Manitowoc Reports Q4 & Full-Year 2024 Results, Announces 2025 Guidance
The Manitowoc Company, Inc. (NYSE: MTW) has announced its financial results for the fourth quarter and full year of 2024, along with guidance for 2025. The company reported a fourth-quarter net income of $56.7 million, equivalent to $1.59 per diluted share. On an adjusted basis, net income was $3.7 million, or $0.10 per diluted share.
During the fourth quarter, Manitowoc recorded orders of $515.6 million, reflecting an 8.4% increase compared to the previous year. As of December 31, 2024, the company’s backlog stood at $650.2 million. Net sales for the quarter were reported at $596.0 million, remaining relatively flat year-over-year. Adjusted EBITDA for the quarter reached $34.9 million, a 4.4% decline compared to the prior year. Meanwhile, net cash from operating activities increased by $71.0 million from the previous year, reaching $110.8 million. Free cash flow stood at $99.5 million, representing an increase of $77.2 million year-over-year.
For the full year of 2024, net sales totaled $2,178.0 million, reflecting a 2.2% decline compared to 2023. However, non-new machine sales increased by $16.5 million year-over-year, reaching $629.1 million. Adjusted net income for the full year was $14.7 million, or $0.41 per diluted share, marking a decrease of $39.8 million, or $1.11 per diluted share, from the prior year.
Commenting on the results, Manitowoc President and CEO Aaron H. Ravenscroft acknowledged the challenges faced during the year but emphasized the strength of the company’s aftermarket business. “Our fourth-quarter results were in line with our expectations. I want to thank the Manitowoc team for their hard work, dedication, and resilience in managing through a difficult environment. Our 2024 results highlight the strength of our aftermarket business, which generated a record $629.1 million in revenue. Compared to 2020, the year before we launched our CRANES+50 strategy, non-new machine sales have grown by over 67%,” said Ravenscroft.
Manitowoc remains focused on expanding its non-new machine sales. The company recently acquired distribution rights for the Carolinas and Georgia, further strengthening its aftermarket footprint in the United States. Additionally, Manitowoc plans to unveil new innovative products and a range of aftermarket services at the upcoming bauma 2025 trade fair in April. Ravenscroft emphasized that with the CRANES+50 strategy and ongoing product development, Manitowoc is well positioned to deliver long-term shareholder value.
Manitowoc has issued its financial guidance for full-year 2025, with the following projections:
- Net sales between $2.175 billion and $2.275 billion
- Adjusted EBITDA in the range of $120 million to $145 million
- Depreciation and amortization expenses between $60 million and $64 million
- Interest expenses between $38 million and $40 million
- Income tax provision estimated between $11 million and $15 million
- Adjusted diluted earnings per share projected between $0.15 and $0.85
- Capital expenditures expected to be $47 million, with approximately $23 million allocated for rental fleet investments
- Free cash flow estimated between $55 million and $85 million, excluding an Environmental Protection Agency (EPA) payment
To discuss its financial results, Manitowoc will host an investor conference call on Thursday, February 13, 2025, at 10:00 a.m. Eastern Time (9:00 a.m. Central Time). The live audio webcast, along with the associated presentation materials, will be available on the Manitowoc investor relations website under the “Events & Presentations” section. A replay of the call will also be accessible on the website.
About The Manitowoc Company, Inc.
Founded in 1902, The Manitowoc Company has a legacy of over 120 years in providing high-quality, customer-focused products and services. Headquartered in Milwaukee, Wisconsin, Manitowoc is a global leader in engineered lifting solutions. The company designs, manufactures, markets, and distributes a comprehensive range of mobile hydraulic cranes, lattice-boom crawler cranes, boom trucks, and tower cranes. These products are offered under several well-recognized brand names, including Aspen Equipment, Grove, Manitowoc, MGX Equipment Services, National Crane, Potain, and Shuttlelift.
Through its wholly owned subsidiaries, Manitowoc has built a strong reputation for innovation and reliability in the lifting industry. With an unwavering commitment to meeting customer needs, Manitowoc continues to develop new solutions that enhance efficiency and productivity in construction and industrial applications worldwide.
As Manitowoc moves into 2025, it remains committed to executing its CRANES+50 strategy, driving growth in non-new machine sales, expanding aftermarket services, and introducing innovative new products. The company’s participation in key industry events such as bauma 2025 underscores its focus on maintaining a leadership position in the global crane and lifting equipment market.
