Fourth-Quarter 2024
Highlights
- Net sales of $596.0 million
- Net income of $56.7 million; Adjusted EBITDA(1) of $34.9
million
- Net cash provided by operating activities of $110.8 million,
free cash flows(1) of $99.5 million
Full-Year 2024
Highlights
- Net sales of $2,178.0 million
- Non-new machine sales of $629.1 million, an increase of $16.5
million year-over-year
- Net income of $55.8 million; Adjusted EBITDA(1) of $128.4
million
The Manitowoc Company, Inc. (NYSE: MTW) (the “Company” or
“Manitowoc”) today reported fourth-quarter net income of $56.7
million, or $1.59 per diluted share. Fourth-quarter adjusted net
income(1) was $3.7 million or $0.10 per diluted share.
Orders in the quarter were $515.6 million, an 8.4% increase from
the prior year. Backlog as of December 31, 2024 was $650.2
million.
Net sales in the fourth quarter were relatively flat
year-over-year at $596.0 million. Fourth-quarter adjusted EBITDA(1)
was $34.9 million, a decrease of 4.4% year-over-year. Net cash
provided by operating activities in the quarter were $110.8
million, an increase of $71.0 million from the prior year, and free
cash flows(1) were $99.5 million, an increase of $77.2 million from
the prior year.
Full-year 2024 net sales decreased 2.2% year-over-year to
$2,178.0 million. Non-new machine sales were $629.1 million, an
increase of $16.5 million year-over-year. Adjusted net income(1)
for the year was $14.7 million, or $0.41 per diluted share, a
decrease of $39.8 million or $1.11 per diluted share from the prior
year.
“Fourth quarter results were in line with our expectations. I
thank the Manitowoc team for their hard work, dedication, and
resilience in managing through a difficult environment. Our 2024
results highlight the strength of our aftermarket business which
generated a record $629.1 million of revenue. Comparing to 2020,
the year before the launch of our CRANES+50 strategy, non-new
machine sales have increased by over 67%,” said Aaron H.
Ravenscroft, President and Chief Executive Officer of The Manitowoc
Company, Inc.
“Looking ahead, Manitowoc remains focused on continuing to grow
our non-new machine sales. In early February, we acquired the
distribution rights for the Carolinas and Georgia which expands our
aftermarket footprint in the U.S. In addition, we are excited to
showcase our new innovative products as well as a variety of
aftermarket services at bauma 2025 in April. With our CRANES+50
strategy and ongoing new product development, we are well
positioned to deliver shareholder value,” concluded
Ravenscroft.
Our full-year 2025 guidance is as follows:
- Net sales - $2.175 billion to $2.275 billion
- Adjusted EBITDA - $120 million to $145 million
- Depreciation and amortization - $60 million to $64 million
- Interest expense - $38 million to $40 million
- Provision for income taxes - $11 million to $15 million
- Adjusted diluted earnings per share - $0.15 to $0.85
- Capital expenditures - $47 million, of which approximately $23
million is for the rental fleet
- Free cash flows - $55 million to $85 million, excluding EPA
payment
Investor Conference Call
The Manitowoc Company will host a conference call to discuss its
fourth-quarter and full-year 2024 earnings results on Thursday,
February 13, 2025, at 10:00 a.m. ET (9:00 a.m. CT). A live audio
webcast of the call, along with the related presentation, will be
available via webcast on the Manitowoc website at
http://ir.manitowoc.com in the "Events & Presentations"
section. A replay of the conference call will also be available at
the same location on the website.
About The Manitowoc Company, Inc.
The Manitowoc Company was founded in 1902 and has over a
120-year tradition of providing high-quality, customer-focused
products and support services to its markets. Headquartered in
Milwaukee, Wisconsin, United States, Manitowoc is one of the
world's leading providers of engineered lifting solutions.
Manitowoc, through its wholly-owned subsidiaries, designs,
manufactures, markets, distributes, and supports comprehensive
product lines of mobile hydraulic cranes, lattice-boom crawler
cranes, boom trucks, and tower cranes under the Aspen Equipment,
Grove, Manitowoc, MGX Equipment Services, National Crane, Potain,
and Shuttlelift brand names.
Footnote
(1)Adjusted net income, adjusted diluted net income per share
(“Adjusted DEPS”), EBITDA, adjusted EBITDA, adjusted operating
income, adjusted return on invested capital (“Adjusted ROIC”), and
free cash flows are financial measures that are not in accordance
with U.S. GAAP. For definitions and a reconciliation to the most
comparable U.S. GAAP numbers, please see the schedule of “Non-GAAP
Financial Measures” at the end of this press release.
Forward-looking Statements
This press release includes “forward-looking statements”
intended to qualify for the safe harbor from liability under the
Private Securities Litigation Reform Act of 1995. Any statements
contained in this press release that are not historical facts are
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. These statements are
based on the current expectations of the management of the Company
and are subject to uncertainty and changes in circumstances.
Forward-looking statements include, without limitation, statements
typically containing words such as “intends,” “expects,”
“anticipates,” “targets,” “estimates,” and words of similar import.
By their nature, forward-looking statements are not guarantees of
future performance or results and involve risks and uncertainties
because they relate to events and depend on circumstances that will
occur in the future. There are a number of factors that could cause
actual results and developments to differ materially from those
expressed or implied by such forward-looking statements. Factors
that could cause actual results and developments to differ
materially include, among others:
- Macroeconomic conditions, including inflation and elevated
interest rates, as well as prior supply chain, labor and logistics
constraints, have had, and may continue to have, a negative impact
on Manitowoc’s ability to convert backlog into revenue which could,
and has, impacted its financial condition, cash flows, and results
of operations (including future uncertain impacts);
- actions of competitors;
- changes in economic or industry conditions generally or in the
markets served by Manitowoc;
- geopolitical events, including the ongoing conflicts in Ukraine
and in the Middle East, other political and economic conditions and
risks and other geographic factors, has had and may continue to
lead to market disruptions, including volatility in commodity
prices (including oil and gas), raw material and component costs,
energy prices, inflation, consumer behavior, supply chain, and
credit and capital markets, and could result in the impairment of
assets;
- changes in customer demand, including changes in global demand
for high-capacity lifting equipment, changes in demand for lifting
equipment in emerging economies and changes in demand for used
lifting equipment including changes in government approval and
funding of projects;
- the ability to convert backlog, orders and order activity into
sales and the timing of those sales;
- adverse changes to trade policy, including export duties,
tariffs, import controls and trade barriers (including
quotas);
- the ability to focus on customers, new technologies and
innovation;
- uncertainties associated with new product introductions, the
successful development and market acceptance of new and innovative
products that drive growth;
- failure to comply with regulatory requirements related to the
products and aftermarket services the Company sells;
- the ability to capitalize on key strategic opportunities and
the ability to implement Manitowoc’s long-term initiatives;
- the ability of Manitowoc's customers to receive financing;
- risks associated with high debt leverage;
- impairment of goodwill and/or intangible assets;
- changes in revenues, margins and costs;
- the ability to increase operational efficiencies across
Manitowoc and to capitalize on those efficiencies;
- the ability to generate cash and manage working capital
consistent with Manitowoc’s stated goals;
- work stoppages, labor negotiations, labor rates and labor
costs;
- the Company’s ability to attract and retain qualified
personnel;
- changes in the capital and financial markets;
- the ability to complete and appropriately integrate
acquisitions, strategic alliances, joint ventures or other
significant transactions;
- issues associated with the availability and viability of
suppliers;
- the ability to significantly improve profitability;
- realization of anticipated earnings enhancements, cost savings,
strategic options and other synergies, and the anticipated timing
to realize those savings, synergies and options;
- the replacement cycle of technologically obsolete
products;
- foreign currency fluctuation and its impact on reported
results;
- risks associated with data security and technological systems
and protections;
- the ability to direct resources to those areas that will
deliver the highest returns;
- risks associated with manufacturing or design defects;
- natural disasters, other weather events, pandemics and other
public health crises disrupting commerce in one or more regions of
the world;
- issues relating to the ability to timely and effectively
execute on manufacturing strategies, general efficiencies and
capacity utilization of the Company’s facilities;
- the ability to focus and capitalize on product and service
quality and reliability;
- issues associated with the quality of materials, components and
products sourced from third parties and the ability to successfully
resolve those issues;
- changes in laws throughout the world, including governmental
regulations on climate change;
- the inability to defend against potential infringement claims
on intellectual property rights;
- the ability to sell products and services through distributors
and other third parties;
- issues affecting the effective tax rate for the year;
- acts of terrorism; and
- risks and factors detailed in Manitowoc's 2023 Annual Report on
Form 10-K, its to be filed 2024 Annual Report on From 10-K and its
other filings with the United States Securities and Exchange
Commission.
Manitowoc undertakes no obligation to update or revise
forward-looking statements, whether as a result of new information,
future events, or otherwise. Forward-looking statements only speak
as of the date on which they are made. Information on the potential
factors that could affect the Company's actual results of
operations is included in its filings with the Securities and
Exchange Commission, including but not limited to its Annual Report
on Form 10-K for the fiscal years ended December 31, 2024 and
2023.
THE MANITOWOC COMPANY,
INC.
CONSOLIDATED STATEMENTS OF
OPERATIONS
(In millions, except per share
and share amounts)
Three Months Ended December
31,
Year Ended December
31,
2024
2023
2024
2023
Net sales
$
596.0
$
595.8
$
2,178.0
$
2,227.8
Cost of sales
500.8
496.7
1,803.0
1,802.6
Gross profit
95.2
99.1
375.0
425.2
Operating costs and expenses:
Engineering, selling, and administrative
expenses
77.1
88.2
315.7
328.3
Amortization of intangible assets
0.7
0.8
2.9
3.2
Restructuring expense
1.2
0.3
4.6
1.3
Total operating costs and expenses
79.0
89.3
323.2
332.8
Operating income
16.2
9.8
51.8
92.4
Other income (expense):
Interest expense
(9.9
)
(8.4
)
(38.3
)
(33.9
)
Amortization of deferred financing
fees
(0.4
)
(0.3
)
(1.4
)
(1.3
)
Other income (expense) - net
3.5
(3.0
)
(0.4
)
(13.0
)
Total other expense
(6.8
)
(11.7
)
(40.1
)
(48.2
)
Income (loss) before income taxes
9.4
(1.9
)
11.7
44.2
Provision (benefit) for income taxes
(47.3
)
6.0
(44.1
)
5.0
Net income (loss)
$
56.7
$
(7.9
)
$
55.8
$
39.2
Per Share Data
Basic income (loss) per common share
$
1.61
$
(0.23
)
$
1.58
$
1.12
Diluted income (loss) per common share
$
1.59
$
(0.23
)
$
1.56
$
1.09
Weighted average shares outstanding -
Basic
35,132,145
35,090,259
35,221,758
35,093,963
Weighted average shares outstanding -
Diluted
35,583,662
35,090,259
35,708,782
35,962,778
THE MANITOWOC COMPANY,
INC.
CONSOLIDATED BALANCE
SHEETS
(In millions, except par value
and share amounts)
As of December 31,
As of December 31,
2024
2023
Assets
Current Assets:
Cash and cash equivalents
$
48.0
$
34.4
Accounts receivable, less allowances of
$5.9 and $6.1, respectively
260.3
278.8
Inventories — net
609.4
666.5
Other current assets
41.2
53.3
Total current assets
958.9
1,033.0
Property, plant, and equipment — net
346.2
366.1
Operating lease right-of-use assets
59.3
59.7
Goodwill
77.8
79.6
Other intangible assets — net
118.5
125.6
Other non-current assets
99.3
42.7
Total assets
$
1,660.0
$
1,706.7
Liabilities and Stockholders'
Equity
Current Liabilities:
Accounts payable and accrued expenses
$
389.4
$
457.4
Short-term borrowings and current portion
of long-term debt
13.1
13.4
Product warranties
37.0
47.1
Customer advances
18.0
19.2
Other liabilities
16.8
26.2
Total current liabilities
474.3
563.3
Non-Current Liabilities:
Long-term debt
377.1
358.7
Operating lease liabilities
47.0
47.2
Deferred income taxes
2.1
7.5
Pension obligations
47.1
55.8
Postretirement health and other benefit
obligations
4.7
5.6
Long-term deferred revenue
17.5
24.1
Other non-current liabilities
50.1
41.2
Total non-current liabilities
545.6
540.1
Total stockholders' equity:
Preferred stock (3,500,000 shares
authorized of $.01 par value; none outstanding)
—
—
Common stock (75,000,000 shares
authorized, 40,793,983 shares issued, 35,134,245 and 35,094,993
shares outstanding, respectively)
0.4
0.4
Additional paid-in capital
615.1
613.1
Accumulated other comprehensive loss
(107.6
)
(86.4
)
Retained earnings
199.3
143.5
Treasury stock, at cost (5,659,738 and
5,698,990 shares, respectively)
(67.1
)
(67.3
)
Total stockholders’ equity
640.1
603.3
Total liabilities and stockholders'
equity
$
1,660.0
$
1,706.7
THE MANITOWOC COMPANY,
INC.
CONSOLIDATED STATEMENTS OF
CASH FLOWS
(In millions)
Three Months Ended December
31,
Year Ended December
31,
2024
2023
2024
2023
Cash Flows From Operating
Activities:
Net income (loss)
$
56.7
$
(7.9
)
$
55.8
$
39.2
Adjustments to reconcile net income (loss)
to cash provided by operating activities:
Depreciation expense
15.8
14.8
60.0
56.6
Amortization of intangible assets
0.7
0.8
2.9
3.2
Stock-based compensation expense
2.9
3.7
10.9
11.5
Amortization of deferred financing
fees
0.4
0.3
1.4
1.3
Loss on debt extinguishment
—
—
1.1
—
Gain on sale of property, plant, and
equipment
0.1
—
—
—
Deferred income tax expense (benefit) -
net
(55.6
)
8.0
(55.6
)
(6.0
)
Other
—
—
—
9.3
Changes in operating assets and
liabilities
Accounts receivable
3.1
(20.8
)
9.0
(9.3
)
Inventories
124.6
67.6
21.4
(46.7
)
Other assets
(5.8
)
(15.0
)
8.5
(4.0
)
Accounts payable
(38.5
)
(13.6
)
(39.1
)
(28.5
)
Accrued expenses and other liabilities
6.4
1.9
(27.1
)
36.4
Net cash provided by operating
activities
110.8
39.8
49.2
63.0
Cash Flows From Investing
Activities:
Capital expenditures
(11.3
)
(17.5
)
(45.7
)
(77.4
)
Proceeds from sale of fixed assets
1.1
0.3
4.8
5.6
Other
0.5
—
0.5
—
Net cash used for investing activities
(9.7
)
(17.2
)
(40.4
)
(71.8
)
Cash Flows From Financing
Activities:
Payments on revolving credit facility
(20.0
)
(10.0
)
(20.0
)
(20.0
)
Proceeds from revolving credit
facility
(26.7
)
—
40.7
—
Payments on long-term debt
—
—
300.0
—
Proceeds from long-term debt
—
—
(300.0
)
—
Proceeds from (payments on) other debt -
net
(25.6
)
(18.8
)
6.6
3.8
Debt issuance costs
(1.2
)
—
(7.4
)
—
Exercises of stock options
—
—
—
0.3
Common stock repurchases
—
—
(5.7
)
(5.5
)
Other financing activities
(0.8
)
—
(7.5
)
—
Net cash provided by (used for) financing
activities
(74.3
)
(28.8
)
6.7
(21.4
)
Effect of exchange rate changes on cash
and cash equivalents
(1.7
)
0.6
(1.9
)
0.2
Net increase (decrease) in cash and cash
equivalents
25.1
(5.6
)
13.6
(30.0
)
Cash and cash equivalents at beginning of
period
22.9
40.0
34.4
64.4
Cash and cash equivalents at end of
period
$
48.0
$
34.4
$
48.0
$
34.4
Non-GAAP Financial Measures
Adjusted net income, Adjusted DEPS, EBITDA, adjusted EBITDA,
adjusted operating income, Adjusted ROIC, and free cash flows are
financial measures that are not in accordance with U.S. GAAP.
Manitowoc believes these non-GAAP financial measures provide
important supplemental information to both management and investors
regarding financial and business trends used in assessing its
results. Manitowoc believes excluding specified items provides a
more meaningful comparison to the corresponding reporting periods
and internal budgets and forecasts, assists investors in performing
analysis that is consistent with financial models developed by
investors and research analysts, provides management with a more
relevant measure of operating performance, and is more useful in
assessing management performance.
Adjusted Net Income and Adjusted DEPS
The Company defines adjusted net income as net income (loss)
plus the addback or subtraction of restructuring and certain other
non-recurring items. Adjusted DEPS is defined as adjusted net
income divided by diluted weighted average shares outstanding.
Diluted weighted average common shares outstanding are adjusted for
the effect of dilutive stock awards when there is net income on an
adjusted basis, as applicable. The reconciliation of net income
(loss) and diluted net income (loss) per share to adjusted net
income and Adjusted DEPS for the three months ended and year ended
December 31, 2024 and 2023 are summarized as follows. All dollar
amounts are in millions, except per share data and share
amounts.
Three Months Ended December
31,
2024
2023
As Reported
Adjustments
Adjusted
As Reported
Adjustments
Adjusted
Gross profit
$
95.2
$
—
$
95.2
$
99.1
$
—
$
99.1
Engineering, selling, and administrative
expenses (1)
(77.1
)
1.0
(76.1
)
(88.2
)
10.8
(77.4
)
Amortization of intangible assets
(0.7
)
—
(0.7
)
(0.8
)
—
(0.8
)
Restructuring expense (2)
(1.2
)
1.2
—
(0.3
)
0.3
—
Operating income
16.2
2.2
18.4
9.8
11.1
20.9
Interest expense
(9.9
)
—
(9.9
)
(8.4
)
—
(8.4
)
Amortization of deferred financing
fees
(0.4
)
—
(0.4
)
(0.3
)
—
(0.3
)
Other income (expense) - net
3.5
—
3.5
(3.0
)
—
(3.0
)
Income (loss) before income
taxes
9.4
2.2
11.6
(1.9
)
11.1
9.2
(Provision) benefit for income taxes
(3)
47.3
(55.2
)
(7.9
)
(6.0
)
0.2
(5.8
)
Net income (loss)
$
56.7
$
(53.0
)
$
3.7
$
(7.9
)
$
11.3
$
3.4
Diluted weighted average common shares
outstanding
35,583,662
35,583,662
35,090,259
35,855,427
Diluted income (loss) per common share
$
1.59
$
0.10
$
(0.23
)
$
0.09
(1)
The adjustment in 2024 represents $1.0
million of costs associated with a legal matter with the U.S. EPA.
The adjustment in 2023 represents $10.4 million of costs associated
with a legal matter with the U.S. EPA and $0.4 million of one-time
costs.
(2)
The adjustments in 2024 and 2023 represent
the addback of restructuring expense.
(3)
The adjustment in 2024 represents the net
income tax impacts of items (1) and (2) and the removal of a $55.1
million benefit from the release of a valuation allowance. The
adjustment in 2023 represents the net income tax impact of items
(1) and (2) and the addback of a $0.3 million income tax provision
from the true-up of the previous release of a valuation
allowance.
Year Ended December
31,
2024
2023
As Reported
Adjustments
Adjusted
As Reported
Adjustments
Adjusted
Gross profit
$
375.0
$
—
$
375.0
$
425.2
$
—
$
425.2
Engineering, selling, and administrative
expenses (1)
(315.7
)
9.1
(306.6
)
(328.3
)
21.8
(306.5
)
Amortization of intangible assets
(2.9
)
—
(2.9
)
(3.2
)
—
(3.2
)
Restructuring expense (2)
(4.6
)
4.6
—
(1.3
)
1.3
—
Operating income
51.8
13.7
65.5
92.4
23.1
115.5
Interest expense
(38.3
)
—
(38.3
)
(33.9
)
—
(33.9
)
Amortization of deferred financing
fees
(1.4
)
—
(1.4
)
(1.3
)
—
(1.3
)
Other income (expense) - net (3)
(0.4
)
1.1
0.7
(13.0
)
9.3
(3.7
)
Income before income taxes
11.7
14.8
26.5
44.2
32.4
76.6
(Provision) benefit for income taxes
(4)
44.1
(55.9
)
(11.8
)
(5.0
)
(17.1
)
(22.1
)
Net income
$
55.8
$
(41.1
)
$
14.7
$
39.2
$
15.3
$
54.5
Diluted weighted average common shares
outstanding
35,708,782
35,708,782
35,962,778
35,962,778
Diluted income per common share
$
1.56
$
0.41
$
1.09
$
1.52
(1)
The adjustment in 2024 represents $8.9
million of costs associated with a legal matter with the U.S. EPA
and $0.2 million of one-time costs. The adjustment in 2023
represents $21.2 million of costs associated with a legal matter
with the U.S. EPA and $0.6 million of one-time costs.
(2)
The adjustments in 2024 and 2023 represent
the addback of restructuring expense.
(3)
The adjustment in 2024 represents $1.1
million of non-cash losses associated with the refinancing of the
Company’s 2026 Notes. The adjustment in 2023 represents the
write-off of $9.3 million of non-cash foreign currency translation
adjustments from the curtailment of operations in Russia.
(4)
The adjustment in 2024 represents the net
income tax impacts of items (1), (2), and (3) and the removal of a
$55.1 million benefit from the release of a valuation allowance.
The adjustment in 2023 represents the net income tax impact of
items (1), (2), and (3), the removal of a $13.6 million benefit
from the release of a valuation allowance, and the removal of a
$3.2 million benefit from the favorable settlement of a tax
matter.
Adjusted ROIC
The Company defines Adjusted ROIC as adjusted net operating
profit after tax (“Adjusted NOPAT”) for the year ended divided by
the five-quarter average of invested capital. Adjusted NOPAT is
calculated by taking operating income plus the addback of
amortization of intangible assets and the addback or subtraction of
restructuring expenses, other non-recurring items - net, and
provision for income taxes, which is determined using a 15% tax
rate. Invested capital is defined as net total assets less cash and
cash equivalents and income tax assets - net plus short-term and
long-term debt. Income taxes are defined as income tax
payables/receivables, net deferred tax assets/liabilities, and
uncertain tax positions.
The Company’s Adjusted ROIC for the year ended December 31, 2024
was 6.0%. Below is the calculation of Adjusted ROIC for the year
ended December 31, 2024.
Year Ended December 31,
2024
Operating income
$
51.8
Amortization of intangible assets
2.9
Restructuring expense
4.6
Other non-recurring items - net1
9.1
Adjusted operating income
68.4
Provision for income taxes
(10.3
)
Adjusted NOPAT
$
58.1
5-Quarter Average
Total assets
$
1,734.4
Total liabilities
(1,126.5
)
Net total assets
607.9
Cash and cash equivalents
(35.0
)
Short-term borrowings and current portion
of long-term debt
26.2
Long-term debt
388.3
Income tax assets - net
(17.5
)
Invested capital
$
969.9
Adjusted ROIC
6.0
%
(1)
Other non-recurring items - net for the
year ended December 31, 2024 relate to $8.9 million of costs
associated with a legal matter with the U.S. EPA and $0.2 million
of one-time costs.
Free Cash Flows
The Company defines free cash flows as net cash provided by
operating activities less cash flow from investment in capital
expenditures. The reconciliation of net cash provided by operating
activities to free cash flows for the three months ended and year
ended December 31, 2024 and 2023 are summarized as follows. All
dollar amounts are in millions.
Three Months Ended December
31,
Year Ended December
31,
2024
2023
2024
2023
Net cash provided by operating
activities
$
110.8
$
39.8
$
49.2
$
63.0
Capital expenditures
(11.3
)
(17.5
)
(45.7
)
(77.4
)
Free cash flows
$
99.5
$
22.3
$
3.5
$
(14.4
)
EBITDA and Adjusted EBITDA
The Company defines EBITDA as net income (loss) before interest,
taxes, depreciation, and amortization. The Company defines adjusted
EBITDA as EBITDA plus the addback or subtraction of restructuring,
other (income) expense - net, and certain other non-recurring items
- net. The reconciliation of net income (loss) to EBITDA, and
further to adjusted EBITDA for the three months ended and year
ended December 31, 2024 and 2023, are summarized as follows. All
dollar amounts are in millions.
Three Months Ended December
31,
Year Ended December
31,
2024
2023
2024
2023
Net income (loss)
$
56.7
$
(7.9
)
$
55.8
$
39.2
Interest expense and amortization of
deferred financing fees
10.3
8.7
39.7
35.2
Provision (benefit) for income taxes
(47.3
)
6.0
(44.1
)
5.0
Depreciation expense
15.8
14.8
60.0
56.6
Amortization of intangible assets
0.7
0.8
2.9
3.2
EBITDA
36.2
22.4
114.3
139.2
Restructuring expense
1.2
0.3
4.6
1.3
Other non-recurring items - net (1)
1.0
10.8
9.1
21.8
Other (income) expense - net (2)
(3.5
)
3.0
0.4
13.0
Adjusted EBITDA
$
34.9
$
36.5
$
128.4
$
175.3
Adjusted EBITDA margin percentage
5.9
%
6.1
%
5.9
%
7.9
%
(1)
Other non-recurring items - net for the
three months ended December 31, 2024 relate to $1.0 million of
costs associated with a legal matter with the U.S. EPA. Other
non-recurring items - net for the year ended December 31, 2024
relate to $8.9 million of costs associated with a legal matter with
the U.S. EPA and $0.2 million of one-time costs. Other
non-recurring items - net for the three months ended December 31,
2023 relate to $10.4 million of costs associated with a legal
matter with the U.S. EPA and $0.4 million of one-time costs. Other
non-recurring items - net for the year ended December 31, 2023
relate to $21.2 million of costs associated with a legal matter
with the U.S. EPA and $0.6 million of one-time costs.
(2)
Other (income) expense - net includes net
foreign currency gains (losses), other components of net periodic
pension costs, and other items in the three months ended December
31, 2024 and 2023 and the years ended December 31, 2024 and 2023.
Other expense – net for the year ended December 31, 2023 includes a
$9.3 million write-off of non-cash foreign currency translation
adjustments from the curtailment of operations in Russia.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20250212711268/en/
Ion Warner SVP, Marketing and Investor Relations +1
414-760-4805
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