Manitowoc(US:MTW)2026-02-09 21:03Financial Performance - Fourth-quarter 2025 net income was $7.0 million, or $0.19 per diluted share, with adjusted net income of $9.5 million, or $0.26 per diluted share[1][3] - Fourth-quarter net sales were $677.1 million, reflecting a 13.6% increase from the prior year, while non-new machine sales were $190.9 million, up 14.0% year-over-year[2][6] - Full-year 2025 net sales increased 2.9% year-over-year to $2,240.9 million, with non-new machine sales at $690.5 million, a 9.8% increase[3][6] - Adjusted EBITDA for the fourth quarter was $39.6 million, a 13.5% increase from the prior year, and full-year adjusted EBITDA was $122 million[2][4] - Net income for the three months ended December 31, 2025, was $7.0 million, compared to $56.7 million in the same period of 2024, reflecting a decrease of 87.7%[20] - Adjusted net income for the three months ended December 31, 2025, was $9.5 million, down from $56.7 million in 2024, a decline of 83.2%[24] - Operating income for the three months ended December 31, 2025, was $20.2 million, compared to $16.2 million in 2024, an increase of 24.6%[24] - Net income for 2025 was $7.2 million, a significant decrease from $55.8 million in 2024, resulting in a diluted net income per share of $0.20[25] - Adjusted EBITDA for 2025 was $121.7 million, slightly down from $128.4 million in 2024, with an adjusted EBITDA margin of 5.4%[34] Orders and Backlog - Orders in the fourth quarter reached $803.4 million, a 55.8% increase year-over-year, resulting in a backlog of $793.5 million[2][6] - The backlog at the start of 2026 was $794 million, up 22% compared to the previous year[5][6] Cash Flow and Assets - Free cash flow for the fourth quarter was $78 million, with net cash provided by operating activities of $91.1 million[6] - Cash and cash equivalents at the end of the period rose to $77.3 million, up from $48.0 million in 2024, marking a 60.4% increase[20] - Net cash provided by operating activities for the year ended December 31, 2025, was $22.2 million, down from $49.2 million in 2024, a decrease of 55.0%[20] - Total assets increased to $1,818.2 million as of December 31, 2025, up from $1,660.0 million in 2024, representing a growth of 9.5%[18] - Total assets as of December 31, 2025, were $1,805.3 million, an increase from $1,734.4 million in 2024[30] Liabilities and Equity - Total current liabilities increased to $491.6 million in 2025, compared to $474.3 million in 2024, an increase of 3.5%[18] - Long-term debt rose to $447.1 million in 2025, up from $377.1 million in 2024, indicating a 18.5% increase[18] - Total stockholders' equity increased to $695.2 million in 2025, up from $640.1 million in 2024, reflecting an increase of 8.6%[18] Capital Expenditures and Investments - Capital expenditures for the year ended December 31, 2025, were $37.5 million, compared to $45.7 million in 2024, a reduction of 17.9%[20] - Invested capital as of December 31, 2025, was $999.5 million, compared to $969.9 million in 2024[30] Restructuring and Future Plans - A restructuring plan implemented in January 2026 is expected to save approximately $10 million annually[5][11] - The company plans to expand its operations by adding new locations in Chile, Mexico, France, and Portugal as part of its CRANES+50 strategy[5] Profitability Metrics - Gross profit for the year ended December 31, 2025, was $404.7 million, an increase from $375.0 million in 2024[25] - Operating income for 2025 was $53.8 million, compared to $51.8 million in 2024, reflecting a growth of 3.9%[25] - Adjusted ROIC as of December 31, 2025, was 5.3%, down from 6.0% in 2024[29] - Free cash flows for the year ended December 31, 2025, were $78.3 million, compared to $99.5 million in 2024, indicating a decline[32] - The company incurred restructuring expenses of $4.9 million in 2025, compared to $4.6 million in 2024[30]