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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 signed a definitive agreement to acquire the crane business of H&E Equipment Services, Inc. (NASDAQ: HEES) for approximately $130 million, to be funded through cash and debt. This acquisition, expected to close in Q4 2021, will enhance Manitowoc's offerings in rentals, sales, and services across various markets. Manitowoc aims to grow its less cyclical operations, while H&E focuses on strengthening its core rental business. This move aligns with Manitowoc's strategic priority of expanding its aftermarket capabilities.
The Manitowoc Company (NYSE: MTW) announced a cybersecurity incident leading to a systems outage, prompting engagement of third-party IT specialists and legal counsel. Federal law enforcement has been notified as the Company works on restoration. This incident may disrupt operations and has resulted in the cancellation of its participation at the Stifel Virtual Cross Sector Insight Conference set for June 10, 2021. Manitowoc underscores its commitment to network security and is taking measures to mitigate risks.
The Manitowoc Company (NYSE: MTW) announced that Aaron H. Ravenscroft, President and CEO, and David J. Antoniuk, Executive VP and CFO, will present at the Stifel Cross Sector Insight Conference on June 10, 2021. The presentation is scheduled from 1:20 to 1:50 p.m. ET. Interested parties can access the live audio webcast and materials on Manitowoc’s Investor Relations website. Manitowoc, founded in 1902, is a leading provider of engineered lifting solutions, offering products under brands like Grove and Manitowoc.
The Manitowoc Company (NYSE: MTW) will have its President and CEO, Aaron H. Ravenscroft, along with CFO David J. Antoniuk, presenting at the Goldman Sachs Virtual Industrials & Materials Conference on May 12, 2021. The presentation is set for 8:50 to 9:25 a.m. ET, with a live audio webcast accessible via Manitowoc’s Investor Relations website. The company, established in 1902, is renowned for its high-quality lifting solutions, offering mobile telescopic cranes, tower cranes, and more under various brand names.
The Manitowoc Company (NYSE: MTW) reported a first-quarter net loss of ($3.1) million, equating to ($0.09) per diluted share, contrasting with an adjusted net loss of ($2.2) million or ($0.06) per share. However, net sales increased by 7.6% year-over-year, totaling $354.3 million, bolstered by favorable currency exchange impacts. Orders surged by 26.3% to $473.6 million, with backlog increasing to $662.5 million, a 27.2% annual rise. Despite positive crane demand trends, the company acknowledged ongoing inflationary and supply chain challenges affecting future results. 2021 adjusted EBITDA guidance is set between $90 million and $105 million.
The Manitowoc Company (NYSE: MTW) plans to release its first-quarter 2021 results on May 5, 2021, after market close. A conference call will follow on May 6, 2021, at 10:00 a.m. EDT, where the company will discuss its results and future outlook. The call will be accessible via webcast on Manitowoc's website, with a replay option available afterward.
Manitowoc is recognized for delivering high-quality lifting solutions through its brands, including Grove and Potain, and has a robust history dating back to 1902.
The Manitowoc Company (NYSE: MTW) announced that CEO Aaron H. Ravenscroft and CFO David J. Antoniuk will present at the JP Morgan Industrials Virtual Conference on March 16, 2021, from 1:10 to 1:50 p.m. ET. The live audio webcast and materials will be available on Manitowoc’s Investor Relations website ahead of the event, with replay options to follow. Manitowoc, founded in 1902, is a leading provider of engineered lifting solutions, manufacturing mobile telescopic cranes, tower cranes, and more under various brand names.
The Manitowoc Company (NYSE: MTW) reported a fourth-quarter net income of $1.8 million, equivalent to $0.05 per diluted share. Adjusted net income for the quarter stood at $6.7 million, or $0.19 per diluted share. Net sales decreased by 7.1% year-over-year to $430.3 million, although positively impacted by foreign currency exchange changes. The fourth-quarter orders reached $508.6 million, up 7.8% from the previous year. However, the full-year net loss was $19.1 million. The company is not providing financial guidance for 2021 amidst market uncertainties.
The Manitowoc Company (NYSE: MTW) will release its fourth-quarter and full-year 2020 results on February 9, 2021, after market close. A conference call to discuss the results and future outlook is scheduled for February 10, 2021 at 10:00 a.m. ET. The call will be accessible via a webcast on Manitowoc's website, and a recording will be available for later access.
The Manitowoc Company (NYSE: MTW) announced that CEO Aaron H. Ravenscroft and CFO David J. Antoniuk will participate in a fireside chat at the Credit Suisse 8th Annual Virtual Industrials Conference on December 3, 2020. The session is scheduled from 10:10 to 10:40 a.m. ET. Investors can access the live audio webcast and presentation materials via Manitowoc's Investor Relations website. Founded in 1902, Manitowoc specializes in engineered lifting solutions, posting approximately $1.83 billion in net sales in 2019.
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