Manitowoc Q2 Earnings Call Highlights

Manitowoc delivered a strong second quarter: Sales rose 10% year over year to $595 million, while adjusted EBITDA nearly doubled to $49 million and margins expanded to above 8%. Demand and backlog strengthened significantly: Orders jumped 56% to $709 million, backlog reached $1.05 billion, and July orders exceeded $200 million despite being seasonally slower. The company raised its 2026 outlook for sales, adjusted EBITDA, earnings per share and free cash flow, with tariff refunds contributing to results and strong data-center and semiconductor demand expected to continue.

Manitowoc NYSE: MTW reported higher second-quarter sales, orders and adjusted EBITDA, citing strong crane demand, improved operating execution and a net benefit from tariff-related items. The company raised its full-year outlook for sales, adjusted EBITDA, earnings per share and free cash flow. Second-quarter net sales increased 10% from a year earlier to $595 million. Adjusted EBITDA nearly doubled to $49 million from $26 million in the prior-year period, while adjusted EBITDA margin expanded 330 basis points to more than 8% of sales.

“The Manitowoc team delivered great results in the second quarter,” President and Chief Executive Officer Aaron Ravenscroft said. He said the company’s core financial performance was among its strongest quarterly performances in recent years.

Orders totaled $709 million in the second quarter, up 56% from a year earlier, producing a book-to-bill ratio of 1.2. Backlog ended the quarter at $1.05 billion, increasing $110 million sequentially and $321 million from the prior year. The company expects approximately $750 million of backlog to ship during 2026. Ravenscroft said crane utilization remained high in North America and dealer inventories had become lean, supporting strong orders from the traditional dealer channel as dealers replenished inventory. Activity in the company’s MGX business was relatively stable, he said. In Europe, Manitowoc described market conditions as mixed. Its mobile crane business generated strong order growth, while tower crane orders declined modestly year over year because of a transition in self-erecting cranes to new EN standards scheduled for January. Ravenscroft said certain models had seen accelerated demand in recent quarters and their production schedules were sold out for the rest of the year. The company also cited robust demand in South Korea tied to the semiconductor industry, along with continued strength in Vietnam and Australia. Ravenscroft said Manitowoc sees broad regional strength extending into 2027. During the question-and-answer session, Ravenscroft said July orders exceeded $200 million, despite July typically being a slower month for the business.

Non-new machine sales, which include aftermarket-related business, increased 6% year over year to $172 million in the quarter. On a trailing 12-month basis, those sales reached a record $706 million. The company continued to pursue its CRANES+50 strategy, which includes expanding service locations, adding aftermarket salespeople and field technicians, increasing sales of lifting accessories and using technology to support operations. Ravenscroft highlighted a three-year, $2.5 million service contract awarded to Manitowoc’s Peru operation at a copper-zinc mine. The company opened the Peru operation in 2023 to pursue service work with mining customers. Manitowoc also opened a rapid-response shop at its Shady Grove campus to speed turnaround on critical aftermarket components and established an East Coast center of excellence for boom refurb...