Manitowoc Co Stock Price, News & Analysis

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.

The Manitowoc Company (NYSE: MTW) announced it has halted operations in Russia due to the ongoing Ukraine conflict, stopping new crane orders. Sales to Russia constituted less than 2% of total sales in 2021, impacting around 20 local employees. CEO Aaron H. Ravenscroft stated the company prioritizes the safety of their team and complies with sanctions. Manitowoc is a prominent manufacturer of cranes and lifting solutions, with a history dating back to 1902, offering a wide range of products under various brand names.

The Manitowoc Company (NYSE: MTW) announced the resignation of CFO David J. Antoniuk, effective May 2, 2022, with Brian P. Regan stepping into the role. Regan, previously Vice President, Corporate Controller, joined Manitowoc in 2018 and will also oversee Treasury. Antoniuk, who will move to an advisory role until January 2, 2023, was commended for his contributions, including the successful company transition and strategic acquisitions. The press release highlights the company’s ongoing commitment to effective leadership and strategic development in the crane manufacturing sector.

The Manitowoc Company (NYSE: MTW) reported a fourth-quarter net sales increase of 15.7% year-over-year to $497.8 million, despite a $3.6 million net loss due to a $13.9 million EPA charge. Adjusted net income was $9.4 million, or $0.27 per diluted share. Full-year 2021 net sales reached $1,720.2 million with net income of $11.0 million. The company anticipates 2022 net sales between $2.0 billion and $2.2 billion, with adjusted EBITDA of $130 million to $160 million. Manitowoc's backlog increased to $1.0 billion, its highest in over a decade.

The Manitowoc Company (NYSE: MTW) announced that it received an Information Request from the U.S. EPA regarding cranes sold between January 1, 2014, and July 31, 2017. The company is providing information related to 1,420 engines and its participation in the TPEM program. Manitowoc recorded a $13.9 million charge in Q4 2021, leading to a total liability of $14.9 million. The potential statutory penalties under the Clean Air Act are estimated at $174 million. Manitowoc maintains strong defenses against these allegations, although final resolutions may materially impact its finances.

The Manitowoc Company (NYSE: MTW) will announce its Q4 2021 and full-year 2021 results on February 21, 2021, at approximately 5:00 p.m. ET. Following this, a conference call to discuss the results and future outlook is scheduled for February 22, 2022, at 10:00 a.m. ET. Investors and interested parties can access the call via a webcast on the company's website. Manitowoc is a leading provider of engineered lifting solutions, offering a range of products under various brand names.