Manitowoc Company ( (MTW) ) has released its Q3 earnings. Here is a breakdown of the information Manitowoc Company presented to its investors.
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The Manitowoc Company, Inc., headquartered in Milwaukee, Wisconsin, is a leading provider of engineered lifting solutions, designing and manufacturing mobile hydraulic cranes, lattice-boom crawler cranes, boom trucks, and tower cranes under several brand names.
In its third-quarter 2024 earnings report, Manitowoc reported a net loss of $7 million, or $0.20 per diluted share. The company’s adjusted net loss stood at $2.9 million, or $0.08 per diluted share. Despite a flat year-over-year net sales figure of $524.8 million, the company experienced a significant drop in orders, which decreased by 20% to $424.7 million.
Key financial metrics reveal that adjusted EBITDA was $26.2 million, a decline of 21.3% compared to the previous year. The company’s CRANES+50 strategy made progress, achieving a high of $617.5 million in non-new machine sales over the trailing twelve months. However, the demand for new cranes has slowed due to market uncertainties, including the upcoming U.S. election and interest rate changes.
Looking ahead, Manitowoc’s management remains optimistic about future opportunities. The company is poised to benefit from global economic trends such as interest rate cuts and infrastructure investments. As crane fleets age and new machines are launched, Manitowoc believes it is strategically positioned to capitalize on these favorable market conditions.
