Manitowoc Reports $2.178 Billion in Net Sales for Fiscal Year 2024, Down 2.2%

The Manitowoc Company, Inc. reported a consolidated net sales figure of $2.178 billion for the fiscal year ending December 31, 2024, reflecting a 2.2% decrease from $2.228 billion in 2023. The decline in revenue was primarily attributed to lower new crane shipments in the Europe and Africa (EURAF) and Middle East and Asia Pacific (MEAP) segments, although this was partially offset by a $16.5 million increase in non-new machine sales, mainly from higher used crane shipments. The company's gross profit also fell by 11.8% to $375 million, resulting in a gross profit margin of 17.2%, down from 19.1% in the previous year.

In terms of operational performance, Manitowoc's backlog decreased significantly by 29.1% to $650.2 million as of December 31, 2024, compared to $917.2 million at the end of 2023. This reduction was largely due to a 7.7% drop in orders, which totaled $1.923 billion for the year. The decrease in orders was primarily driven by reduced demand in the Americas segment amid uncertainties related to the U.S. presidential election and high-interest rates, as well as slowdowns in key markets like China and South Korea.

Strategically, Manitowoc has focused on expanding its aftermarket services and enhancing its product offerings. The company has made significant investments in research and development, launching ten new or refreshed all-terrain cranes since 2021. Additionally, Manitowoc has pursued acquisitions to bolster its service capabilities, including the recent acquisition of certain territories and assets from Ring Power Corporation, which will enhance its direct-to-customer footprint in the southeastern United States.

The company employed approximately 4,800 individuals as of December 31, 2024, with a notable presence in the Americas (1,800 employees), Europe and Africa (2,500 employees), and the Middle East and Asia Pacific (500 employees). Manitowoc's commitment to employee safety is reflected in its goal of achieving a zero-harm work environment, with a recorded year-end Recordable Injury Rate (RIR) of 1.19, significantly lower than the industry average of 3.7.

Looking ahead, Manitowoc's management expressed cautious optimism, noting that while macroeconomic conditions, including inflation and geopolitical tensions, pose challenges, the company remains focused on executing its growth strategies. The long-term aspirations include achieving $3 billion in net sales and a 12% adjusted EBITDA margin. The company aims to leverage its innovative product development and expand its aftermarket services to drive future growth, despite the current market uncertainties.