Manitowoc(MTW) - 2025 Q3 - Quarterly Results

Financial Performance - Third-quarter net income was $5.0 million, or $0.14 per diluted share, compared to a net loss of $7.0 million in the prior year[1][12] - Net income for the three months ended September 30, 2025, was $5.0 million, compared to a net loss of $7.0 million for the same period in 2024[17] - Operating income for the third quarter was $18.5 million, up from $7.5 million year-over-year[12] - Operating income for the three months ended September 30, 2025, was $18.5 million, up from $7.5 million in the same period of 2024, representing a 146.7% increase[21] - Adjusted net income for the nine months ended September 30, 2025, was $2.1 million, compared to a net loss of $0.9 million for the same period in 2024[22] - The diluted net income per share for the three months ended September 30, 2025, was $0.14, compared to a loss of $0.20 per share in the same period of 2024[21] Sales and Orders - Orders in the third quarter reached $491.4 million, a 15.7% increase year-over-year, resulting in a backlog of $666.5 million[1][8] - Net sales for the third quarter were $553.4 million, reflecting a 5.4% increase from the previous year, with non-new machine sales contributing $177.4 million, up 4.9% year-over-year[2][8] Profitability Metrics - Adjusted EBITDA was $34.1 million, marking a significant increase of 30.2% from the prior year[2] - EBITDA for the three months ended September 30, 2025, was $33.3 million, up from $18.2 million in the prior year, indicating an increase of 83%[30] - Adjusted EBITDA for the same period was $34.1 million, compared to $26.2 million in the previous year, marking a 30% increase[30] - The company reported a gross profit of $102.6 million for the third quarter, compared to $87.6 million in the same period last year[12] - The company reported gross profit of $102.6 million for the three months ended September 30, 2025, compared to $87.6 million in the same period of 2024, reflecting a 17.3% increase[21] Cash Flow and Assets - Cash flows from operating activities for the three months ended September 30, 2025, showed a net cash used of $14.1 million, an improvement from $43.6 million used in the same period of 2024[17] - Net cash provided by financing activities for the three months ended September 30, 2025, was $28.9 million, compared to $35.3 million in the same period of 2024[17] - The company had cash and cash equivalents of $39.7 million at the end of the period, up from $22.9 million at the end of the same period in 2024[17] - Total current assets increased to $1,181.8 million, up from $958.9 million at the end of the previous year[14] - Total assets as of September 30, 2025, were $1,900.6 million, up from $1,763.8 million a year earlier, representing an 8% increase[26] - Net total assets increased to $682.7 million from $651.6 million year-over-year, reflecting a 5% growth[26] Debt and Capital Expenditures - Long-term debt rose to $479.9 million, compared to $377.1 million at the end of 2024[14] - Capital expenditures for the three months ended September 30, 2025, were $7.9 million, down from $9.3 million in the same period of 2024[17] - Capital expenditures for the three months ended September 30, 2025, were $7.9 million, down from $9.3 million in the same period last year[28] Future Outlook - The company anticipates finishing the year at the lower end of its adjusted EBITDA guidance range due to ongoing challenges in crane demand in the Americas[3] - Manitowoc continues to invest in new product development and expand aftermarket offerings to enhance recurring, higher-margin non-new machine sales[4] Return on Investment - Adjusted ROIC as of September 30, 2025, was 4.8%[25] - The adjusted ROIC for the period was 4.8%[26]