Manitowoc Co Inc (NYSE:MTW)
$ 9.33 0.19 (2.08%) Market Cap: 327.64 Mil Enterprise Value: 761.24 Mil PE Ratio: 42.41 PB Ratio: 0.55 GF Score: 65/100

Q1 2024 Manitowoc Company Inc Earnings Call Transcript

May 08, 2024 / 02:00PM GMT
Release Date Price: $12.42 (-1.66%)

Key Points

Positve
  • Orders for the first quarter were up 6% year-over-year, indicating a strong demand for Manitowoc Co Inc (MTW)'s products.
  • The total backlog ended the period at a robust $971 million, showcasing a healthy pipeline for future revenue.
  • Manitowoc Co Inc (MTW) has seen a more than 10% increase in orders from the Middle East, driven by significant regional investments like Saudi Vision 2030 and Qatar's North Field expansion project.
  • Innovations such as GROVE CONNECT and POTAIN CONNECT telematics solutions have been successfully launched, enhancing product offerings and customer engagement.
  • The company's aftermarket business in the European tower crane market has remained resilient despite the broader market challenges, providing a stable revenue stream.
Negative
  • Net sales in the quarter decreased by 3% year-over-year, primarily due to continued softness in the European tower crane business.
  • The European tower crane market remains challenging with a significant 34% decrease in machine orders for tower cranes during the first quarter of 2024.
  • Adjusted EBITDA for the first quarter decreased by 31% year-over-year, with a significant impact from the European tower crane market.
  • The company is experiencing pricing pressure in the Middle East due to increased competition from Chinese manufacturers.
  • Inventory levels have increased, necessitating focused management over the next few quarters to align with production and sales.
Operator

Good morning, ladies and gentlemen. My name is Abby, and I will be your conference operator today. At this time, I would like to welcome everyone to the Manitowoc First Quarter 2024 Earnings Conference Call. And I would now like to turn the call over to Ion Warner, Senior Vice President of Marketing and Investor Relations. You may begin your conference.

Ion M. Warner
The Manitowoc Company, Inc. - VP of Marketing & IR

Good morning, everyone, and welcome to the Manitowoc conference call to review the company's first quarter 2024 financial performance and business updates, as outlined in last evening's press release. Participating on the call today are Aaron Ravenscroft, President and Chief Executive Officer; and Brian Regan, Executive Vice President and Chief Financial Officer.

Today's webcast includes a slide presentation, which can be found in the Investor Relations section of our website under Events & Presentations. We will reserve time for questions and answers after our prepared remarks. I would like to request that you limit your

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