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The Manitowoc Company, Inc. (MTW) is a leading global provider of engineered lifting solutions. Headquartered in the United States, Manitowoc designs, manufactures, and distributes a diverse range of cranes and lifting equipment. The company's extensive product portfolio includes mobile telescopic cranes, tower cranes, lattice-boom crawler cranes, and boom trucks, marketed under prominent brand names such as Grove, Manitowoc, National Crane, Potain, Shuttlelift, and Manitowoc Crane Care.
Manitowoc's engineered lifting solutions cater to a wide array of industries, serving dealers, rental companies, contractors, and government entities. Key sectors include energy production and distribution, petrochemical and industrial sectors, infrastructure projects, and commercial and residential construction. This broad industry application reinforces Manitowoc's significance in the global market.
Geographically, Manitowoc reports its operations under three major segments: the Americas, Europe and Africa, and the Middle East and Asia-Pacific. Notably, the Americas segment contributes the majority of the company's revenue, highlighting its strong presence and market dominance in this region.
One of the company's significant subsidiaries, Potain India Pvt Ltd, operates as a mechanical or industrial engineering company located in Andhra Pradesh, India. This strategic location enhances Manitowoc's footprint in the Asia-Pacific market, providing localized support and innovative solutions to meet regional demands.
Recent achievements and ongoing projects underline Manitowoc's dedication to innovation and excellence in the lifting solutions domain. The company continuously invests in research and development to enhance product capabilities and efficiency, ensuring it meets the evolving needs of its diverse client base.
Financially, Manitowoc is committed to maintaining a robust fiscal condition through strategic initiatives and operational efficiency. The company's focus on delivering high-quality products and exceptional customer service is pivotal to its sustained success and market leadership.
The Manitowoc Company (NYSE: MTW) has reached a settlement with the U.S. EPA and DOJ regarding alleged violations of the Transition Program for Equipment Manufacturers (TPEM) under the Clean Air Act. The company will pay a civil penalty of $42.6 million and complete an emissions mitigation project upgrading a short-line locomotive engine in Maryland. This settlement resolves issues related to engines mounted on Manitowoc mobile cranes sold in the U.S. between 2014 and 2017, which may not have met all TPEM program requirements. The company has already booked a financial reserve for the settlement.
Manitowoc (NYSE: MTW) has been recognized as one of America's Most Responsible Companies 2025 by Newsweek and Statista Inc. for the third consecutive year. The company made significant progress by advancing 298 positions to reach the 227th place compared to its 2024 ranking.
The selection process was based on key performance indicators (KPIs) from Corporate Social Responsibility, Sustainability reports, and corporate governance areas, along with an independent survey of U.S. citizens regarding their perception of companies' social responsibility activities.
President and CEO Aaron H. Ravenscroft highlighted that this recognition validates the success of The Manitowoc Way in advancing their sustainability initiatives.
Manitowoc (NYSE: MTW) has been named one of the 2024 'Best for Vets' Employers by Military Times. The recognition highlights the company's dedication to supporting veterans and active-duty military personnel through initiatives like their Veteran Employee Resource Group (VERG) and partnership with Heroes Make America.
The Best for Vets rankings evaluate companies based on their policies, practices, and benefits for veterans and their families, focusing on factors important for service members transitioning from active duty to civilian employment.
Manitowoc (NYSE: MTW) reported a third-quarter net loss of $7.0 million, or $0.20 per diluted share, with adjusted net loss of $2.9 million ($0.08 per diluted share). Orders decreased 20.0% year-over-year to $424.7 million, with backlog at $742.1 million. Net sales remained flat at $524.8 million, while adjusted EBITDA declined 21.3% to $26.2 million. Non-new machine sales reached $617.5 million for trailing twelve months. The company expects full-year adjusted EBITDA to be at the low end of guidance due to slower demand for new cranes amid U.S. election uncertainty and interest rate concerns.
The Manitowoc Company, Inc. (NYSE: MTW) has announced the schedule for its third-quarter 2024 earnings release and conference call. The company will release its financial results on Wednesday, October 30, 2024, after the market closes. Following this, Manitowoc will host a conference call to discuss the results and provide an outlook on Thursday, October 31, 2024, at 10:00 a.m. ET (9:00 a.m. CT).
Investors and interested parties can access the conference call via a webcast on the company's website at http://ir.manitowoc.com in the 'Events & Presentations' section. For those unable to attend the live call, a replay of the conference call will be made available at the same location on the website.
The Manitowoc Company (NYSE: MTW) has announced the pricing of its private offering of $300 million in senior secured second lien notes due 2031. The notes will have an interest rate of 9.250% per annum and are being issued at 100% of face value. The offering is expected to close on September 19, 2024, subject to market conditions and the company entering into an amended asset-based revolving credit facility.
Manitowoc anticipates net proceeds of approximately $295.5 million from the offering, which it plans to use to redeem all outstanding 9.00% Senior Secured Second Lien Notes due 2026 and pay related fees. The notes will be sold to qualified institutional buyers and non-U.S. persons under Rule 144A and Regulation S, respectively. They have not been registered under the Securities Act and may not be offered or sold in the U.S. without registration or an applicable exemption.
The Manitowoc Company, Inc. (NYSE: MTW) has announced a private offering of $300 million in senior secured second lien notes due 2031, subject to market conditions and an amendment to its existing asset-based revolving credit facility. The amendment aims to increase commitments by $50 million to $325 million. The notes will be guaranteed by Manitowoc's domestic subsidiaries.
Manitowoc plans to use the net proceeds to redeem all outstanding 9.00% Senior Secured Second Lien Notes due 2026 and pay related fees and expenses. Any remaining funds will be used for general corporate purposes. The notes will be offered to qualified institutional buyers under Rule 144A and to non-U.S. persons under Regulation S. They have not been registered under the Securities Act and may not be offered or sold in the U.S. without exemption or registration.
The Manitowoc Company (NYSE: MTW) has announced its participation in the upcoming Midwest IDEAS Conference in Chicago on August 29, 2024. President and CEO Aaron H. Ravenscroft, along with Executive VP and CFO Brian P. Regan, will present at 10:15 a.m. ET and host one-on-one investor meetings throughout the day.
Investors and interested parties can access Manitowoc's presentation through the conference webcast link available on the 2024 Midwest IDEAS Conference website. Additionally, the presentation will be accessible via the Events & Presentations page on Manitowoc's Investor Relations website.
This event provides an opportunity for Manitowoc to engage with investors and showcase its business strategies and financial performance.
The Manitowoc Company (NYSE: MTW) reported second-quarter 2024 financial results with net sales of $562.1 million, down 6.8% year-over-year. Adjusted EBITDA was $36.0 million, a 40.4% decrease from the prior year. The company faced operational issues and sluggish order intake, particularly in Europe and North America. As a result, Manitowoc has updated its full-year 2024 guidance, lowering expectations for net sales, adjusted EBITDA, and adjusted diluted earnings per share.
Key highlights include:
- Net income of $1.6 million, or $0.04 per diluted share
- Adjusted net income of $8.8 million, or $0.25 per diluted share
- Orders decreased by 22.2% to $428.4 million
- Backlog at the end of Q2 was $836.3 million
The company remains focused on its CRANES+50 strategy and The Manitowoc Way to drive long-term shareholder value.
The Manitowoc Company (NYSE: MTW) has announced the schedule for its second-quarter 2024 earnings release and conference call. The company will release its Q2 2024 results on Wednesday, August 7, 2024, after the market closes. A conference call to discuss the results and outlook will be held on Thursday, August 8, 2024, at 10:00 a.m. ET (9:00 a.m. CT). Investors and interested parties can access the webcast of the conference call on the Manitowoc website at http://ir.manitowoc.com in the 'Events & Presentations' section. A replay of the call will also be available on the same webpage for those unable to attend the live event.
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