The Manitowoc Company (MTW) Q4 2024 earnings summary

Executive summary

• 2024 featured record non-new machine sales of $629.1 million, 13 new crane models launched, and field service technician headcount grew to 467, with significant progress in safety and environmental initiatives.

• Full-year net sales were $2.178 billion, with adjusted EBITDA of $128.4 million and liquidity at $321 million.

• Q4 2024 net sales were $596 million, with adjusted EBITDA of $35 million and net income of $56.7 million.

• Orders in Q4 increased 8.4% year-over-year to $515.6 million; backlog at year-end was $650 million, down 29% year-over-year.

• Liquidity improved through debt renegotiation and inventory reduction.

Financial highlights

• Full-year 2024 net sales were $2.178 billion, down 2.2% year-over-year; Q4 net sales were $596 million, flat versus prior year.

• Adjusted EBITDA for 2024 was $128.4 million, down from $175 million in 2023; Q4 adjusted EBITDA was $35 million.

• Adjusted EBITDA margin for 2024 was 5.9%, down from 7.9% in 2023.

• Free cash flow for 2024 was $49.2 million, with $110.8 million net cash from operating activities in Q4.

• Adjusted diluted EPS for 2024 was $0.41, down from $1.52 in 2023; Q4 adjusted diluted EPS was $0.10.

Outlook and guidance

• 2025 guidance projects net sales of $2.175–$2.275 billion and adjusted EBITDA of $120–$145 million.

• Adjusted diluted EPS expected between $0.15 and $0.85; capital expenditures planned at $47 million, with $23 million for rental fleet.

• Free cash flows projected at $55–$85 million, excluding EPA payment.

• Q1 2025 expected to be light, contributing about half the typical Q1 EBITDA share.

• Regional outlook: slight improvement in the U.S. and Europe, continued uncertainty in Asia, and strong competition in the Middle East.