Q2 2024 Manitowoc Company Inc Earnings Call Transcript
Key Points
- Manitowoc Co Inc (MTW) hosted a successful Crane Days event with over 850 customers and dealers from 18 countries, showcasing 35 cranes and receiving excellent feedback.
- The company has a strong backlog of $836 million, indicating sustained demand despite current challenges.
- Positive sentiment in the Americas, with strong quote logs and interest in new cranes, suggests potential future growth.
- The aftermarket business remains robust, with non-new machine sales at $147 million, only slightly down year over year.
- Progress in the Asia Pacific region, particularly in China, with advancements in the large tower crane strategy and increased manufacturing capacity.
- Orders were down 22% year over year, reflecting a challenging operating environment and geopolitical uncertainties.
- High interest rates and political uncertainties, particularly related to the US election, are negatively impacting customer purchasing decisions.
- Part shortages and logistics disruptions continue to affect production and sales, contributing to a significant sales miss in the quarter.
- The European tower crane market remains weak, with new crane orders down 21% year over year, impacting adjusted EBITDA.
- The company had to adjust its build schedule due to lower demand and elevated inventory, negatively affecting short-term financial performance.
Good morning. My name is Sarah, and I will be your conference operator today. At this time, I would like to welcome everyone to The Manitowoc second quarter 2024 earnings conference call. I will now turn the call over to Ion Warner, Senior Vice President, Marketing and Investor Relations. You may begin your conference. Please proceed.
Good morning, everyone, and welcome to the Manitowoc conference call to review the company's second quarter 2024 financial performance and business update 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 and presentations. We will reserve time for questions and answers after our prepared remarks. (Event Instructions)
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