Welcome to our dedicated page for Manitowoc news (Ticker: MTW), a resource for investors and traders seeking the latest updates and insights on Manitowoc stock.
The Manitowoc Company, Inc. reports developments tied to its global crane and engineered lifting-solutions business. The company designs, manufactures, markets, and supports mobile hydraulic cranes, lattice-boom crawler cranes, boom trucks, and tower cranes under brands including Grove, Manitowoc, National Crane, Potain, Shuttlelift, Upfits by Aspen Equipment, and MGX Equipment Services.
Recurring news themes include quarterly financial results, orders and backlog, guidance, new products, aftermarket and non-new machine sales under the CRANES+50 strategy, direct-to-customer service expansion, dealer relationships, trade and regulatory matters affecting mobile cranes, and board or executive leadership changes.
The Manitowoc Company, Inc. (NYSE: MTW) has announced a private offering of $300 million in senior secured second lien notes due 2031, subject to market conditions and an amendment to its existing asset-based revolving credit facility. The amendment aims to increase commitments by $50 million to $325 million. The notes will be guaranteed by Manitowoc's domestic subsidiaries.
Manitowoc plans to use the net proceeds to redeem all outstanding 9.00% Senior Secured Second Lien Notes due 2026 and pay related fees and expenses. Any remaining funds will be used for general corporate purposes. The notes will be offered to qualified institutional buyers under Rule 144A and to non-U.S. persons under Regulation S. They have not been registered under the Securities Act and may not be offered or sold in the U.S. without exemption or registration.
The Manitowoc Company (NYSE: MTW) has announced its participation in the upcoming Midwest IDEAS Conference in Chicago on August 29, 2024. President and CEO Aaron H. Ravenscroft, along with Executive VP and CFO Brian P. Regan, will present at 10:15 a.m. ET and host one-on-one investor meetings throughout the day.
Investors and interested parties can access Manitowoc's presentation through the conference webcast link available on the 2024 Midwest IDEAS Conference website. Additionally, the presentation will be accessible via the Events & Presentations page on Manitowoc's Investor Relations website.
This event provides an opportunity for Manitowoc to engage with investors and showcase its business strategies and financial performance.
The Manitowoc Company (NYSE: MTW) reported second-quarter 2024 financial results with net sales of $562.1 million, down 6.8% year-over-year. Adjusted EBITDA was $36.0 million, a 40.4% decrease from the prior year. The company faced operational issues and sluggish order intake, particularly in Europe and North America. As a result, Manitowoc has updated its full-year 2024 guidance, lowering expectations for net sales, adjusted EBITDA, and adjusted diluted earnings per share.
Key highlights include:
- Net income of $1.6 million, or $0.04 per diluted share
- Adjusted net income of $8.8 million, or $0.25 per diluted share
- Orders decreased by 22.2% to $428.4 million
- Backlog at the end of Q2 was $836.3 million
The company remains focused on its CRANES+50 strategy and The Manitowoc Way to drive long-term shareholder value.
The Manitowoc Company (NYSE: MTW) has announced the schedule for its second-quarter 2024 earnings release and conference call. The company will release its Q2 2024 results on Wednesday, August 7, 2024, after the market closes. A conference call to discuss the results and outlook will be held on Thursday, August 8, 2024, at 10:00 a.m. ET (9:00 a.m. CT). Investors and interested parties can access the webcast of the conference call on the Manitowoc website at http://ir.manitowoc.com in the 'Events & Presentations' section. A replay of the call will also be available on the same webpage for those unable to attend the live event.
Moody's Ratings has upgraded Manitowoc's credit rating to B1 from B2, reflecting the company's solid operating performance. This upgrade is attributed to Manitowoc's strategic efforts to reduce cyclicality exposure through its CRANES+50 strategy, which focuses on growing higher margin and more stable aftermarket parts and services, as well as other non-new machine businesses. The improved rating demonstrates Manitowoc's successful implementation of its business strategy and financial stability.
The Manitowoc Company (NYSE: MTW) has announced its participation in two upcoming investor conferences. The management will attend the Stifel Cross Sector Insight Conference in Boston, MA on June 5, 2024, and the IDEAS Conference in New York, NY on June 13, 2024. No formal presentations are scheduled for these events.
The Manitowoc Company, Inc. (NYSE: MTW) reported first-quarter 2024 net sales of $495.1 million, down 2.6% year-over-year. Diluted net income per share was $0.12, $0.14 on an adjusted basis. Adjusted EBITDA was $31.3 million with a margin percentage of 6.3%. Adjusted return on invested capital was 9.5%. Despite facing challenges in the European tower crane market, first-quarter orders saw a 5.6% increase year-over-year, resulting in a strong backlog of $971.3 million.
Summary not available.
Summary not available.
Summary not available.