Steven Fisher

Clay Williams

Clifford Ransom

Jerry Revich

Joseph Grabowski

Mircea Dobre

Tami Zakaria

- Manitowoc is transforming its business from a product-focused company to a more customer-oriented and service-focused model, with a strategic emphasis on growing its aftermarket business.  **[61986_tx_375190_1]** **[61986_tx_375190_7]** 
- The company aims to increase its total revenue from **$2.2 billion to $3 billion**, with a significant portion of this growth driven by non-new machine sales (aftermarket), which have already grown from **$376 million to $650 million** on a trailing twelve-month basis, targeting **$1 billion**.  **[61986_tx_375190_1]** **[61986_tx_375190_4]** 
- The crane cycle is believed to be at or near its bottom, with the stock trading **25-30% below tangible book**.  **[61986_tx_375190_0]**  The company anticipates a cyclical recovery, especially in the European tower crane market, which previously shaved roughly **$50 million of EBITDA**.  **[61986_tx_375190_3]** **[61986_tx_375190_4]** **[61986_tx_375190_6]** 
- Current leverage is around **four times**, which is higher than desired, leading the company to prioritize debt reduction to **three times** before considering stock buybacks or further acquisitions.  **[61986_tx_375190_7]** 
- Full-year adjusted EBITDA guidance is at the low end of the **$120 million** range, with new steel derivative tariffs potentially impacting this outlook.  **[61986_tx_375190_7]**

MANITOWOC CO (MTW)