On February 12, 2025, Manitowoc Co Inc (MTW, Financial) released its 8-K filing detailing the financial results for the fourth quarter and full year of 2024. The company, a leading provider of engineered lifting solutions, reported net sales of $596.0 million for the fourth quarter, slightly below the analyst estimate of $603.14 million. The full-year net sales reached $2,178.0 million, aligning with the annual estimate.
Company Overview
Manitowoc Co Inc specializes in designing and manufacturing a range of cranes and lifting solutions under various brand names, including Grove, Manitowoc, and Potain. The company serves a diverse clientele, including dealers, rental companies, and government entities, across multiple sectors such as energy, infrastructure, and construction. The Americas segment is the primary revenue generator for the company.
Fourth-Quarter and Full-Year Financial Performance
For the fourth quarter of 2024, Manitowoc Co Inc reported a net income of $56.7 million, or $1.59 per diluted share. However, the adjusted net income was $3.7 million, or $0.10 per diluted share, falling short of the estimated earnings per share of $0.15. The company's adjusted EBITDA for the quarter was $34.9 million, a 4.4% decrease year-over-year.
Full-year 2024 results showed a net income of $55.8 million, with an adjusted EBITDA of $128.4 million. Despite a 2.2% year-over-year decrease in net sales, the company achieved a record $629.1 million in non-new machine sales, highlighting the strength of its aftermarket business.
Key Financial Metrics and Achievements
Manitowoc Co Inc's financial achievements include a significant increase in net cash provided by operating activities, which rose to $110.8 million in the fourth quarter, up by $71.0 million from the previous year. Free cash flows also saw a substantial increase, reaching $99.5 million, an improvement of $77.2 million year-over-year.
The company's backlog as of December 31, 2024, stood at $650.2 million, with orders in the quarter increasing by 8.4% from the prior year. These metrics are crucial for the Farm & Heavy Construction Machinery industry, as they indicate future revenue potential and operational efficiency.
Income Statement and Balance Sheet Insights
Manitowoc Co Inc's income statement revealed a gross profit of $95.2 million for the fourth quarter, with operating income at $16.2 million. The balance sheet showed total assets of $1,660.0 million, with total liabilities amounting to $1,019.9 million, resulting in a stockholders' equity of $640.1 million.
| Metric | Q4 2024 | Full-Year 2024 |
|---|---|---|
| Net Sales | $596.0 million | $2,178.0 million |
| Net Income | $56.7 million | $55.8 million |
| Adjusted EBITDA | $34.9 million | $128.4 million |
| Free Cash Flows | $99.5 million | N/A |
Analysis and Commentary
Despite the challenges faced in 2024, Manitowoc Co Inc's performance underscores the resilience of its aftermarket business. The company's strategic focus on expanding non-new machine sales and enhancing its aftermarket footprint is evident in its recent acquisition of distribution rights in the Carolinas and Georgia.
Fourth quarter results were in line with our expectations. I thank the Manitowoc team for their hard work, dedication, and resilience in managing through a difficult environment. Our 2024 results highlight the strength of our aftermarket business which generated a record $629.1 million of revenue," said Aaron H. Ravenscroft, President and CEO of Manitowoc Co Inc.
Looking ahead, Manitowoc Co Inc aims to leverage its CRANES+50 strategy and ongoing product development to deliver shareholder value, as indicated by its full-year 2025 guidance.
Explore the complete 8-K earnings release (here) from Manitowoc Co Inc for further details.
