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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), a global leader in crane manufacturing, will have its President and CEO, Aaron H. Ravenscroft, alongside CFO, Brian P. Regan, present at the Baird 2022 Global Industrial Conference. This event is scheduled for November 9, 2022, from 4:40 p.m. to 5:10 p.m. CT. Interested parties can access presentation materials via Manitowoc’s Investor Relations website. Established in 1902, Manitowoc delivers high-quality lifting solutions through brands like Grove and Potain.
The Manitowoc Company, Inc. (NYSE: MTW) is set to release its third-quarter 2022 results on November 7, 2022, post-market close. A conference call for the results and outlook will be hosted on November 8, 2022, at 10:00 a.m. ET. Investors can access the call via webcast on Manitowoc's website. The company, established in 1902, specializes in engineered lifting solutions and offers a diverse product range including mobile hydraulic cranes and tower cranes under multiple brand names.
The Manitowoc Company (NYSE: MTW) announced the acquisition of certain assets from Honnen Equipment Company's crane rental fleet through its subsidiary, MGX Equipment Services, LLC. This strategic move ends Honnen's dealer agreement with Manitowoc in Colorado, Wyoming, and Nebraska, allowing Manitowoc to expand its direct-to-customer operations in these regions. The acquisition aims to enhance sales, service support, and aftermarket parts availability for diverse customer segments.
The Manitowoc Company (NYSE: MTW) reported second-quarter 2022 net sales of $497.2 million, a 7.2% year-over-year increase, despite a $27.9 million impact from foreign currency exchange rates. Net income was $15.1 million or $0.42 per diluted share, with adjusted net income at $7.4 million or $0.21 per diluted share. Adjusted EBITDA decreased $4.3 million to $36.4 million. Orders fell 19.2% year-over-year to $434.0 million, with backlog at $947.8 million, down 8.3% sequentially. The CEO mentioned challenges such as inflation, interest rates, and geopolitical tensions affecting customer confidence.
The Manitowoc Company (NYSE: MTW) has announced the appointment of James S. Cook as Senior Vice President of Human Resources effective immediately. Cook, previously the Senior Vice President of Health, Safety, Environment, brings 20 years of experience in employee development and operational safety. Aaron H. Ravenscroft, President and CEO, expressed confidence in Cook's ability to drive long-term success through cultural change and performance improvement based on The Manitowoc Way. Manitowoc, established in 1902, is a leading provider of engineered lifting solutions.
The Manitowoc Company (NYSE:MTW) has appointed Jennifer L. Peterson as Executive Vice President, General Counsel, and Secretary, effective immediately. Peterson, who has served as Interim General Counsel since May 2022, brings over 20 years of legal expertise, having previously held positions at Adient plc and Johnson Controls. President and CEO Aaron H. Ravenscroft expressed confidence in her ability to navigate the increasing demands from stakeholders in legal and compliance areas, positioning Manitowoc for long-term success.
The Manitowoc Company, Inc. (NYSE: MTW) is set to release its second quarter 2022 results on August 4, 2022, after market close. A conference call will follow on August 5, 2022, at 10:00 a.m. ET to discuss the results and future outlook. Interested parties can access the call via webcast on Manitowoc's website, with a replay also available.
Manitowoc has over 120 years of experience in providing engineered lifting solutions, manufacturing a diverse range of cranes and related products.
The Manitowoc Company (NYSE: MTW) has announced its withdrawal from the CONEXPO-CON/AGG 2023 trade show. This decision is attributed to several price increases that have been passed onto customers, prompting the company to reassess its investments in large trade shows. President and CEO Aaron Ravenscroft emphasized the company's commitment to investing in new products, with plans to showcase innovations at the upcoming bauma show in October 2022. Manitowoc will also host a Crane Days event in Shady Grove, Pennsylvania in the future.
The Manitowoc Company (NYSE: MTW) announced that its President and CEO, Aaron H. Ravenscroft, along with CFO Brian P. Regan, will present at the Stifel Cross Sector Insight Conference on June 9, 2022, from 9:45 a.m. to 10:15 a.m. ET. Interested parties can access the live audio webcast and related materials via Manitowoc’s Investor Relations website. Manitowoc, established in 1902, is recognized for its engineered lifting solutions, including mobile hydraulic cranes and tower cranes.
The Manitowoc Company (NYSE: MTW) reported first-quarter 2022 net sales of $459.0 million, a 29.6% year-over-year increase. However, net income reached $3.1 million or $0.09 per diluted share, lower than expectations due to supply chain issues. Adjusted EBITDA rose to $31.2 million, reflecting a $10.1 million increase from the prior year. The backlog increased by 56.0% year-over-year to $1,033.4 million. However, ongoing global challenges, including inflation and supply chain deterioration, may affect future margins and demand.
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