The Manitowoc Company (MTW) Q1 2025 earnings summary

Executive summary

• Q1 2025 revenue was $471 million, with adjusted EBITDA of $22 million, both exceeding expectations despite a 4.9% year-over-year sales decline.

• Orders rose 10% year-over-year to $610 million, with backlog at $798 million, led by a 68% increase in European tower crane orders and 24% growth in the Americas.

• Non-new machine sales grew 11% year-over-year to $161 million, supporting strategic initiatives.

• Participation at the bauma Trade Show highlighted new hybrid and tower crane products, with positive customer feedback.

• Integration of AI into operations saved 2,000 man-hours and $400,000.

Financial highlights

• Net sales for Q1 2025 were $471 million, down from $495 million in Q1 2024.

• Adjusted EBITDA was $22 million (4.6% margin), down from $31 million (6.3% margin) in Q1 2024.

• Free cash flow improved to $2.1 million from negative $42.8 million year-over-year.

• Net loss was $6.3 million, compared to net income of $4.5 million in Q1 2024.

• Liquidity stood at $307 million at quarter-end.

Outlook and guidance

• Full-year 2025 guidance maintained: net sales of $2.175–$2.275 billion and adjusted EBITDA of $120–$145 million.

• Tariff impacts expected to be $60 million for the year, with mitigation plans covering 80–90% of costs.

• Management expects sufficient liquidity and compliance with all debt covenants.

• Demand and pricing outlook remain uncertain due to evolving trade negotiations.