UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (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, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to | Wisconsin | 39-0448110 | | --- | --- | | (State or other jurisdiction | (I.R.S. Employer | | of incorporation or organization) | Identification Number) | ...

The Manitowoc Company Inc. (NYSE:MTW) Q2 2023 Results Conference Call August 8, 2023 10:00 AM ET Company Participants Ion Warner - Senior Vice President of Marketing and Investor Relations Aaron Ravenscroft - President and Chief Executive Officer Brian Regan - Executive Vice President and Chief Financial Officer Conference Call Participants Jamie Cook - Credit Suisse Mig Dobre - Baird Seth Weber - Wells Fargo Securities Operator Good morning, and welcome to The Manitowoc Second Quarter 2023 Earnings Call. M ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) For the transition period from to Commission File Number: 1-11978 The Manitowoc Company, Inc. (Exact Name of Registrant as Specified in its Charter) | Wisconsin | 39-0448110 | | --- | --- | | (State or other jurisdiction | (I.R.S. Employer | | of incorporation or organization) | Identification Number) | | 11270 West Park Place | | | Suite 1000 | | | Milwaukee, Wisconsin | 53224 | | (Address of principal executive of ...

The Manitowoc Company, Inc. (NYSE:MTW) Q1 2023 Earnings Conference Call May 3, 2023 10:00 AM ET Company Participants Ion Warner - Investor Relations Aaron Ravenscroft - President and Chief Executive Officer Brian Regan - Executive Vice President and Chief Financial Officer Conference Call Participants Jamie Cook - Credit Suisse Tami Zakaria - JPMorgan Joseph Grabowski - Baird Stephen Volkmann - Jefferies Steven Fisher - UBS Seth Weber - Wells Fargo Securities Operator Good morning. My name is David and I wi ...

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Sales and Growth Strategy - The Manitowoc Company aims to grow non-new machine sales by 50% to approximately $675 million by 2026 as part of its CRANES+50 strategy[18] - The Company has invested $30 million in capital expenditures to expand its tower crane rental fleet in Europe, enhancing aftermarket services[20] - The acquisition of Aspen Equipment and H&E Equipment Services has expanded Manitowoc's ability to provide new machine sales and aftermarket services in North America[23] - The Company continues to invest in its rental fleet to further expand aftermarket services, primarily in the United States and Europe[24] Product Development and Innovation - Seven new models of innovative topless tower cranes have been developed for the China Belt and Road market, reducing the product development cycle from 18-24 months to 12-14 months[21] - Ten new all-terrain cranes have been announced, featuring enhancements such as longer boom lengths and increased load capacity[22] - The company continues to focus on engineering, research, and development to create innovative products, with dedicated teams across three continents[48] - Manitowoc's lattice-boom crawler cranes are designed to provide higher lifting capacities and are used in heavy construction and energy-related projects[24] - The company has numerous patents globally, protecting its intellectual property and maintaining its competitive edge in engineered lifting solutions[47] Operational Efficiency and Manufacturing - Manitowoc operates three reportable segments: the Americas, Europe and Africa, and the Middle East and Asia Pacific[15] - The Company focuses on continuous improvement through The Manitowoc Way, which includes lean tools to enhance operational efficiency and product quality[16] - The company operates eleven manufacturing facilities globally, including remanufacturing facilities, utilizing advanced manufacturing and quality assurance processes[42] Supply Chain and Workforce - In 2022, the company faced supply chain, labor, and logistics constraints, particularly on electronic components and hydraulics, negatively impacting operations and cash flows[46] - The company employed approximately 4,800 people worldwide as of December 31, 2022, with the majority in the EURAF segment[51] - The company maintains long-term agreements with critical suppliers to mitigate risks related to raw material availability[45] Health, Safety, and Employee Development - The year-end Recordable Injury Rate (RIR) was 1.53, significantly lower than the industry average of 3.6, indicating strong health and safety performance[53] - The company provides extensive training programs for employees, including environmental health and safety and leadership development[55] - The company invests in employee development through various training programs, including environmental health and safety and Lean manufacturing methodologies[55] Diversity and Inclusion - The company launched its first women's resource group in 2022 as part of its commitment to diversity, equity, and inclusion[54] - The company has a strong commitment to diversity and inclusion, launching its first women's resource group in 2022[54] Aftermarket Services - Manitowoc's aftermarket services portfolio continues to expand, supporting its growth strategy in North America and Europe[24] - The company provides extensive aftermarket services, including parts sales, maintenance, and technical support, enhancing customer satisfaction[34]

Financial Data and Key Metrics Changes - The company reported fourth-quarter net sales of $622 million, a 25% increase year-over-year, driven by pricing, a stronger shippable backlog, and incremental sales from acquisitions [43][67] - Adjusted EBITDA for the fourth quarter was $52 million, a 51% increase year-over-year, with an adjusted EBITDA margin of 8.3%, up 140 basis points from the prior year [22][46] - For the full year, net sales totaled $2.33 billion, an 18% increase year-over-year, primarily due to pricing actions and higher volume [67] - The company generated $80 million in cash from operating activities in the fourth quarter, resulting in free cash flows of $50 million [24] Business Line Data and Key Metrics Changes - Non-new machine sales increased by 22% to $545 million for the year, contributing to overall growth [6][41] - The company launched 9 new cranes in 2022 and introduced 10 new all-terrain models, enhancing its product offerings [29][40] Market Data and Key Metrics Changes - Orders for the fourth quarter were $708 million, a 15% increase year-over-year, primarily driven by higher pricing and large dealer orders [20] - The European mobile crane market showed positive signs, but the tower crane market faced a lack of confidence due to the Ukraine conflict and rising interest rates [12] - In Asia Pacific, market sentiment varied, with Southeast Asia remaining muted due to a corruption scandal, while optimism exists for Vietnam's future [13] Company Strategy and Development Direction - The company is focused on growing its European tower crane rental fleet and has invested $30 million in this area over the last three years [17] - The company aims to grow its non-new machine sales organically and through strategic acquisitions, positioning itself for future growth [53] Management's Comments on Operating Environment and Future Outlook - Management expects 2023 results to be similar to 2022, with headwinds from inflation, supply chain constraints, and a softening European tower crane market [48][49] - The company remains optimistic about the long-term recovery in crane demand, driven by infrastructure spending and projects in Saudi Arabia [72][73] Other Important Information - The company achieved ISO 50001 certification for all manufacturing facilities and met its 2025 greenhouse gas emissions target three years ahead of schedule [8] - The company ended the quarter with a cash balance of $64 million, a decrease of $11 million from the prior year [47] Q&A Session Summary Question: Can you expand on the opportunity in the Middle East? - Management indicated that the current projects are just beginning, with tenders expected to emerge in the fourth quarter of the year [54] Question: What are your expectations for sales guidance regarding price versus volume? - Management noted that the sales guidance includes both price increases and volume changes, but specifics were not disclosed [57] Question: How do you see the competitive environment in the Middle East compared to Europe? - Management described the Middle East as having a mixed competitive environment, with pricing varying based on machine availability and project size [117]

Forward-Looking Statements There are a number of factors that could cause actual results and developments to differ materially from those expressed or implied by such forward-looking statements. For a list of factors that could cause actual results to differ materially from those discussed or implied, please see the Company's periodic filings with the SEC, particularly those disclosed in "Risk Factors" in the Company's Annual Reports on Form 10-K for the years ended December 31, 2021. Any "forward-looking s ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2022 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 Number: 1-11978 The Manitowoc Company, Inc. (Exact Name of Registrant as Specified in its Charter) Wisconsin 39-0448110 (State or other ...

Financial Data and Key Metrics Changes - The company's third quarter sales were $455 million, with an adjusted EBITDA of $24 million, reflecting a 12% increase in net sales year-over-year and a 20% increase in adjusted EBITDA year-over-year [8][25][27] - The adjusted EBITDA margin was 5.3%, an increase of approximately 40 basis points compared to the previous year [27] - The net operating working capital increased by $112 million year-over-year, primarily due to acquisitions and supply chain disruptions [29] Business Line Data and Key Metrics Changes - Non-new machine sales increased by 27% year-over-year, driven by acquisitions and expansion of field service [16] - The backlog at the end of the quarter was $943 million, relatively flat sequentially but impacted by foreign currency exchange rates [24] Market Data and Key Metrics Changes - In North America, demand remained strong with a healthy backlog of projects and government investment in infrastructure [10] - The European market faced challenges due to inflation and geopolitical issues, leading to a slowdown in the tower crane business [12] - The Middle East showed significant growth opportunities, particularly due to Saudi Arabia's Vision 2030 initiative [13] Company Strategy and Development Direction - The company is focused on its Cranes+50 strategy to grow its aftermarket business, which is expected to reduce cyclicality and improve margins [7][16] - The company is also working on internal continuous improvement initiatives to enhance productivity and reduce waste [18][37] Management's Comments on Operating Environment and Future Outlook - The management highlighted a mixed operating environment with high oil prices and significant infrastructure spending, but also noted challenges from supply chain issues and inflation [35] - There is optimism regarding the crane replacement cycle, as aging fleets are expected to drive future demand [36] Other Important Information - The company completed two Kaizens aimed at improving productivity and reducing waste in its operations [18] - The company ended the quarter with a cash balance of $43 million and total liquidity of $245 million [32] Q&A Session Summary Question: Insights on fourth quarter sales and margins - Management indicated that the third quarter is typically weaker, but they have reduced internal forecasts and have a strong backlog to support sales in the fourth quarter [42][44] Question: Expectations for 2023 top line - Management has not provided formal guidance for 2023 but noted a good backlog and consistent order tracking, suggesting potential stability in revenue [48] Question: Backlog and pricing strategy - Management acknowledged that they have not fully worked through lower-priced backlog and expect to do so by the second half of 2023 [55] Question: Aftermarket business growth expectations - Management indicated that the aftermarket business is heavily acquisition-driven but expects mid-single-digit growth moving forward [60] Question: Impact of bauma show on orders - Management reported strong order activity post-bauma, with October orders exceeding $200 million, indicating positive momentum [69]