Manitowoc Q2 net sales down 6.8% YoY; cuts full-year guidance

MANITOWOC CO INC

2024-Q2 EPS reported $0.17 revenue$1,057,200,000

Q2 net sales $562.1M (-6.8% YoY); net income $1.6M ($0.04 EPS); adjusted net income $8.8M ($0.25 adjusted EPS).
Adjusted EBITDA $36.0M, down 40.4% YoY; orders $428.4M (-22.2% YoY); backlog $836.3M.
Full-year 2024 guidance lowered: sales $2.175B-$2.225B, adjusted EBITDA $125M-$140M, adjusted EPS $0.45-$0.90.
CEO cites operational issues, sluggish mobile crane orders in Europe/North America, and European tower crane headwinds.
Non-new machine sales via CRANES+50 up 34%, expanding higher-margin recurring revenue streams.

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