Financial Data and Key Metrics Changes - The company generated $471 million in revenue, a decrease of 5% year over year, while adjusted EBITDA was $22 million, down 31% year over year [4][20] - Orders totaled $610 million, representing a 10% increase from the previous year, with a backlog of $798 million [19] - Non-new machine sales reached $161 million, up 11% year over year, contributing to a trailing twelve months total of $645 million [20][34] Business Line Data and Key Metrics Changes - The Americas drove higher order intake, while European tower crane orders increased by 68% year over year, indicating a potential market recovery [19] - Non-new machine sales have shown significant growth, with a 70% increase over the trailing twelve months [34] Market Data and Key Metrics Changes - In North America, orders through third-party dealer channels increased by 35% year over year, reflecting a healthy industry environment [12] - European mobile crane orders were lower year over year but showed sequential improvement, while tower crane orders surged nearly 70% year over year [13][14] - The Middle East experienced a slight decline in orders, but deal activity remains strong, particularly in Saudi Arabia and the UAE [14][15] Company Strategy and Development Direction - The company is focused on its "Cranes plus 50" strategy, aiming to enhance aftermarket services and reduce cyclicality [28][35] - Investments in new products and a rental fleet are being made to better serve customers and capitalize on market recovery [30] - The company is adapting to the global trade reset and is committed to maintaining competitiveness through strategic actions [27][35] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about demand in North America and Europe, citing low dealer inventory levels and strong customer engagement [12][13] - The company is modeling $60 million in incremental costs due to tariffs but has plans to mitigate 80% to 90% of these costs [6][26] - The overall sentiment is that the current economic environment is challenging, but the company is well-positioned for recovery [35] Other Important Information - The company has integrated AI into its improvement processes, resulting in significant labor savings and efficiency gains [11] - The company has doubled its number of field service technicians globally to nearly 500, enhancing its aftermarket presence [34] Q&A Session Summary Question: Can you unpack the mitigation to the tariff numbers shared? - Management indicated that mitigations include price increases, alternative sourcing, and vendor cooperation, emphasizing that the situation is expected to be short-term [38][39] Question: How much of the tariff cost impact is from China? - Management noted that the tariff impact is a mix of various factors, including steel and aluminum tariffs, and did not provide a clear breakdown [41] Question: What is driving the increased demand in Europe? - Management attributed the demand increase to low dealer inventory and overall economic recovery, though caution was expressed regarding specific regional conditions [43][44] Question: Are higher costs for raw materials factored into the tariff impact? - Yes, higher costs for raw materials such as steel and aluminum are included in the estimated tariff cost impact [51] Question: What is the current momentum in the U.S. non-residential construction markets? - Management noted strong utilization and ongoing large projects, but emphasized the need for clarity on specific end markets [53][54] Question: What are the drivers behind the growth in non-new machine sales? - Growth is broad-based, with strong performance in used machines and European tower crane business, supported by expanding service capabilities [56][57]

Financial Data and Key Metrics Changes - The company generated $471 million in revenue, a decrease of 5% year over year, while adjusted EBITDA was $22 million, down 31% year over year [4][20] - Orders totaled $610 million, representing a 10% increase from the previous year, with a backlog of $798 million [19] - Non-new machine sales reached $161 million, up 11% year over year, contributing to a trailing twelve months total of $645 million [20][34] Business Line Data and Key Metrics Changes - The Americas drove higher order intake, while European tower crane orders increased by 68% year over year, indicating a potential market recovery [19] - Non-new machine sales have shown significant growth, with a 70% increase over the trailing twelve months [34] Market Data and Key Metrics Changes - In North America, orders through third-party dealer channels increased by 35% year over year, reflecting a healthy industry environment [12] - European mobile crane orders were lower year over year but showed sequential improvement, while tower crane orders surged nearly 70% year over year [13][14] - The Middle East experienced a slight decline in orders, but deal activity remains strong, particularly in Saudi Arabia and the UAE [14][15] Company Strategy and Development Direction - The company is focused on its "Cranes plus 50" strategy, aiming to enhance aftermarket services and reduce cyclicality [28][35] - Investments in new products and a rental fleet are being made to better serve customers and capitalize on market recovery [30] - The company is actively managing tariff impacts and exploring alternative sourcing to mitigate costs [6][26] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about demand in North America and noted strong customer engagement in Europe following recent infrastructure funding announcements [12][13] - The company is maintaining its full-year guidance despite tariff uncertainties, projecting net sales between $2.175 billion and $2.275 billion [26] Other Important Information - The company has integrated AI into its improvement processes, resulting in significant labor savings [11] - The company is facing approximately $60 million in incremental tariff costs, with plans to mitigate 80% to 90% of these costs [6][26] Q&A Session Summary Question: Can you unpack the mitigation to the tariff numbers shared? - Management indicated that mitigation strategies include price increases, alternative sourcing, and vendor cooperation, but the situation remains fluid [38][40] Question: What proportion of the tariff impact is from China? - Management noted that the tariff impact is complex and includes various factors, making it difficult to provide a clear breakdown [41] Question: What is driving the increased demand in Europe? - Management attributed the demand increase to low dealer inventory and overall market recovery, though caution remains regarding economic conditions in certain regions [43][45] Question: Are higher costs for raw materials like steel and aluminum factored into the tariff impact? - Yes, higher costs for raw materials are part of the estimated tariff impact [52] Question: What is the current state of the U.S. non-residential construction market? - Management reported strong utilization and ongoing large projects, contributing to positive momentum in the market [54][55] Question: Can you elaborate on the growth in non-new machine sales? - Growth in non-new machine sales is broad-based, with strong performance in used machines and European tower crane business [57][58]

Financial Data and Key Metrics Changes - The company generated $471 million in revenue, a decrease of 5% year over year, while adjusted EBITDA was $22 million, down 31% year over year, resulting in an adjusted EBITDA margin of 4.6% [4][18] - Orders totaled $610 million, an increase of 10% from the previous year, with a backlog of $798 million at the end of the quarter [4][17] - Non-new machine sales reached $161 million, up 11% year over year, contributing to a trailing twelve months total of $645 million, marking a record [4][18] Business Line Data and Key Metrics Changes - The Americas drove higher order intake, while European tower crane orders increased nearly 70% year over year, indicating a recovery in that segment [17][18] - Non-new machine sales have shown strong performance, particularly in the European tower crane business, which has been a focus of growth [18][52] Market Data and Key Metrics Changes - In North America, orders through third-party dealer channels increased by 35% year over year, reflecting a healthy rental market [11] - European mobile crane machine orders were lower year over year but showed sequential improvement, with significant growth in tower crane orders [12][13] - The Middle East experienced a slight decline in orders, but deal activity remains robust, particularly in Saudi Arabia and the UAE [13][14] Company Strategy and Development Direction - The company is focused on its "Cranes plus 50" strategy, which aims to enhance aftermarket services and reduce cyclicality by transitioning to a customer-focused approach [26][32] - Investments in new products and a rental fleet are being made to better serve customers and capitalize on market recovery [27][28] - The company is actively managing tariff impacts and has plans to mitigate approximately 80% to 90% of the expected $60 million in tariff costs [6][24] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about demand in North America and noted positive developments in Europe following the establishment of a significant infrastructure fund [11][12] - The company is navigating a challenging operating environment due to tariffs and global trade dynamics but remains committed to its strategic initiatives [26][32] - Management highlighted the importance of customer engagement and feedback in driving product improvements and service offerings [29][30] Other Important Information - The company has integrated AI into its improvement processes, resulting in significant labor savings and efficiency gains [10] - The company has maintained a strong liquidity position, with total liquidity of $307 million as of March 31 [20] Q&A Session Summary Question: Can you unpack the mitigation to the tariff numbers shared? - Management indicated that mitigations include price increases, alternative sourcing, and vendor cooperation, emphasizing that the situation is expected to be short-term [35][36] Question: What proportion of the $45 million tariff cost is attributed to China? - Management noted that the breakdown is complex, involving various tariffs and sourcing strategies, making it difficult to provide a clear percentage [39][40] Question: What is driving the increased demand in Europe? - Management attributed the recovery to low dealer inventory and increased utilization, although they cautioned that the market is still not at peak levels [41][43] Question: Are higher costs for raw materials like steel and aluminum factored into the tariff impact? - Yes, higher costs for raw materials are included in the estimated $45 million tariff cost impact [48] Question: How is the backlog being managed in light of tariffs? - Management plans to use surcharges to address the backlog as tariffs impact imported units [49] Question: What is the current momentum in the U.S. non-residential construction market? - Management noted strong utilization and ongoing large projects, although they acknowledged variability across different segments [50][51] Question: Can you elaborate on the growth in non-new machine sales? - Growth is broad-based, with strong performance in used machines and European tower cranes, supported by expanding service capabilities [52][54]

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]