The Manitowoc Company, Inc.

What they do

Manitowoc designs, builds, and supports cranes and lifting equipment for construction, energy, and infrastructure customers, operating through three reportable segments: the Americas, Europe and Africa (EURAF), and the Middle East and Asia Pacific (MEAP). The company sells new machines through brands including Grove, Manitowoc, National Crane, Potain, and Shuttlelift, and expands non-new machine sales including used equipment, parts, remanufacturing, and service under its CRANES+50 strategy. Its support-focused subsidiary, MGX Equipment Services, provides aftermarket service and support.

Revenue drivers

• New crane sales — The core business is new machine sales across the Americas, EURAF, and MEAP segments; in 2025, higher new tower crane shipments in EURAF contributed $50.6 million of the year-over-year net sales increase, partly offset by lower new crane shipments in the Americas and European mobiles business.
• Non-new machine sales — Used equipment, rental, parts, remanufacturing, and service are grouped as non-new machine sales and are the focus of the CRANES+50 strategy; these sales rose 6.6% year-over-year to $172.2 million in Q2 2026 and contributed $51.0 million to the 2025 revenue increase.
• Americas segment — The Americas segment covers North and South America and contributed $15.5 million of higher revenue in 2025 from price realization and favorable product mix, though it also saw lower new crane shipments and lower manufacturing volume.
• EURAF segment — The Europe and Africa segment drove the largest 2025 sales increase, with $50.6 million of higher new tower crane shipments, while European mobile crane shipments declined.

Recent performance

Second-quarter 2026 net sales were $594.9 million, up 10.3% year-over-year, with adjusted EBITDA of $48.9 million, up 85.9% and a 330 basis point margin expansion. Net income was $14.2 million, or $0.39 per diluted share, and adjusted net income was $16.8 million, or $0.46 per diluted share. Orders were $708.7 million, up 56.1%, and backlog reached $1,050.1 million at quarter end. Operating cash flow was $8.0 million, an improvement of $75.7 million year-over-year. Full-year 2025 net sales were $2,240.9 million, up 2.9%, though net income fell to $7.2 million from $55.8 million in 2024.

Strategy

Manitowoc is executing its CRANES+50 strategy, launched in 2021, to grow non-new machine sales and transform from a product-focused manufacturer into a customer-centric provider of full lifting services. The company is expanding its distribution reach, broadening its product portfolio, adding service offerings, and introducing digital solutions. Acquisitions have supported this effort, including Aspen Equipment and the H&E Equipment Services crane business (now MGX Equipment Services) in 2021, and the Honnen Equipment crane rental fleet in 2022. Management also invests in new product development and its rental fleet, with capital expenditures guided at $45 to $50 million for 2026, of which $25 million relates to the rental fleet.

Risks

• Cyclical end markets — Demand for cranes is tied to construction and infrastructure spending, and new machine sales are described as more cyclical than non-new machine sales, which could pressure results in a downturn.
• Tariff and trade costs — In 2025, gross profit was reduced by $6.1 million of net tariff costs, illustrating exposure to trade policy changes on imported components and equipment.
• Foreign currency exposure — Changes in foreign currency exchange rates favorably impacted 2025 net sales by $35.3 million and orders by $34.3 million, meaning currency movements can also reverse and reduce reported results.
• Geographic demand concentration — The 2025 revenue increase was driven by higher new tower crane shipments in EURAF while the Americas and European mobiles business saw lower new crane shipments, leaving results sensitive to regional demand shifts.

Outlook

Management raised full-year 2026 guidance, now expecting net sales of $2.3 to $2.4 billion, adjusted EBITDA of $150 to $170 million (including a $16 million net benefit from tariff refunds), and adjusted diluted earnings per share of $0.80 to $1.20. Adjusted free cash flow is guided to $50 to $70 million, with capital expenditures of $45 to $50 million and interest expense of $35 to $38 million. Management said second-quarter results exceeded expectations and pointed to strong quoting activity and continued momentum in non-new machine sales, while noting the market environment remains dynamic.