13.02.2025

Mixed year for Manitowoc

Manitowoc Crane has reported its full year and fourth quarter results for 2024, while the year as a whole was not so good, the company finished on a more positive note.

Full year
Total revenues for the 12 months slipped 2.2 percent to $2.18 billion, while pre-tax profits plummeted 73.5 percent to $11.7 million, while a steep decline it is substantially better than 2022.

The backlog/order book at the end of December was down 29 percent on year end 2023 at $650.2 million, although order intake picked up towards year end.

Fourth Quarter
Fourth quarter revenues were almost exactly the same as last year – just $200,000 higher at $596 million, the pre-tax profit however jumped from a loss of $1.9 million last year to a $9.4 million profit this year.
Order intake in the quarter increased 8.4 percent to $515.6 million.

2024 Outlook
The company is forecasting full year revenues to be roughly the same as this year, between $2.175 billion and $2.275 billion.

Chief executive Aaron Ravenscroft said: “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%.”

“Looking ahead we remain 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 in April. With our Cranes+50 strategy and ongoing new product development, we are well positioned to deliver shareholder value,”

The company will hold its quarterly conference call and results presentation later today, if we have any further information we will update this item then.

Vertikal Comment

Manitowoc is holding its own in what has been a challenging market, it continues to make progress on the new product development front, wining over new customers with certain products.
The company continues to expand its in house distribution and rental operations which is already providing some diversification away from new crane sales. The tower crane market remains a tough one, especially in Europe. It may well be though that this downturn begins to ease a little as 2025 progresses.

All said and done the company is doing OK and is well placed to at least achieve its current year forecasts, if not exceed them.