MTW · The Manitowoc Company, Inc.

The Manitowoc Company delivered first-quarter 2026 results aligned with expectations, as stated by CEO Aaron H. Ravenscroft, with net sales rising 5.0% year-over-year to $494.6 million on stronger new machine and non-new machine sales. Gross profit expanded to $95.3 million from $89.8 million, though operating income dipped slightly to $3.1 million due to higher engineering, selling, and administrative expenses of $90.6 million versus $82.9 million prior year. The GAAP net loss narrowed marginally to $6.0 million from $6.3 million, with adjusted net loss improving to $4.6 million. Adjusted EBITDA declined 9.7% to $19.6 million, reflecting margin pressure amid elevated costs. Orders grew 5.8% to $645.7 million, bolstering backlog to $939.9 million—the highest in two years—signaling robust demand. Non-new machine sales hit $165.7 million, up 3.2%, and rose 8% on a trailing twelve-month basis to a record $696 million under the CRANES+50 strategy, enhancing recurring higher-margin revenue. Cash generation strengthened significantly, with operating cash flow at $27.4 million versus $12.9 million prior year, driven by favorable working capital shifts including $48.9 million accounts payable increase offsetting inventory build. Free cash flow reached $19.2 million after $8.2 million capex. Balance sheet remains solid with cash at $78.4 million and total debt at $447.4 million. Management maintains full-year 2026 guidance, citing healthy orders, improving customer sentiment, and positive feedback on new products at ConExpo. Risks noted include macroeconomic pressures, supply chain issues, and geopolitical events potentially impacting backlog conversion.