The Manitowoc Company (MTW) Q2 2025 earnings summary

Executive summary

• Q2 2025 net sales were $540 million, down 4% year-over-year, with orders up 6% to $454 million and backlog at $729 million; non-new machine sales rose 10% year-over-year.

• Adjusted EBITDA was $26 million, down from $36 million year-over-year; adjusted diluted EPS was $0.08, and net income was $1.5 million.

• Free cash flow for the quarter was $(73.7) million, reflecting higher working capital outflows and a $43 million EPA penalty payment.

• The company expanded its global service footprint, integrated service management systems, and continued its Cranes Plus 50 strategy.

• Management expects to finish 2025 at the low end of guidance due to U.S. market headwinds, but notes improving conditions in Europe and Asia.

Financial highlights

• Orders increased 6% year-over-year, driven by European tower crane business; Americas segment sales rose 8.9%, while EURAF and MEAP segments declined.

• Net sales declined 4% year-over-year to $540 million; gross profit margin held steady at 18.7%.

• Adjusted EBITDA margin for Q2 2025 was 4.9%, down from 6.4% year-over-year.

• Non-new machine sales hit a record $659 million on a trailing 12-month basis.

• Adjusted ROIC as of June 30, 2025, was 4.2%.

Outlook and guidance

• Full-year 2025 net sales expected between $2.175 billion and $2.275 billion; adjusted EBITDA guidance set at $120 million to $145 million, with management anticipating the low end.

• Most of the $729 million backlog is expected to ship in 2025, with Q4 typically stronger than Q3.

• Free cash flow for the year is now expected at $10–$15 million, down from the original $45 million plan.

• U.S. crane market expected to stabilize in about six months as trade environment resets; Europe and Asia Pacific show signs of improvement.

• No dividends were declared or paid during the period.