Q3 2025 Manitowoc Company Inc Earnings Call Transcript
Key Points
- Manitowoc Co Inc (MTW) reported a 30% year-over-year increase in adjusted EBITDA, reaching $34 million.
- Orders increased by 16% compared to the previous year, with significant growth in the Americas and European tower crane businesses.
- The company achieved a recordable injury rate of 0.83, a 36% improvement from the same period last year, highlighting strong safety performance.
- Non-new machine sales reached a record $667 million on a trailing 12-month basis, reflecting the success of the Cranes+50 strategy.
- The European tower crane business showed a 34% increase in new machine orders, marking the fifth consecutive quarter of year-over-year improvement.
- The company is facing significant tariff-related challenges, including a 50% tariff on steel components affecting all-terrain and tower cranes.
- Net working capital increased to $622 million, driven by inventory impacted by unfavorable foreign currency exchange rates and tariffs.
- Cash flow from operating activities was negative, with a $14 million cash usage during the quarter.
- The company expects full-year results to be at the low end of adjusted EBITDA guidance due to delayed cash generation.
- The Great Trade Reset and associated volatility continue to create uncertainty in the North American market.
Good morning and welcome to the Manitowoc Company third-quarter 2025 earnings conference call. (Operator Instructions) Please note this 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 third-quarter 2025 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, our Executive Vice President and Chief Financial Officer. Earlier this morning, we posted our slide presentation on the Investor Relations section of our website, manitowoc.com, which you can use to follow along with our prepared remarks.
Please turn to slide two. Before we start, please note our Safe Harbor statement and the material provided for this call.
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