Manitowoc Co Stock Price, News & Analysis

The Manitowoc Company (NYSE: MTW) announced the acquisition of certain assets from Honnen Equipment Company's crane rental fleet through its subsidiary, MGX Equipment Services, LLC. This strategic move ends Honnen's dealer agreement with Manitowoc in Colorado, Wyoming, and Nebraska, allowing Manitowoc to expand its direct-to-customer operations in these regions. The acquisition aims to enhance sales, service support, and aftermarket parts availability for diverse customer segments.

The Manitowoc Company (NYSE: MTW) reported second-quarter 2022 net sales of $497.2 million, a 7.2% year-over-year increase, despite a $27.9 million impact from foreign currency exchange rates. Net income was $15.1 million or $0.42 per diluted share, with adjusted net income at $7.4 million or $0.21 per diluted share. Adjusted EBITDA decreased $4.3 million to $36.4 million. Orders fell 19.2% year-over-year to $434.0 million, with backlog at $947.8 million, down 8.3% sequentially. The CEO mentioned challenges such as inflation, interest rates, and geopolitical tensions affecting customer confidence.

The Manitowoc Company (NYSE:MTW) has appointed Jennifer L. Peterson as Executive Vice President, General Counsel, and Secretary, effective immediately. Peterson, who has served as Interim General Counsel since May 2022, brings over 20 years of legal expertise, having previously held positions at Adient plc and Johnson Controls. President and CEO Aaron H. Ravenscroft expressed confidence in her ability to navigate the increasing demands from stakeholders in legal and compliance areas, positioning Manitowoc for long-term success.

The Manitowoc Company (NYSE: MTW) has announced the appointment of James S. Cook as Senior Vice President of Human Resources effective immediately. Cook, previously the Senior Vice President of Health, Safety, Environment, brings 20 years of experience in employee development and operational safety. Aaron H. Ravenscroft, President and CEO, expressed confidence in Cook's ability to drive long-term success through cultural change and performance improvement based on The Manitowoc Way. Manitowoc, established in 1902, is a leading provider of engineered lifting solutions.

The Manitowoc Company, Inc. (NYSE: MTW) is set to release its second quarter 2022 results on August 4, 2022, after market close. A conference call will follow on August 5, 2022, at 10:00 a.m. ET to discuss the results and future outlook. Interested parties can access the call via webcast on Manitowoc's website, with a replay also available.

Manitowoc has over 120 years of experience in providing engineered lifting solutions, manufacturing a diverse range of cranes and related products.

The Manitowoc Company (NYSE: MTW) has announced its withdrawal from the CONEXPO-CON/AGG 2023 trade show. This decision is attributed to several price increases that have been passed onto customers, prompting the company to reassess its investments in large trade shows. President and CEO Aaron Ravenscroft emphasized the company's commitment to investing in new products, with plans to showcase innovations at the upcoming bauma show in October 2022. Manitowoc will also host a Crane Days event in Shady Grove, Pennsylvania in the future.

The Manitowoc Company (NYSE: MTW) announced that its President and CEO, Aaron H. Ravenscroft, along with CFO Brian P. Regan, will present at the Stifel Cross Sector Insight Conference on June 9, 2022, from 9:45 a.m. to 10:15 a.m. ET. Interested parties can access the live audio webcast and related materials via Manitowoc’s Investor Relations website. Manitowoc, established in 1902, is recognized for its engineered lifting solutions, including mobile hydraulic cranes and tower cranes.

The Manitowoc Company (NYSE: MTW) reported first-quarter 2022 net sales of $459.0 million, a 29.6% year-over-year increase. However, net income reached $3.1 million or $0.09 per diluted share, lower than expectations due to supply chain issues. Adjusted EBITDA rose to $31.2 million, reflecting a $10.1 million increase from the prior year. The backlog increased by 56.0% year-over-year to $1,033.4 million. However, ongoing global challenges, including inflation and supply chain deterioration, may affect future margins and demand.

The Manitowoc Company, Inc. (NYSE: MTW) has announced it will release its first quarter 2022 results on May 3, 2022, after market close. A conference call to discuss the results and outlook is scheduled for May 4, 2022, at 10:00 a.m. ET. This call will be accessible via webcast on Manitowoc's website, where a replay will also be available. Manitowoc, established in 1902, is a leading provider of engineered lifting solutions, offering a range of mobile hydraulic cranes, crawler cranes, boom trucks, and tower cranes under various brand names.