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The Manitowoc Company (MTW) investor relations material
The Manitowoc Company 16th Annual Midwest Ideas Conference summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Market and Industry Outlook
Crane market is at or near the bottom of its cycle, with stock trading well below tangible book value.
Secular growth drivers include global infrastructure spending, data center construction, and energy projects across the US, Europe, and the Middle East.
European tower crane market is recovering, with four consecutive quarters of year-over-year growth and improvements in housing and infrastructure initiatives.
U.S. and European infrastructure initiatives, housing shortages, and energy projects are key growth catalysts.
Tariffs and trade policy changes are being closely monitored for their impact on imports and exports.
Strategic Transformation and Growth Initiatives
Transitioning to a customer-focused, service-driven business model, expanding aftermarket, rental, and remanufacturing capabilities.
Achieved 67% growth in non-new machine sales from 2020 to 2024, targeting $1B in non-new machine sales.
Pursued disciplined M&A, acquiring dealer territories and service branches, adding $30M+ accretive EBITDA and expanding geographic reach.
Increased service technician headcount by over 38% in North America and 24% in Europe, with new branches and expanded rental fleet.
Invested $64M in rental fleet and $51M in branch growth, with $180M in strategic acquisitions since 2020.
Financial Performance and Capital Allocation
2024 net sales reached $2.2B, with adjusted EBITDA at $128M and adjusted ROIC at 6.0%.
Aftermarket/non-new machine business delivers 35% gross margins, providing stability and higher profitability.
Focused on reducing leverage from 4x to below 3x before considering share buybacks or further acquisitions.
2025 guidance projects net sales of $2.175–$2.275B, adjusted EBITDA of $120–$145M, and capital expenditures of $47M.
Capital investments prioritized for aftermarket, rental fleet, and branch expansion.
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