MANITOWOC CO (MTW) Company Report

The European Commission has launched an anti-dumping investigation into imports of mobile cranes from China.
The complaint was filed by leading European mobile crane manufacturers, including Manitowoc, represented by the VDMA Materials Handling and Intralogistics Association.
The investigation targets mobile cranes with a lifting capacity of at least 30 tons mounted on self-propelled vehicles, which are considered key for Europe's strategic independence.
Manitowoc's President & CEO, Aaron H. Ravenscroft, expressed strong support for the investigation to ensure fair competition and protect European innovation, manufacturing, and jobs.

Dec 19, 2025, 9:01 PM

Press Release

Manitowoc (MTW) Details Strategic Shift to Service-Oriented Business and Market Outlook

MTW

New Projects/Investments

Revenue Acceleration/Inflection

M&A

Manitowoc (MTW) is undergoing a strategic transformation from a manufacturing company to a more service-oriented business, with non-new machine sales (parts, services, rentals, used cranes) being a key focus due to their less cyclical nature and higher gross margins of roughly 35%.
Non-new machine sales reached $676 million on a trailing 12-month basis at the end of the third quarter, with a target to grow at a 5% CAGR and eventually comprise 30-35% of the total business long-term. The company is expanding its global service footprint and aims to increase field service technicians from 500 to 1,000-1,500.
Key market drivers include an aging global crane rental fleet (up to 15 years old compared to an optimum of 7-10 years), secular demands from energy, data centers, and European housing, and a recovering tower crane business, which was a $50 million headwind a year ago.
Manitowoc aims to reduce net leverage below three (from 3.9 last quarter) before considering share repurchases and expects an $8 million tariff impact this year, with $2 million realized so far, anticipating offsetting 80-90% of the $45 million gross exposure.

Nov 19, 2025, 1:55 PM

Transcript

Manitowoc Outlines Strategic Shift to Aftermarket Services and Global Growth Drivers

MTW

New Projects/Investments

Revenue Acceleration/Inflection

M&A

Manitowoc is transforming into a more aftermarket-focused company, aiming to grow its non-new machine sales (parts, services, rentals, used cranes) due to their less cyclical nature and higher gross margins of roughly 35%.
This strategy has shown results, with non-new machine sales reaching $676 million on a trailing 12-month basis as of the end of Q3 , and a target 5% CAGR for the service business.
The company sees significant growth opportunities driven by an aging crane rental fleet (many are 15 years old vs. an optimum of 7-10 years) and secular demands in global infrastructure (e.g., EUR 500 billion German fund ), energy projects, data centers, and European housing.
Manitowoc has invested $180 million in acquisitions over the last five years and is focused on reducing net leverage below three (from 3.9 last quarter) before considering share repurchases. The company faces an expected $8 million impact from tariffs this year, with $2 million realized so far.

Nov 19, 2025, 1:55 PM

Transcript

Manitowoc Outlines Strategic Shift to Aftermarket Services and Growth Targets

MTW

Guidance Update

New Projects/Investments

M&A

Manitowoc is strategically transforming from a manufacturing company to an aftermarket-focused business, aiming for non-new machine sales (parts, services, rentals, used cranes) to constitute 30-35% of its long-term business. These sales, which have gross margins of approximately 35%, reached $676 million on a trailing 12-month basis as of the third quarter, up from below $400 million annually.
The company targets $3 billion in revenue and double-digit EBITDA, driven by mix improvements, a rebounding European tower crane business, and growth in higher-margin non-new machine sales. The European tower crane business, which previously lost almost $50 million in EBITDA from peak to trough, has seen year-over-year growth in machine sales for five consecutive quarters.
Market tailwinds include aging crane rental fleets, with many being 15 years old compared to an optimum of 7-10 years, suggesting a future refresh cycle, and significant global infrastructure spending, such as Germany's EUR 500 billion fund and active projects in the Middle East.
Manitowoc has invested $180 million in strategic acquisitions over the last five years and is focused on reducing net leverage below three (from 3.9 last quarter) before considering share repurchases.
Tariffs are expected to have an $8 million impact this year, with $2 million seen so far, and the company aims to offset 80-90% of its gross exposure of around $45 million.

Nov 19, 2025, 1:55 PM

Transcript

Manitowoc Co. Announces European Mobile Crane Industry Files Trade Complaint Against Chinese Imports

MTW

Legal Proceedings

The Manitowoc Company, Inc. announced that members of the VDMA Materials Handling and Intralogistics Association have filed a complaint with the European Commission concerning the influx of mobile cranes from China into the European Union.
The complaint, filed by companies including Manitowoc, Liebherr, Sennebogen, and Tadano, which collectively represent approximately 92% of the EU industry, requests an urgent investigation into imports of Chinese mobile cranes marketed at conditions that result in unfair competition for European producers.
The trade complaint specifically targets mobile cranes designed for lifting and moving materials on land, with a lifting capacity of at least 30 tons, highlighting their importance for Europe’s strategic independence in critical infrastructure, defense, and energy.
Aaron Ravenscroft, President & CEO of The Manitowoc Company, Inc., commented on the belief in fair competition and urged the European Commission to address the material injury caused by the dumping tactics of Chinese exporting producers.

Nov 13, 2025, 2:02 PM

Press Release

Broadwind Announces Third Quarter 2025 Results

MTW

Earnings

Guidance Update

M&A

Broadwind reported total revenue of $44.2 million for the third quarter of 2025, a 25% increase year-over-year, with GAAP net income of $7.5 million, or $0.32 per diluted share.
Total orders for the quarter increased 90% year-over-year to $43.6 million.
The company completed the sale of its industrial fabrication operations on September 8, 2025, which resulted in an $8.2 million gain and contributed to $26.8 million in cash and available liquidity at the end of the quarter.
Broadwind has raised its full-year 2025 revenue guidance to a range of $155 million to $160 million.

Nov 13, 2025, 12:00 PM

Press Release

MTW Announces Q3 2025 Financial Results

MTW

Earnings

New Projects/Investments

Manitowoc (MTW) reported Net Sales of $553 million, Adjusted EBITDA of $34 million, and an Adjusted EBITDA Margin of 6.2% for Q3 2025.
The company achieved Adjusted Diluted Net Income Per Share (Adjusted DEPS) of $0.14 in Q3 2025.
As of Q3 2025, Backlog was $667 million and Orders totaled $491 million.
Manitowoc is implementing CRANES+50 initiatives, including a 3D printed tool in Denver, improved facility utilization in Langenfeld, and piloting an energy pack in Meru to enhance efficiency.

Nov 6, 2025, 1:00 PM

Presentation

Manitowoc Reports Strong Q3 2025 Results Amidst Tariff Headwinds

MTW

Earnings

Guidance Update

Product Launch

Manitowoc reported Q3 2025 revenue of $553 million and adjusted EBITDA of $34 million, marking a 30% year-over-year increase in adjusted EBITDA. Orders grew 16% to $491 million, and backlog stood at $667 million.
The company's non-new machine sales reached a record $667 million on a trailing 12-month basis, up 5% year-over-year, reflecting progress in its Crane Plus 50 strategy which generates approximately 35% gross margins.
Manitowoc is navigating significant tariff challenges, with an estimated $44 million in gross tariff costs for 2025, though 80%-90% is expected to be mitigated. New steel derivative tariffs on imported all-terrain, tower, and truck-mounted cranes were added in August, contributing to uncertainty in the North American market.
Market sentiment is improving in Europe, with new machine tower crane orders up 34% year-over-year, and positive signs in the Middle East and parts of Asia, while China remains quiet.
The company plans to launch a new Grove 8-axle all-terrain crane at ConExpo in March 2026, which has the potential to become a $100 million product line by 2027.

Nov 6, 2025, 1:00 PM

Transcript

Manitowoc Reports Third-Quarter 2025 Financial Results

MTW

Earnings

Guidance Update

Demand Weakening

The Manitowoc Company reported net sales of $553.4 million, a 5.4% increase year-over-year, and net income of $5.0 million for the third quarter of 2025.
Orders grew 15.7% year-over-year to $491.4 million, resulting in a backlog of $666.5 million.
Adjusted EBITDA increased 30.2% year-over-year to $34.1 million, achieving an Adjusted EBITDA margin of 6.2%.
The company noted solid results driven by favorable product mix and growth in non-new machine sales, despite softness in crane demand in the Americas due to U.S. tariff pressures, and anticipates finishing the year at the lower end of its adjusted EBITDA guidance range.

Nov 5, 2025, 10:07 PM

Press Release

Manitowoc Company Reports Third-Quarter 2025 Financial Results

MTW

Earnings

Guidance Update

Demand Weakening

For the third quarter of 2025, The Manitowoc Company reported net sales of $553.4 million, an increase of 5.4% year-over-year.
Net income for the quarter was $5.0 million, up $12.0 million year-over-year, with diluted net income per share at $0.14.
Orders in Q3 2025 totaled $491.4 million, representing a 15.7% increase from the prior year, contributing to a backlog of $666.5 million.
Adjusted EBITDA for the quarter was $34.1 million, a 30.2% increase year-over-year. The company expects to finish the year at the lower end of its adjusted EBITDA guidance range.