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Sep 30, 2024
Manitowoc Q3 2024 Earnings Report
Manitowoc reported a net loss with flat net sales compared to the previous year, while facing headwinds in new crane demand.
Key Takeaways
Manitowoc reported a third-quarter net loss of $7.0 million, or $0.20 per diluted share. Net sales were flat year-over-year at $524.8 million. The company's adjusted EBITDA decreased by 21.3% from the prior year.
Net sales remained flat year-over-year at $524.8 million.
Orders decreased by 20.0% from the prior year, resulting in backlog of $742.1 million.
Adjusted EBITDA decreased by 21.3% from the prior year to $26.2 million.
Company expects full year adjusted EBITDA to be at the low end of guidance.
Forward Guidance
Given the soft results in the third quarter, the company is expecting its full-year adjusted EBITDA to be at the low end of its guidance. Looking longer term, the company is optimistic as central banks continue to cut interest rates, monies from the Infrastructure and CHIPS bills begin to flow, activity in the Middle East remains strong, and crane fleets age to historic levels.
Positive Outlook
- Central banks continue to cut interest rates.
- Monies from the Infrastructure and CHIPS bills begin to flow.
- Activity in the Middle East remains strong.
- Crane fleets age to historic levels.
- Company continues to launch new machines and execute its CRANES+50 strategy.
Challenges Ahead
- Demand for new cranes slowed as customers await the outcome of the U.S. election.
- Demand for new cranes slowed as customers await further interest rate cuts.
- Macroeconomic conditions, including inflation, high interest rates and recessionary concerns.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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