Manitowoc Company (the) Stock Earnings Reports

Manitowoc reported Q1 2026 results largely in line with expectations and reaffirmed full-year guidance. Key operational highlights: orders of $646 million in Q1 and backlog of $940 million; April orders running higher (~$225–$250 million); net sales of $495 million; non-new machine (aftermarket/service) trailing twelve-month sales reached a record $696 million (up 8%); adjusted EBITDA was $20 million (down ~$2 million year-over-year); net working capital rose to $536 million driven by inventory (foreign currency, tariffs, prototypes); operating cash flow was $27 million and free cash flow $19 million; liquidity $316 million and net leverage 3.1x. S&P upgraded the credit rating from B to B+. Management emphasized progress on its Cranes+50 strategy (growing higher‑margin aftermarket, adding service locations and field techs, leveraging ServiceMax), new product introductions (80-ton boom truck and 800-ton eight-axle all‑terrain crane), and operational/lean initiatives (e.g., eliminating hammers to improve safety and quality). Tariffs remain a headwind (AIIPA refund filed; roughly $25M paid; ~$18M paid related to 232 tariffs earlier), but management says the current tariff outlook is consistent with prior expectations and does not change the guidance range of net sales $2.25–$2.35 billion and adjusted EBITDA $125–$150 million. Regional commentary: resilient markets in Americas, Europe, Asia‑Pacific (notably Korea semiconductor projects), cautious optimism in Middle East amid geopolitical/Strait of Hormuz risk, and improving activity in LATAM mining.