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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 (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.
The Manitowoc Company (NYSE: MTW) announced its 2021 Investor Day, scheduled for December 13, 2021, from 9:00 a.m. to 11:30 a.m. EST at the New York Stock Exchange and via webcast. President and CEO Aaron Ravenscroft will present the company’s strategies for long-term growth. Investors can access the webcast through Manitowoc’s Investor Relations website, where a replay will also be available. Founded in 1902, Manitowoc specializes in engineered lifting solutions, including mobile telescopic cranes and tower cranes.
The Manitowoc Company (NYSE: MTW) announced that President and CEO Aaron H. Ravenscroft, along with CFO David J. Antoniuk, will participate in a fireside chat at the Credit Suisse 9th Annual Virtual Industrials Conference on December 1, 2021. The session is scheduled to begin at 12:50 p.m. ET and will last until 1:20 p.m. ET. Interested investors can access the live audio webcast and related materials on Manitowoc’s Investor Relations website, with replays available post-event.
The Manitowoc Company (NYSE: MTW) announced that President and CEO Aaron H. Ravenscroft and CFO David J. Antoniuk will present at the Baird Virtual Industrial Conference on November 10, 2021. The presentation is scheduled for 1:25 to 1:55 p.m. ET, with a link for the live audio webcast available on Manitowoc’s Investor Relations website. The presentation materials will also be accessible before the event and the webcast will be available for replay thereafter. Manitowoc has over 118 years of experience in providing lifting solutions.
The Manitowoc Company (NYSE: MTW) reported a third-quarter net sales of $404.5 million, marking a 13.8% increase year-over-year. Orders reached $535.2 million, reflecting a 37.3% growth. The company experienced a loss of $(0.2 million or $(0.01 per diluted share), while adjusted net income was $2.2 million. Adjusted EBITDA decreased to $20.0 million, down $4.8 million from last year due to inflation and supply chain challenges. The backlog as of September 30 totaled $890.6 million, up 91.6% year-over-year.
The Manitowoc Company, Inc. (NYSE: MTW) will release its third-quarter 2021 results on November 3, 2021, after market close. A conference call to discuss the results and outlook is scheduled for November 4, 2021, at 10:00 a.m. ET. The call will be accessible via a webcast on the Manitowoc website, with a replay available afterwards. Manitowoc has over 118 years in providing engineered lifting solutions, and offers a range of products including hydraulic cranes and boom trucks.
The Manitowoc Company (NYSE: MTW) announced the election of Amy R. Davis and Robert W. Malone to its Board of Directors, effective immediately. This move increased the board size from eight to ten members. Ms. Davis, currently President of New Power Business at Cummins, has extensive experience in sales and management. Mr. Malone, President of Parker-Hannifin's Filtration Group, brings significant operational expertise. Chairman Kenneth W. Krueger emphasized that both will provide valuable perspectives for Manitowoc's strategic growth.
The Manitowoc Company (NYSE: MTW) will host its 2021 Investor and Analyst Meeting on December 13, 2021, at 9:00 a.m. EST at the New York Stock Exchange and via webcast. CEO Aaron H. Ravenscroft and senior management will discuss the company’s strategies for sustainable long-term growth. More details, including webcast information, will be provided closer to the event date and can be found on the company’s Investor Relations website.
Founded in 1902, Manitowoc is a leading global provider of cranes and lifting solutions.