Manitowoc Company (the) Stock Earnings Reports

Manitowoc reported a solid Q3 2025 with revenue of $553M and adjusted EBITDA of $34M (up 30% YoY). Orders were $491M (up 16% YoY) and backlog ended at $667M, with ~60% expected to ship by year-end. Key performance drivers were a continued recovery in European tower crane demand (new machine orders +34% YoY), growth in mobile crane orders (+28% YoY), and record trailing-12-month non-new machine sales of $667M as the company executes its CRANES+50 aftermarket strategy. Operational highlights included strong productivity gains at the Zhangjiagang plant and meaningful safety improvements (RIR down 36% YoY). Tariffs remain a major headwind: management estimates gross 2025 tariff cost of ~$44M, but expects to mitigate 80–90% of that. Working capital rose (inventory pressure from FX, tariffs and some missed shipments); cash was $40M, total liquidity $213M, and net leverage 3.9x. Free cash flow generation is a near-term challenge — the company noted it would need roughly $100M of free cash flow to reach the low end of its guidance, and therefore expects full-year adjusted EBITDA to come in at the low end of guidance. Strategic positives: progress on aftermarket growth, several localized service/rental expansions (Denver, Langenfeld, Meru), product development momentum in Europe/Asia, and an on-track launch of a new Grove 8-axle all-terrain crane (targeting serial production 2027 and potential ~$100M product line). Management reiterated commitment to defending fair trade and continuing to manage controllable factors amid tariff uncertainty.