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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, Inc. (NYSE: MTW) has announced it will release its first quarter 2022 results on May 3, 2022, after market close. A conference call to discuss the results and outlook is scheduled for May 4, 2022, at 10:00 a.m. ET. This call will be accessible via webcast on Manitowoc's website, where a replay will also be available. Manitowoc, established in 1902, is a leading provider of engineered lifting solutions, offering a range of mobile hydraulic cranes, crawler cranes, boom trucks, and tower cranes under various brand names.
The Manitowoc Company (NYSE: MTW) announced it has halted operations in Russia due to the ongoing Ukraine conflict, stopping new crane orders. Sales to Russia constituted less than 2% of total sales in 2021, impacting around 20 local employees. CEO Aaron H. Ravenscroft stated the company prioritizes the safety of their team and complies with sanctions. Manitowoc is a prominent manufacturer of cranes and lifting solutions, with a history dating back to 1902, offering a wide range of products under various brand names.
The Manitowoc Company (NYSE: MTW) announced the resignation of CFO David J. Antoniuk, effective May 2, 2022, with Brian P. Regan stepping into the role. Regan, previously Vice President, Corporate Controller, joined Manitowoc in 2018 and will also oversee Treasury. Antoniuk, who will move to an advisory role until January 2, 2023, was commended for his contributions, including the successful company transition and strategic acquisitions. The press release highlights the company’s ongoing commitment to effective leadership and strategic development in the crane manufacturing sector.
The Manitowoc Company (NYSE: MTW) reported a fourth-quarter net sales increase of 15.7% year-over-year to $497.8 million, despite a $3.6 million net loss due to a $13.9 million EPA charge. Adjusted net income was $9.4 million, or $0.27 per diluted share. Full-year 2021 net sales reached $1,720.2 million with net income of $11.0 million. The company anticipates 2022 net sales between $2.0 billion and $2.2 billion, with adjusted EBITDA of $130 million to $160 million. Manitowoc's backlog increased to $1.0 billion, its highest in over a decade.
The Manitowoc Company (NYSE: MTW) announced that it received an Information Request from the U.S. EPA regarding cranes sold between January 1, 2014, and July 31, 2017. The company is providing information related to 1,420 engines and its participation in the TPEM program. Manitowoc recorded a $13.9 million charge in Q4 2021, leading to a total liability of $14.9 million. The potential statutory penalties under the Clean Air Act are estimated at $174 million. Manitowoc maintains strong defenses against these allegations, although final resolutions may materially impact its finances.
The Manitowoc Company (NYSE: MTW) will announce its Q4 2021 and full-year 2021 results on February 21, 2021, at approximately 5:00 p.m. ET. Following this, a conference call to discuss the results and future outlook is scheduled for February 22, 2022, at 10:00 a.m. ET. Investors and interested parties can access the call via a webcast on the company's website. Manitowoc is a leading provider of engineered lifting solutions, offering a range of products under various brand names.
The Manitowoc Company (NYSE: MTW) announced its 2021 Investor Day, scheduled for December 13, 2021, from 9:00 a.m. to 11:30 a.m. EST at the New York Stock Exchange and via webcast. President and CEO Aaron Ravenscroft will present the company’s strategies for long-term growth. Investors can access the webcast through Manitowoc’s Investor Relations website, where a replay will also be available. Founded in 1902, Manitowoc specializes in engineered lifting solutions, including mobile telescopic cranes and tower cranes.
The Manitowoc Company (NYSE: MTW) announced that President and CEO Aaron H. Ravenscroft, along with CFO David J. Antoniuk, will participate in a fireside chat at the Credit Suisse 9th Annual Virtual Industrials Conference on December 1, 2021. The session is scheduled to begin at 12:50 p.m. ET and will last until 1:20 p.m. ET. Interested investors can access the live audio webcast and related materials on Manitowoc’s Investor Relations website, with replays available post-event.
The Manitowoc Company (NYSE: MTW) announced that President and CEO Aaron H. Ravenscroft and CFO David J. Antoniuk will present at the Baird Virtual Industrial Conference on November 10, 2021. The presentation is scheduled for 1:25 to 1:55 p.m. ET, with a link for the live audio webcast available on Manitowoc’s Investor Relations website. The presentation materials will also be accessible before the event and the webcast will be available for replay thereafter. Manitowoc has over 118 years of experience in providing lifting solutions.
The Manitowoc Company (NYSE: MTW) reported a third-quarter net sales of $404.5 million, marking a 13.8% increase year-over-year. Orders reached $535.2 million, reflecting a 37.3% growth. The company experienced a loss of $(0.2 million or $(0.01 per diluted share), while adjusted net income was $2.2 million. Adjusted EBITDA decreased to $20.0 million, down $4.8 million from last year due to inflation and supply chain challenges. The backlog as of September 30 totaled $890.6 million, up 91.6% year-over-year.
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