Q2 2026 Manitowoc Company Inc Earnings Call Transcript
Key Points
- Sales increased 10% and adjusted EBITDA surged over 85% year-over-year, marking one of the strongest quarters in recent years.
- Orders reached $709 million, a 56% increase from the prior year, with backlog expanding to $1.05 billion, up $321 million year-over-year.
- Non-new machine sales hit a record $706 million on a trailing 12-month basis, driven by strong aftermarket performance and strategic initiatives like the Peru service contract.
- Net leverage improved to 2.6 times, below the target of 3 times, enhancing financial flexibility for potential share repurchases and acquisitions.
- The company raised full-year guidance, reflecting strengthening crane market conditions and a net benefit from tariff refunds.
- The conflict in Iran is creating inflationary pressures in Europe and poses risks to economic activity and customer investment decisions in the Middle East.
- Tower crane orders declined modestly year-over-year due to the transition to new EN standards, impacting self-erecting crane demand.
- Free cash flow was negative at $6 million in the quarter, though improved by $68 million year-over-year.
- The company faces ongoing tariff costs, with a $3 million year-over-year headwind in Q2 and potential future impacts from the Iran conflict.
- July and August are typically slower months due to seasonality and European holidays, which could temper near-term order momentum.
And welcome to the Manitowoc quarter 2026 earnings conference call.
All participants will be in listen-only mode.
Should you need assistance, please signal a conference specialist by pressing the star key followed by zero.
After today's presentation, there will be an opportunity to ask questions.
To ask a question, you may press star then one on a touch tone phone.
To withdraw your question, please press *, then 2.
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 second quarter 2026 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
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