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.
Manitowoc is updating its full-year 2024 guidance as follows:
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