The Manitowoc Company Reports Third-Quarter 2025 Financial Results

About this update from Manitowoc Company, Inc. (the)

MILWAUKEE, November 05, 2025 --( BUSINESS WIRE )--The Manitowoc Company, Inc. (NYSE: MTW) (the "Company" or "Manitowoc") today reported third-quarter net income of $5.0 million, or $0.14 per diluted share. Orders in the third quarter were $491.4 million, a 15.7% increase from the prior year, resulting in backlog of $666.5 million. Net sales in the third quarter were $553.4 million, an increase of 5.4% from the prior year, and included non-new machine sales of $177.4 million, an increase of 4.9% year-over-year. Adjusted EBITDA (1) was $34.1 million, an increase of 30.2% from the prior year. "Manitowoc delivered solid third quarter results driven by favorable product mix, strong execution by our MGX distribution business, continued growth in our non-new machine sales, and actions to offset tariffs; all while battling softness in crane demand in the Americas caused by ongoing U.S. tariff pressures. The European tower crane market continues to recover, marking the fifth consecutive quarter of year-over-year order growth. Our Q3 results help support our view that we will finish the year at the lower end of our adjusted EBITDA guidance range," comments Aaron H. Ravenscroft, President and Chief Executive Officer of The Manitowoc Company, Inc. "Despite the near-term challenges, Manitowoc’s long-term outlook remains strong; we continue to invest in new product development and expand our aftermarket product offerings to service customers and grow our recurring, higher margin non-new machine sales," added Ravenscroft. Investor Conference Call The Manitowoc Company will host a conference call for security analysts and institutional investors to discuss its third-quarter 2025 earnings results on Thursday, November 6, 2025, at 8:00 a.m. ET (7:00 a.m. CT). A live audio webcast of the call, along with the related presentation, will be available via webcast on the Manitowoc website at http://ir.manitowoc.com in the "Events & Presentations" section. A replay of the conference call will also be available at the same location on the website. About The Manitowoc Company, Inc. The Manitowoc Company was founded in 1902 and has over a 120-year tradition of providing high-quality, customer-focused products and support services to its markets. Headquartered in Milwaukee, Wisconsin, United States, Manitowoc is one of the world's leading providers of engineered lifting products and services. Manitowoc, through its wholly-owned subsidiaries, designs, manufactures, markets, distributes, and supports comprehensive product lines of mobile hydraulic cranes, lattice-boom crawler cranes, boom trucks, and tower cranes under the Grove, Manitowoc, MGX Equipment Services, National Crane, Potain, Shuttlelift, and Upfits by Aspen Equipment brand names. Footnote Forward-looking Statements This press release includes "forward-looking statements" intended to qualify for the safe harbor from liability under the Private Securities Litigation Reform Act of 1995. Any statements contained in this press release that are not historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the current expectations of the management of the Company and are subject to uncertainty and changes in circumstances. Forward-looking statements include, without limitation, statements typically containing words such as "intends," "expects," "anticipates," "targets," "estimates," and words of similar import. By their nature, forward-looking statements are not guarantees of future performance or results and involve risks and uncertainties because they relate to events and depend on circumstances that will occur in the future. There are a number of factors that could cause actual results and developments to differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results and developments to differ materially include, among others: Manitowoc undertakes no obligation to update or revise forward-looking statements, whether as a result of new information, future events, or otherwise. Forward-looking statements only speak as of the date on which they are made. Information on the potential factors that could affect the Company's actual results of operations is included in its filings with the Securities and Exchange Commission, including but not limited to its Annual Report on Form 10-K for the fiscal year ended December 31, 2024. THE MANITOWOC COMPANY, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In millions, except per share and share amounts) THE MANITOWOC COMPANY, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In millions, except par value and share amounts) THE MANITOWOC COMPANY, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions) Non-GAAP Financial Measures Adjusted net income (loss), Adjusted DEPS, EBITDA, adjusted EBITDA, adjusted operating income, Adjusted ROIC, and free cash flows are financial measures that are not in accordance with U.S. GAAP. Manitowoc believes these non-GAAP financial measures provide important supplemental information to both management and investors regarding financial and business trends used in assessing its results of operations. Manitowoc believes excluding specified items provides a more meaningful comparison to the corresponding reporting periods and internal budgets and forecasts, assists investors in performing analysis that is consistent with financial models developed by investors and research analysts, provides management with a more relevant measure of operating performance, and is more useful in assessing management performance. Adjusted Net Income (Loss) and Adjusted DEPS The Company defines adjusted net income (loss) as net income (loss) plus the addback or subtraction of restructuring and other non-recurring items. Adjusted DEPS is defined as adjusted net income (loss) divided by diluted weighted average shares outstanding. Diluted weighted average common shares outstanding are adjusted for the effect of dilutive stock awards when there is net income on an adjusted basis, as applicable. The reconciliation of net income (loss) and diluted net income (loss) per share to adjusted net income (loss) and Adjusted DEPS for the three and nine months ended September 30, 2025 and 2024 are summarized as follows. All dollar amounts are in millions, except per share data and share amounts. Adjusted ROIC The Company defines Adjusted ROIC as adjusted net operating profit after tax ("Adjusted NOPAT") for the trailing twelve-months ended divided by the five-quarter average of invested capital. Adjusted NOPAT is calculated for each quarter by taking operating income plus the addback of amortization of intangible assets and the addback or subtraction of restructuring expenses, other non-recurring items - net, and provision for income taxes, which is determined using a 15% tax rate. Invested capital is defined as net total assets less cash and cash equivalents and income tax assets - net plus short-term and long-term debt. Income taxes are defined as income tax payables/receivables, net deferred tax assets/liabilities, and uncertain tax positions. The Company’s Adjusted ROIC as of September 30, 2025 was 4.8%. Below is the calculation of Adjusted ROIC as of September 30, 2025. Free Cash Flows The Company defines free cash flows as net cash provided by (used for) operating activities less cash outflow from investment in capital expenditures. The reconciliation of net cash provided by (used for) operating activities to free cash flows for the three and nine months ended September 30, 2025 and 2024 are summarized as follows. All dollar amounts are in millions. EBITDA and Adjusted EBITDA The Company defines EBITDA as net income (loss) before interest, taxes, depreciation, and amortization. The Company defines adjusted EBITDA as EBITDA plus the addback or subtraction of restructuring expense, other (income) expense - net, and other non-recurring items - net. The reconciliation of net income (loss) to EBITDA, and further to adjusted EBITDA for the three and nine months ended September 30, 2025 and 2024 and trailing twelve months are summarized as follows. All dollar amounts are in millions. View source version on businesswire.com: https://www.businesswire.com/news/home/20251105791187/en/ Contacts For more information : Ion Warner SVP, Marketing and Investor Relations +1 414-760-4805

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