Manitowoc(US:MTW)2025-02-13 16:00Financial 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]