US Market News
4月前
The Manitowoc Company Reports Fourth-Quarter and Full-Year 2025 Financial Results; Provides Full-Year 2026 GuidanceFebruary 9, 2026 4:02 PM
Business Wire
Fourth-Quarter 2025 Highlights
Orders of $803.4 million, up 55.8% year-over-year
Net sales of $677.1 million, up 13.6% year-over-year
Non-new machine sales of $190.9 million, up 14.0% year-over-year
Net cash provided by operating activities of $91.1 million, free cash flow of $78.3 million
Full-Year 2025 Highlights
Net sales of $2,240.9 million, up 2.9% year-over-year
Non-new machine sales of $690.5 million, up 9.8% year-over-year
Backlog of $793.5 million, up 22.0% year-over-year
The Manitowoc Company, Inc. (NYSE: MTW) (the “Company” or “Manitowoc”) today reported fourth-quarter net income of $7.0 million, or $0.19 per diluted share. Fourth-quarter adjusted net income(1) was $9.5 million or $0.26 per diluted share.
Orders in the fourth quarter were $803.4 million, a 55.8% increase from the prior year, resulting in backlog of $793.5 million.
Net sales in the fourth quarter were $677.1 million, an increase of 13.6% from the prior year. Non-new machine sales were $190.9 million, an increase of 14.0% year-over-year. Adjusted EBITDA(1) was $39.6 million, an increase of 13.5% from the prior year.
Full-year 2025 net sales increased 2.9% year-over-year to $2,240.9 million. Non-new machine sales were $690.5 million, an increase of 9.8% year-over-year. Adjusted net income(1) for the year was $11.6 million or $0.32 per diluted share, a decrease of $3.1 million or $0.09 per diluted share from the prior year.
“I am really proud of the team’s strong finish to a challenging year. We ended the fourth quarter with orders in excess of $800 million, $40 million in adjusted EBITDA, and free cash flow of $78 million. For the year, our adjusted EBITDA was $122 million, in line with our expectations. In addition, we continued to execute our CRANES+50 strategy, ending the year with over $690 million in non-new machine sales,” said Aaron H. Ravenscroft, President and Chief Executive Officer of The Manitowoc Company, Inc.
Ravenscroft added, “Looking to 2026, while we expect more of the same conditions in the U.S. market, our optimism in Europe continues to grow. We started 2026 with $794 million in backlog, which is up 22% versus a year ago. In addition, we implemented a restructuring plan in January to streamline our organization, which we expect to save us roughly $10 million. We continue to execute our CRANES+50 strategy and are planning to add new locations in Chile, Mexico, France, and Portugal. I am confident that our ongoing lean transformation and continued focus on our CRANES+50 strategy further strengthen Manitowoc’s ability to navigate the crane cycle.”
Our full-year 2026 guidance is as follows:
Net sales - $2.25 billion to $2.35 billion
Adjusted EBITDA - $125 million to $150 million
Depreciation and amortization - $60 million
Interest expense - $35 million to $38 million
Provision for income taxes - $11 million to $15 million
Adjusted diluted earnings per share - $0.45 to $0.90
Capital expenditures - $45 million to $50 million, of which approximately $25 million is for the rental fleet
Free cash flow - $40 million to $65 million
Restructuring plan expected to deliver $10 million in annualized savings in 2026
Investor Conference Call
The Manitowoc Company will host a conference call for security analysts and institutional investors to discuss its fourth-quarter and full-year 2025 earnings results on Tuesday, February 10, 2026, at 10:00 a.m. ET (9:00 a.m. CT). Shareholders and prospective investors are encouraged to submit questions in advance to ion.warner@manitowoc.com. A live audio webcast of the call, along with the related presentation, will be available via webcast on the Manitowoc website at http://ir.manitowoc.com in the "Events & Presentations" section. A replay of the conference call will also be available at the same location on the website.
About The Manitowoc Company, Inc.
The Manitowoc Company, Inc. ("Manitowoc" or the "Company") was founded in 1902, and is headquartered in Milwaukee, Wisconsin, United States. Manitowoc through its wholly-owned subsidiaries provides high quality, customer-focused lifting products and services world-wide through its Grove, Manitowoc, National Crane, Potain, Shuttlelift, and Upfits by Aspen Equipment brands and its support-focused subsidiary MGX Equipment Services. For more information, visit www.manitowoc.com.
Footnote
(1)Adjusted net income, adjusted diluted net income per share (“Adjusted DEPS”), EBITDA, adjusted EBITDA, adjusted operating income, adjusted return on invested capital ("Adjusted ROIC"), and free cash flows are financial measures that are not in accordance with U.S. GAAP. For definitions and a reconciliation to the most comparable U.S. GAAP numbers, please see the schedule of “Non-GAAP Financial Measures” at the end of this press release.
Forward-looking Statements
This press release includes “forward-looking statements” intended to qualify for the safe harbor from liability under the Private Securities Litigation Reform Act of 1995. Any statements contained in this press release that are not historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the current expectations of the management of the Company and are subject to uncertainty and changes in circumstances. Forward-looking statements include, without limitation, statements typically containing words such as “intends,” “expects,” “anticipates,” “targets,” “estimates,” and words of similar import. By their nature, forward-looking statements are not guarantees of future performance or results and involve risks and uncertainties because they relate to events and depend on circumstances that will occur in the future. 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. Factors that could cause actual results and developments to differ materially include, among others:
macroeconomic conditions, including inflation, elevated interest rates, and tariffs as well as prior supply chain, labor and logistics constraints, have had, and may continue to have, a negative impact on Manitowoc’s ability to convert backlog into revenue (the timing of sales) which could, and has, impacted its financial condition, cash flows, and results of operations (including future uncertain impacts);
uncertainty regarding, and adverse changes to trade policy, including tariffs, reciprocal tariffs, trade agreements, ongoing negotiations on trade agreements with additional trade partners, legal challenges to certain tariffs authorities, updated guidance from regulations, export duties, import controls and trade barriers (including quotas);
actions of competitors;
changes in economic or industry conditions generally or in the markets served by Manitowoc;
geopolitical events, including the ongoing conflicts in Ukraine and in the Middle East, tariffs, other political and economic conditions and risks and other geographic factors, have had and may continue to lead to market disruptions, including volatility in commodity prices (including oil and gas), raw material and component costs, energy prices, inflation, consumer behavior, supply chain, and credit and capital markets, and could result in the impairment of assets;
changes in customer demand, including changes in global demand for high-capacity lifting equipment, changes in demand for lifting equipment in emerging economies and changes in demand for used lifting equipment including changes in government approval and funding of projects;
the ability to convert backlog, orders and order activity into sales and the timing of those sales;
the ability to focus on customers, new technologies and innovation;
uncertainties associated with new product introductions, the successful development and market acceptance of new and innovative products that drive growth;
failure to comply with regulatory requirements related to the products and aftermarket services the Company sells;
the ability to capitalize on key strategic opportunities and the ability to implement Manitowoc’s long-term initiatives;
the ability of Manitowoc's customers to receive financing;
risks associated with high debt leverage;
impairment of goodwill and/or intangible assets;
changes in revenues, margins and costs;
the ability to increase operational efficiencies across Manitowoc and to capitalize on those efficiencies;
the ability to generate cash and manage working capital consistent with Manitowoc’s stated goals;
work stoppages, labor negotiations, labor rates and labor costs;
the Company’s ability to attract and retain qualified personnel;
changes in the capital and financial markets;
the ability to complete and appropriately integrate acquisitions, strategic alliances, joint ventures and other significant transactions;
issues associated with the availability and viability of suppliers;
the ability to significantly improve profitability;
realization of anticipated earnings enhancements, cost savings, strategic options and other synergies, and the anticipated timing to realize those enhancements, savings, synergies and options;
the replacement cycle of technologically obsolete products;
foreign currency fluctuation and its impact on reported results;
risks associated with data security and technological systems and protections;
the ability to direct resources to those areas that will deliver the highest returns;
risks associated with manufacturing or design defects;
natural disasters, other weather events, pandemics and other public health crises disrupting commerce in one or more regions of the world;
issues relating to the ability to timely and effectively execute on manufacturing strategies, general efficiencies and capacity utilization of the Company’s facilities;
the ability to focus and capitalize on product and service quality and reliability;
issues associated with the quality of materials, components and products sourced from third parties and the ability to successfully resolve those issues;
changes in laws throughout the world, including governmental regulations on climate change;
the inability to defend against potential infringement claims on intellectual property rights;
the ability to sell products and services through distributors and other third parties;
issues affecting the effective tax rate for the year;
acts of terrorism; and
other risks and factors detailed in Manitowoc's 2024 Annual Report on Form 10-K, its to be filed 2025 Annual Report on Form 10-K, and its other filings with the United States Securities and Exchange Commission.
Manitowoc undertakes no obligation to update or revise forward-looking statements, whether as a result of new information, future events, or otherwise, except to the extent required by the federal securities laws. Forward-looking statements only speak as of the date on which they are made. Information on the potential factors that could affect the Company's actual results of operations is included in its filings with the Securities and Exchange Commission, including but not limited to its Annual Report on Form 10-K for the fiscal year ended December 31, 2025 and 2024.
THE MANITOWOC COMPANY, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions, except per share and share amounts)
Three Months Ended
December 31,
Year Ended
December 31,
2025
2024
2025
2024
Net sales
$
677.1
$
596.0
$
2,240.9
$
2,178.0
Cost of sales
563.8
500.8
1,836.2
1,803.0
Gross profit
113.3
95.2
404.7
375.0
Operating costs and expenses:
Engineering, selling, and administrative expenses
89.2
77.1
342.9
315.7
Amortization of intangible assets
0.8
0.7
3.1
2.9
Restructuring expense
3.1
1.2
4.9
4.6
Total operating costs and expenses
93.1
79.0
350.9
323.2
Operating income
20.2
16.2
53.8
51.8
Other income (expense):
Interest expense
(10.0
)
(9.9
)
(37.7
)
(38.3
)
Amortization of deferred financing fees
(0.4
)
(0.4
)
(1.5
)
(1.4
)
Other income (expense) - net
2.6
3.5
(2.2
)
(0.4
)
Total other expense
(7.8
)
(6.8
)
(41.4
)
(40.1
)
Income from continuing operations before taxes
12.4
9.4
12.4
11.7
Provision (benefit) for taxes on income
5.4
(47.3
)
5.2
(44.1
)
Net income
$
7.0
$
56.7
$
7.2
$
55.8
Per Share Data
Basic income per common share
$
0.20
$
1.61
$
0.20
$
1.58
Diluted income per common share
$
0.19
$
1.59
$
0.20
$
1.56
Weighted average shares outstanding - Basic
35,472,123
35,132,145
35,417,235
35,221,758
Weighted average shares outstanding - Diluted
36,517,950
35,583,662
36,093,160
35,708,782
THE MANITOWOC COMPANY, INC.
CONSOLIDATED BALANCE SHEETS
(In millions, except par value and share amounts)
As of
December 31,
As of
December 31,
2025
2024
Assets
Current Assets:
Cash and cash equivalents
$
77.3
$
48.0
Accounts receivable, less allowances of $5.8 and $5.9, respectively
281.3
260.3
Inventories — net
683.9
609.4
Other current assets
54.1
41.2
Total current assets
1,096.6
958.9
Property, plant and equipment — net
343.0
346.2
Operating lease right-of-use assets
68.0
59.3
Goodwill
79.6
77.8
Other intangible assets — net
125.1
118.5
Other non-current assets
105.9
99.3
Total assets
$
1,818.2
$
1,660.0
Liabilities and Stockholders' Equity
Current Liabilities:
Accounts payable and accrued expenses
$
401.6
$
389.4
Customer advances
18.3
18.0
Short-term borrowings and current portion of long-term debt
13.7
13.1
Product warranties
36.2
37.0
Other liabilities
21.8
16.8
Total current liabilities
491.6
474.3
Non-Current Liabilities:
Long-term debt
447.1
377.1
Operating lease liabilities
53.6
47.0
Deferred income taxes
2.3
2.1
Pension obligations
45.3
47.1
Postretirement health and other benefit obligations
3.1
4.7
Long-term deferred revenue
18.8
17.5
Other non-current liabilities
61.2
50.1
Total non-current liabilities
631.4
545.6
Stockholders' Equity:
Preferred stock (authorized 3,500,000 shares of $.01 par value; none outstanding)
—
—
Common stock (75,000,000 shares authorized, 40,793,983 shares issued, 35,473,418 and 35,134,245 shares outstanding, respectively)
0.4
0.4
Additional paid-in capital
616.7
615.1
Accumulated other comprehensive loss
(65.3
)
(107.6
)
Retained earnings
206.5
199.3
Treasury stock, at cost (5,320,565 and 5,659,738 shares, respectively)
(63.1
)
(67.1
)
Total stockholders' equity
695.2
640.1
Total liabilities and stockholders' equity
$
1,818.2
$
1,660.0
THE MANITOWOC COMPANY, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
Three Months Ended
December 31,
Year Ended
December 31,
2025
2024
2025
2024
Cash Flows from Operating Activities:
Net income
$
7.0
$
56.7
$
7.2
$
55.8
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation expense
15.5
15.8
59.9
60.0
Amortization of intangible assets
0.8
0.7
3.1
2.9
Stock-based compensation expense
2.7
2.9
9.5
10.9
Amortization of deferred financing fees
0.4
0.4
1.5
1.4
Loss on debt extinguishment
—
—
—
1.1
(Gain) loss on sale of property, plant and equipment
(0.4
)
0.1
(0.6
)
—
Deferred income tax benefit
(6.2
)
(55.6
)
(6.2
)
(55.6
)
Changes in operating assets and liabilities
Accounts receivable
(1.6
)
3.1
(9.1
)
9.0
Inventories
136.8
124.6
(11.6
)
21.4
Other assets
(11.2
)
(5.8
)
(17.6
)
8.5
Accounts payable
(57.5
)
(38.5
)
21.7
(39.1
)
Accrued expenses and other liabilities
4.8
6.4
(35.6
)
(27.1
)
Net cash provided by operating activities
91.1
110.8
22.2
49.2
Cash Flows from Investing Activities:
Capital expenditures
(12.8
)
(11.3
)
(37.5
)
(45.7
)
Proceeds from sale of fixed assets
0.4
1.1
0.9
4.8
Purchase of assets
—
—
(12.9
)
—
Other
—
0.5
—
0.5
Net cash used for investing activities
(12.4
)
(9.7
)
(49.5
)
(40.4
)
Cash Flows from Financing Activities:
Payments on revolving credit facility
(60.0
)
(46.7
)
(75.0
)
(20.0
)
Proceeds from revolving credit facility
27.5
—
134.7
40.7
Payments on long-term debt
—
—
—
(300.0
)
Proceeds from long-term debt
—
—
—
300.0
Payments on other debt
(18.2
)
(25.6
)
(14.7
)
—
Proceeds from other debt
(10.8
)
—
15.6
6.6
Debt issuance costs
—
(1.2
)
—
(7.4
)
Common stock repurchases
—
—
—
(5.7
)
Other financing activities
(1.2
)
(0.8
)
(5.8
)
(7.5
)
Net cash provided by (used for) financing activities
(41.1
)
(74.3
)
54.8
6.7
Effect of exchange rate changes on cash and cash equivalents
—
(1.7
)
1.8
(1.9
)
Net increase in cash and cash equivalents
37.6
25.1
29.3
13.6
Cash and cash equivalents at beginning of period
39.7
22.9
48.0
34.4
Cash and cash equivalents at end of period
$
77.3
$
48.0
$
77.3
$
48.0
Non-GAAP Financial Measures
Adjusted net income, Adjusted DEPS, EBITDA, adjusted EBITDA, adjusted operating income, Adjusted ROIC, and free cash flows are financial measures that are not in accordance with U.S. GAAP. Manitowoc believes these non-GAAP financial measures provide important supplemental information to both management and investors regarding financial and business trends used in assessing its results of operations. Manitowoc believes excluding specified items provides a more meaningful comparison to the corresponding reporting periods and internal budgets and forecasts, assists investors in performing analysis that is consistent with financial models developed by investors and research analysts, provides management with a more relevant measure of operating performance, and is more useful in assessing management performance.
Adjusted Net Income and Adjusted DEPS
The Company defines adjusted net income as net income plus the addback or subtraction of restructuring and other non-recurring items. Adjusted DEPS is defined as adjusted net income divided by diluted weighted average shares outstanding. Diluted weighted average common shares outstanding are adjusted for the effect of dilutive stock awards when there is net income on an adjusted basis, as applicable. The reconciliation of net income and diluted net income per share to adjusted net income and Adjusted DEPS for the three months and year ended December 31, 2025 and 2024 are summarized as follows. All dollar amounts are in millions, except per share data and share amounts.
Three Months Ended
December 31,
2025
2024
As reported
Adjustments
Adjusted
As reported
Adjustments
Adjusted
Gross profit
$
113.3
$
—
$
113.3
$
95.2
$
—
$
95.2
Engineering, selling and administrative expenses (1)
(89.2
)
—
(89.2
)
(77.1
)
1.0
(76.1
)
Amortization of intangible assets
(0.8
)
—
(0.8
)
(0.7
)
—
(0.7
)
Restructuring expense (2)
(3.1
)
3.1
—
(1.2
)
1.2
—
Operating income
20.2
3.1
23.3
16.2
2.2
18.4
Interest expense
(10.0
)
—
(10.0
)
(9.9
)
—
(9.9
)
Amortization of deferred financing fees
(0.4
)
—
(0.4
)
(0.4
)
—
(0.4
)
Other income - net
2.6
—
2.6
3.5
—
3.5
Income before income taxes
12.4
3.1
15.5
9.4
2.2
11.6
(Provision) benefit for income taxes (3)
(5.4
)
(0.6
)
(6.0
)
47.3
(55.2
)
(7.9
)
Net income
$
7.0
$
2.5
$
9.5
$
56.7
$
(53.0
)
$
3.7
Diluted weighted average common shares outstanding
36,517,950
36,517,950
35,583,662
35,583,662
Diluted net income per share
$
0.19
$
0.26
$
1.59
$
0.10
(1)
The adjustment in 2024 represents $1.0 million of costs associated with a legal matter with the U.S. Environmental Protection Agency ("EPA").
(2)
The adjustments in 2025 and 2024 represent the addback of restructuring expense.
(3)
The adjustment in 2025 represents the net income tax impact of item (2). The adjustment in 2024 represents the net income tax impacts of items (1) and (2) and the removal of a $55.1 million benefit from the release of a valuation allowance.
Year Ended
December 31,
2025
2024
As reported
Adjustments
Adjusted
As reported
Adjustments
Adjusted
Gross profit
$
404.7
$
—
$
404.7
$
375.0
$
—
$
375.0
Engineering, selling and administrative expenses (1)
(342.9
)
—
(342.9
)
(315.7
)
9.1
(306.6
)
Amortization of intangible assets
(3.1
)
—
(3.1
)
(2.9
)
—
(2.9
)
Restructuring expense (2)
(4.9
)
4.9
—
(4.6
)
4.6
—
Operating income
53.8
4.9
58.7
51.8
13.7
65.5
Interest expense
(37.7
)
—
(37.7
)
(38.3
)
—
(38.3
)
Amortization of deferred financing fees
(1.5
)
—
(1.5
)
(1.4
)
—
(1.4
)
Other (expense) income - net (3)
(2.2
)
0.6
(1.6
)
(0.4
)
1.1
0.7
Income before income taxes
12.4
5.5
17.9
11.7
14.8
26.5
(Provision) benefit for income taxes (4)
(5.2
)
(1.1
)
(6.3
)
44.1
(55.9
)
(11.8
)
Net income
$
7.2
$
4.4
$
11.6
$
55.8
$
(41.1
)
$
14.7
Diluted weighted average common shares outstanding
36,093,160
36,093,160
35,708,782
35,708,782
Diluted net income per share
$
0.20
$
0.32
$
1.56
$
0.41
(1)
The adjustment in 2024 represents $8.9 million of costs associated with a legal matter with the EPA and $0.2 million of one-time costs.
(2)
The adjustments in 2025 and 2024 represent the addback of restructuring expense.
(3)
The adjustment in 2025 represents $0.6 million of interest related to the settlement of a legal matter with the EPA. The adjustment in 2024 represents $1.1 million of non-cash losses associated with the refinancing of the Company’s 2026 Notes.
(4)
The adjustment in 2025 represents the net income tax impact of item (2). The adjustment in 2024 represents the net income tax impacts of items (1), (2), and (3) and the removal of a $55.1 million benefit from the release of a valuation allowance.
Adjusted ROIC
The Company defines Adjusted ROIC as adjusted net operating profit after tax (“Adjusted NOPAT”) for the trailing twelve-months ended divided by the five-quarter average of invested capital. Adjusted NOPAT is calculated for each quarter by taking operating income plus the addback of amortization of intangible assets and the addback or subtraction of restructuring expenses, other non-recurring items - net, and provision for income taxes, which is determined using a 15% tax rate. Invested capital is defined as net total assets less cash and cash equivalents and income tax assets - net plus short-term and long-term debt. Income taxes assets - net are defined as net income tax payables/receivables, net deferred tax assets/liabilities, and uncertain tax positions.
The Company’s Adjusted ROIC as of December 31, 2025 was 5.3%. Below is the calculation of Adjusted ROIC as of December 31, 2025 and 2024.
Year Ended
December 31, 2025
Year Ended
December 31, 2024
Operating income
$
53.8
$
51.8
Amortization of intangible assets
3.1
2.9
Restructuring expense
4.9
4.6
Other non-recurring items - net
—
9.1
Adjusted operating income
61.8
68.4
Provision for income taxes
(9.3
)
(10.3
)
Adjusted NOPAT
$
52.5
$
58.1
5-Quarter Average
Total assets
$
1,805.3
$
1,734.4
Total liabilities
(1,135.1
)
(1,126.5
)
Net total assets
670.2
607.9
Cash and cash equivalents
(47.9
)
(35.0
)
Short-term borrowings and current portion of long-term debt
15.1
26.2
Long-term debt
429.1
388.3
Income tax assets - net
(67.0
)
(17.5
)
Invested capital
$
999.5
$
969.9
Adjusted ROIC
5.3
%
6.0
%
Free Cash Flows
The Company defines free cash flows as net cash provided by operating activities less cash outflow from investment in capital expenditures. The reconciliation of net cash provided by operating activities to free cash flows for the three months and year ended December 31, 2025 and 2024 are summarized as follows. All dollar amounts are in millions.
Three Months Ended
December 31,
Year Ended
December 31,
2025
2024
2025
2024
Net cash used for operating activities
$
91.1
$
110.8
$
22.2
$
49.2
Capital expenditures
(12.8
)
(11.3
)
(37.5
)
(45.7
)
Free cash flows
$
78.3
$
99.5
$
(15.3
)
$
3.5
EBITDA and Adjusted EBITDA
The Company defines EBITDA as net income before interest, taxes, depreciation, and amortization. The Company defines adjusted EBITDA as EBITDA plus the addback or subtraction of restructuring expense, other (income) expense - net, and other non-recurring items - net. The reconciliation of net income to EBITDA, and further to adjusted EBITDA for the three months and year ended December 31, 2025 and 2024, are summarized as follows. All dollar amounts are in millions.
Three Months Ended
December 31,
Year Ended
December 31,
2025
2024
2025
2024
Net income
$
7.0
$
56.7
$
7.2
$
55.8
Interest expense and amortization of deferred financing fees
10.4
10.3
39.2
39.7
Provision (benefit) for income taxes
5.4
(47.3
)
5.2
(44.1
)
Depreciation expense
15.5
15.8
59.9
60.0
Amortization of intangible assets
0.8
0.7
3.1
2.9
EBITDA
39.1
36.2
114.6
114.3
Restructuring expense
3.1
1.2
4.9
4.6
Other non-recurring items - net (1)
—
1.0
—
9.1
Other (income) expense - net (2)
(2.6
)
(3.5
)
2.2
0.4
Adjusted EBITDA
$
39.6
$
34.9
$
121.7
$
128.4
Adjusted EBITDA margin percentage
5.8
%
5.9
%
5.4
%
5.9
%
(1)
Other non-recurring items - net for the three months ended December 31, 2024 relate to $1.0 million of costs associated with a legal matter with the EPA. Other non-recurring items - net for the year ended December 31, 2024 relate to $8.9 million of costs associated with a legal matter with the EPA and $0.2 million of one-time costs.
(2)
Other (income) expense - net includes net foreign currency (gains) losses, other components of net periodic pension costs, and other items in the three months and years ended December 31, 2025 and 2024.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260206144261/en/
For more information:
Ion Warner
SVP, Marketing and Investor Relations
ion.warner@manitowoc.com
+1 414-760-4805
Original: The Manitowoc Company Reports Fourth-Quarter and Full-Year 2025 Financial Results; Provides Full-Year 2026 Guidance
US Market News
4月前
The Manitowoc Company Expands Its Direct-to-Customer Footprint; MGX Appointed Hiab Dealer for the U.S. in 13 StatesFebruary 9, 2026 7:30 AM
Business Wire
The Manitowoc Company, Inc. (NYSE: MTW) (the “Company” or “Manitowoc”), announced today that its wholly-owned subsidiary, MGX Equipment Services, LLC (“MGX”), has completed a strategic dealer agreement with Hiab. The agreement expands the MGX and Manitowoc direct-to-customer footprint by adding distribution of HIAB loader cranes with aftermarket parts and service support for a diverse range of end market customers. MGX will now serve Hiab customers in the following U.S. states: Colorado, Delaware, Iowa, Maryland, Minnesota, Montana, Nebraska, New Jersey, North Dakota, South Dakota, Virginia, Wyoming, and Utah.
“This agreement accelerates the growth of MGX & Manitowoc in the U.S. By expanding our direct-to-customer reach, we can deliver more value through faster response times, stronger service capability, and deeper customer engagement. Together with Hiab, we are strengthening our position in key markets and creating new opportunities to scale across a broader range of lifting solutions,” commented Les L. Middleton, Executive Vice President, Americas and EU Mobile Cranes, The Manitowoc Company, Inc. & President, MGX Equipment Services, LLC.
“The partnership with MGX is an important milestone in our strategy to grow in the attractive U.S. market. Their scale and industry expertise significantly enhances our coverage in the U.S. With MGX, we can offer premium sales and service support for our HIAB loader cranes in many previously insufficiently covered key regions. This brings excellent growth opportunities for Hiab, MGX, and our customers,” said Pauliina Kunvik, Senior Vice President Sales and Services, North America at Hiab.
About The Manitowoc Company, Inc.
The Manitowoc Company, Inc. ("Manitowoc" or the "Company") was founded in 1902, and is headquartered in Milwaukee, Wisconsin, United States. Manitowoc through its wholly-owned subsidiaries provides high quality, customer-focused lifting products and services world-wide through its Grove, Manitowoc, National Crane, Potain, Shuttlelift, and Upfits by Aspen Equipment brands and its support-focused subsidiary MGX Equipment Services. For more information, visit www.manitowoc.com.
About Hiab
Hiab (Nasdaq Helsinki: HIAB) is a leading provider of smart and sustainable on road load-handling solutions, committed to delivering the best customer experience every day with the most engaged people and partners. Globally, Hiab is represented on every continent through its extensive network of 3,000 own and partner sales and service locations, enabling delivery to over 100 countries. The company's continuing operations sales in 2024 totalled approximately EUR 1.6 billion and it employs over 4,000 people. www.hiabgroup.com
View source version on businesswire.com: https://www.businesswire.com/news/home/20260206160245/en/
For more information:
Ion Warner
Senior Vice President
Marketing and Investor Relations
ion.warner@manitowoc.com
+1 414-760-4805
Original: The Manitowoc Company Expands Its Direct-to-Customer Footprint; MGX Appointed Hiab Dealer for the U.S. in 13 States
Enterprising Investor
10年前
Challenge: Reviving Manitowoc Cranes (4/02/16)
The new CEO has a plan to restructure the company and improve margins, which could hoist shares.
By David Englander
The heavy crane market, which relies on residential and commercial construction activity, has yet to eclipse its peak level reached in 2007, when construction around the world was booming.
While a recovery was apparent for a number of years, the sharp drop in oil prices, along with weak economies around the world, has again dented demand.
Despite the difficult environment, newly independent Manitowoc (ticker: MTW) is worth a look.
The industrial crane maker was formed about a month ago, when its parent, Manitowoc, broke into two companies, spinning off its food-service equipment business as Manitowoc Foodservice (MFS). The breakup, long anticipated, had first been championed by activist firm Relational Investors, and, more recently, by investor Carl Icahn, who owns about 8% of the new Manitowoc.
In the wake of the March 4 spinoff, shares of the less cyclical food-service business have risen 7%, and Manitowoc has gained 6% to a recent $4.30. While the crane market is expected to log another weak year, Manitowoc’s shares look undervalued. They could shoot higher over the next few years.
The company’s new CEO, Barry Pennypacker, a turnaround expert, plans to restructure the business and improve margins. His initiatives could lead to higher profitability, even if demand remains subdued. Improving markets would give the shares a lift.
Manitowoc, based in Manitowoc, Wis., has a strong franchise and generates plenty of cash, even at trough earnings levels. While updated financials won’t be released until later this month, the balance sheet appears manageable.
Management has guided for debt levels of 2.1 times this year’s depressed Ebitda—earnings before interest, taxes, depreciation, and amortization—which could come in around $120 million. On net debt, leverage might be lower, though Wall Street estimates vary.
In a March 14 report, one of the few bulls on the stock, Jefferies analyst Stephen Volkmann, estimates net debt at $80 million, or 8% of total capitalization. That reflects a decent cash position.
On his estimates, the stock trades for an enterprise value of 30% of sales, well below the 40% that comparable businesses usually fetch in a trough. At a peak, the figure can go as high as 120% for deep cyclical businesses, implying substantial upside as the crane market rebounds. Volkmann values the shares at $5.50.
THE OLD MANITOWOC had operated a couple of businesses. It expanded its food-service equipment operation in 2008, with the purchase of U.K.–based Enodis. The same year, it sold its shipbuilding division.
Manitowoc is a global leader in cranes and makes about 50% of its sales internationally. It sells mobile telescopic, tower, and lattice-boom crawler cranes under the Manitowoc, Potain, and National Crane brands. With an installed base of 140,000 cranes, the company generates about 20% of its revenue from aftermarket parts and services, which is a less cyclical business.
In 2013, the last up year, the business generated $2.5 billion in sales, well above this year’s expected $1.8 billion. Most analysts carry a Hold on the shares. For 2016, they see earnings coming in at 10 cents a share before rebounding to 18 cents next year, on better margins and slightly higher sales.
Manitowoc has been hit by lower oil prices. In the past year, demand has dropped for its rough-terrain cranes and boom trucks from energy-related customers. In the December quarter, sales fell 18%, from the year-earlier level. One bright spot: tower cranes, which have benefited from stronger trends in residential and commercial construction.
In January, Manitowoc guided for flat revenue in 2016. Still, global crane utilization rates remain low, and most analysts call for a revenue decline.
CEO Pennypacker, who joined in December, is known for fixing troubled industrial businesses. Notably, from 2008 to 2012, he was the chief executive of industrial-equipment maker Gardner Denver; its operating margins rose significantly during his tenure.
At Manitowoc, he plans to apply lean manufacturing principles to meet the reduced demand environment, and to introduce new products. Over the next three years, Manitowoc targets taking out $50 million in costs. In January, Pennypacker said that he is aiming to generate “double-digit margins in the future, regardless of top-line performance.” In 2013, the business reached 9% operating margins, so the goal represents a significant improvement. Barron’s couldn’t reach management for comment.
While debt levels appear manageable, Manitowoc has some high-cost obligations. In February, it borrowed $260 million at 12.75%. Volkmann estimates Manitowoc’s total debt at $314 million and its cash at $234 million. Those levels will be revealed on the earnings release.
Lately, merger-and-acquisition activity has heated up in the industry. Manitowoc’s U.S.–based competitor, Terex (TEX), last year agreed to a merger with Finland’s Konecranes Oyj. In January, Terex received a competing bid from China’s Zoomlion Heavy Industry Science & Technology, for $30 a share. Last month, Zoomlion bumped up its offer by $1 a share.
In a March report, William Blair analyst Lawrence De Maria notes that the $30-a-share offer values Terex at 12 times Ebitda. At the same multiple, on the company’s implied guidance of $122 million in Ebitda, Manitowoc would fetch $8 a share.
That’s not to say that Manitowoc will be taken out soon. Still, it’s probably worth much more than its stock price indicates.
http://www.barrons.com/articles/towering-challenge-reviving-manitowoc-cranes-1459570690
4/01/16: $4.35
stocky101
11年前
The Manitowoc Company Announces Execution of Senior Management Succession Plan
Source: Business Wire
The Manitowoc Company, Inc. (NYSE: MTW) today announced several management team transitions in line with the company’s long-term succession planning process.
Eric Etchart, who has served as president of Manitowoc Cranes for the past nearly eight years, will move to a new role as senior vice president, business development of The Manitowoc Company effective immediately. Larry Weyers will succeed Mr. Etchart as president of Manitowoc Cranes. Mr. Weyers has most recently served as global executive vice president for Manitowoc Cranes. Since joining the company in 1998, he has held various executive management positions at Manitowoc, including executive vice president of Crane Care.
“Eric has played an integral role in enhancing Manitowoc’s leadership globally. His leadership has helped position the Crane segment as a market leader evidenced by the segment’s ability to deliver innovative products and technologies, execute operational excellence initiatives and expand its global footprint. In his new role, Eric will leverage his multi-faceted expertise and understanding of our customers to expand our business development efforts at an enterprise level. With a planned retirement in the coming years, this transition will allow him to replicate his successes going forward,” commented Glen Tellock, chairman and chief executive officer of The Manitowoc Company. “At the same time, we are pleased to announce the appointment of Larry Weyers to segment president of Manitowoc Cranes. Mr. Weyers’ proven leadership, deep knowledge of the global crane market, and ability to execute on operational goals will undoubtedly support our Crane segment’s ongoing success.”
In addition, Manitowoc has announced the planned retirement of Mark Beffel, vice president, operational excellence effective February 2. Josef Matosevic will assume the role of senior vice president of global operational excellence of The Manitowoc Company and will lead the company’s manufacturing, quality, and safety initiatives upon Mr. Beffel’s retirement.
“We want to thank Mark for his contributions to Manitowoc during his tenure. His commitment to our long-term strategy has further advanced our cost optimization goals. As executive vice president of manufacturing - Cranes, Josef has worked closely with our regional and functional teams worldwide to ensure efficient and cost-effective execution of these strategies, making him the ideal person to lead our efforts going forward,” continued Mr. Tellock. “Our deep management bench and longstanding succession planning process provide a solid foundation to ensure a smooth transition and execution of our long-term strategy.”
About The Manitowoc Company, Inc.
Founded in 1902, The Manitowoc Company, Inc. is a multi-industry, capital goods manufacturer with over 100 manufacturing, distribution, and service facilities in 24 countries. The company is recognized globally as one of the premier innovators and providers of crawler cranes, tower cranes, and mobile cranes for the heavy construction industry, which are complemented by a slate of industry-leading product support services. In addition, Manitowoc is one of the world’s leading innovators and manufacturers of commercial foodservice equipment, which includes 24 market-leading brands of hot- and cold-focused equipment. In 2013, Manitowoc’s revenues totaled $4.0 billion, with more than half of these revenues generated outside of the United States.
Forward-looking Statements
This press release includes "forward-looking statements" intended to qualify for the safe harbor from liability under the Private Securities Litigation Reform Act of 1995. Any statements contained in this press release that are not historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the current expectations of the management of the company and are subject to uncertainty and changes in circumstances. Forward-looking statements include, without limitation, statements typically containing words such as "intends," "expects," "anticipates," "targets," "estimates," and words of similar import. By their nature, forward-looking statements are not guarantees of future performance or results and involve risks and uncertainties because they relate to events and depend on circumstances that will occur in the future. 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. Factors that could cause actual results and developments to differ materially include, among others:
the ability to significantly improve profitability;
the ability to direct resources to those areas that will deliver the highest returns;
uncertainties associated with new product introductions, the successful development and market acceptance of new and innovative products that drive growth;
the ability to focus on the customer, new technologies, and innovation;
the ability to focus and capitalize on product quality and reliability;
the ability to increase operational efficiencies across each of Manitowoc’s business segments and to capitalize on those efficiencies;
the ability to capitalize on key strategic opportunities and the ability to implement Manitowoc’s long-term initiatives;
the ability to generate cash and manage working capital consistent with Manitowoc’s stated goals;
the ability to convert order and order activity into sales and the timing of those sales;
pressure of financing leverage;
matters impacting the successful and timely implementation of ERP systems;
foreign currency fluctuations and their impact on reported results and hedges in place with Manitowoc;
changes in raw material and commodity prices;
unexpected issues associated with the quality of materials and components sourced from third parties and the resolution of those issues;
unexpected issues associated with the availability and viability of suppliers;
the risks associated with growth;
geographic factors and political and economic conditions and risks;
actions of competitors;
changes in economic or industry conditions generally or in the markets served by Manitowoc;
unanticipated changes in customer demand, including changes in global demand for high-capacity lifting equipment; changes in demand for lifting equipment and foodservice equipment in emerging economies, and changes in demand for used lifting equipment and foodservice equipment;
global expansion of customers;
the replacement cycle of technologically obsolete cranes;
the ability of Manitowoc's customers to receive financing;
foodservice equipment replacement cycles in national accounts and global chains, including unanticipated issues associated with refresh/renovation plans by national restaurant accounts and global chains;
efficiencies and capacity utilization of facilities;
issues relating to the ability to timely and effectively execute on manufacturing strategies, including issues relating to new plant start-ups, plant closings, and/or consolidations of existing facilities and operations;
issues related to workforce reductions and subsequent rehiring;
work stoppages, labor negotiations, labor rates, and temporary labor costs;
government approval and funding of projects and the effect of government-related issues or developments;
the ability to complete and appropriately integrate restructurings, consolidations, acquisitions, divestitures, strategic alliances, joint ventures, and other strategic alternatives;
realization of anticipated earnings enhancements, cost savings, strategic options and other synergies, and the anticipated timing to realize those savings, synergies, and options;
unanticipated issues affecting the effective tax rate for the year;
unanticipated changes in the capital and financial markets;
risks related to actions of activist shareholders;
changes in laws throughout the world;
natural disasters disrupting commerce in one or more regions of the world;
risks associated with data security and technological systems and protections;
acts of terrorism; and
risks and other factors cited in Manitowoc's filings with the United States Securities and Exchange Commission.
Manitowoc undertakes no obligation to update or revise forward-looking statements, whether as a result of new information, future events, or otherwise. Forward-looking statements only speak as of the date on which they are made. Information on the potential factors that could affect the company's actual results of operations is included in its filings with the Securities and Exchange Commission, including but not limited to its Annual Report on Form 10-K for the fiscal year ended December 31, 2013.
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