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Jun 30, 2024
Manitowoc Q2 2024 Earnings Report
Second quarter results were reported with a decrease in net sales and adjusted EBITDA compared to the prior year, and full-year guidance was updated to reflect weaker demand.
Key Takeaways
Manitowoc reported a decrease in net sales by 6.8% year-over-year to $562.1 million. Adjusted EBITDA decreased by 40.4% to $36.0 million. Orders in the second quarter were $428.4 million, a 22.2% decrease from the prior year, resulting in backlog at the end of the second quarter of $836.3 million. The company updated its full-year guidance due to weaker demand.
Net sales decreased 6.8% year-over-year to $562.1 million.
Adjusted EBITDA decreased 40.4% year-over-year to $36.0 million, with a margin of 6.4%.
Orders decreased 22.2% year-over-year to $428.4 million, resulting in a backlog of $836.3 million.
Full-year guidance was updated to reflect weaker demand.
Revenue by Segment
Forward Guidance
Manitowoc is updating its full-year 2024 guidance as follows:
Positive Outlook
- Net sales – $2.175 billion to $2.225 billion
- Adjusted EBITDA – $125 million to $140 million
- Depreciation and amortization - $60 million to $63 million
- Provision for income taxes - $9 million to $13 million
- Free cash flows - $30 million to $50 million
Challenges Ahead
- Net sales – Previously $2.275 billion to $2.375 billion
- Adjusted EBITDA – Previously $150 million to $180 million
- Depreciation and amortization - Previously $63 million to $67 million
- Interest expense - $36 million to $38 million (previously $32 million to $34 million)
- Adjusted diluted earnings per share - $0.45 to $0.90 (previously $0.95 to $1.55)
Historical Earnings Impact
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Avg. Return Before/After Earnings
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