Q4 2024 Manitowoc Company Inc Earnings Call Transcript
Key Points
- Manitowoc Co Inc (MTW) set a new record of $629 million in non-new machine sales for 2024.
- The company grew its field service technician count by 7% to over 460 team members.
- Manitowoc Co Inc (MTW) launched 13 new cranes, including the next-generation EV self-erecting tower crane.
- The company renegotiated its debt to improve liquidity and extend its tender.
- Manitowoc Co Inc (MTW) reported $100 million of free cash flow during the fourth quarter, ending the year with $321 million in liquidity.
- The company's backlog decreased by 29% year over year, ending at $650 million.
- Adjusted EBITDA for the year decreased by 27% year over year, with a margin decrease of 200 basis points.
- The Asia Pacific market remains challenging, with no signs of construction recovery in China.
- The company faced a year over year adjusted EBITDA headwind of $32 million in the European tower crane business.
- Manitowoc Co Inc (MTW) expects the first quarter of 2025 to be extremely light, contributing approximately half the usual amount to full-year adjusted EBITDA.
Good day and welcome to the Manitowoc fourth-quarter and full-year 2024 earnings conference call. All participants will be on listen-only mode. (Operator Instructions) After today's presentation, there will be an opportunity to ask questions. (Operator Instructions) Please note, event is being recorded.
I would now like to turn the conference over to Ion Warner, Senior Vice President of Marketing and Investor Relations. Please go ahead.
Good morning, everyone, and welcome to our earnings call to review the company's fourth-quarter and full-year 2024 financial performance and business update as outlined in last evening's press release. Joining me this morning with prepared remarks are Aaron Ravenscroft, our President and Chief Executive Officer; and Brian Regan, Executive Vice President and Chief Financial Officer. Earlier this morning, we posted our slide presentation on the Investor Relations section on our website, manitowoc.com, which you can use to follow along
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