The Manitowoc Company (MTW) Q4 2024 earnings summary

Executive summary

• Achieved $2.178 billion in 2024 net sales and $128.4 million in adjusted EBITDA, with year-end liquidity of $320.8 million and record non-new machine sales of $629.1 million.

• Expanded field service technician headcount by 7% to 467 and added new service locations globally.

• Launched 13 new crane models and executed the Cranes + 50 strategy, driving innovation and aftermarket growth.

• Navigated a challenging year with a bottoming European tower crane market, intensified Chinese competition, and a pre-election slowdown in the Americas.

• Q4 2024 results were in line with expectations, with strong cash flow and continued operational improvements.

Financial highlights

• Q4 2024 net sales were $596 million, with adjusted EBITDA of $34.9 million and net income of $56.7 million.

• Full-year adjusted EBITDA margin was 5.9%, down from 7.9% in 2023.

• Adjusted diluted EPS for 2024 was $0.41; Q4 adjusted EPS was $0.10.

• Free cash flow for 2024 was $49.2 million, with Q4 free cash flow at $99.5 million.

• Year-end cash and cash equivalents were $48 million, up from $34.4 million at prior year-end.

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 flow projected at $55–$85 million, excluding EPA settlement.

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

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