24][34] - The company is expanding service locations and enhancing field service support to stay competitive against Chinese exporters [32][34] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism for 2025, with expectations of slight improvements in the U.S. and European markets, while Asia remains uncertain [27][30] - The company anticipates a challenging first quarter of 2025 due to reduced build schedules in 2024 [29] Other Important Information - The company achieved a record low recordable incident rate of 1.19, marking a significant improvement in safety [7] - Environmental initiatives led to a 6% reduction in greenhouse gas intensity, resulting in approximately $100,000 in savings [8] Q&A Session Summary Question: Guidance on regional sales expectations - Management indicated that guidance reflects a marginally better outlook, particularly in Europe and the U.S., while Asia remains uncertain [39][40] Question: Trends in used crane values - Management noted that used crane values have remained stable, with no significant changes observed [42][43]

The Manitowoc Company, Inc. (MTW) came out with quarterly earnings of $0.10 per share, missing the Zacks Consensus Estimate of $0.14 per share. This compares to earnings of $0.09 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -28.57%. A quarter ago, it was expected that this company would post earnings of $0.10 per share when it actually produced a loss of $0.08, delivering a surprise of -180%.Over the last four quarters, the ...