Manitowoc Reports $4.8 Million Net Loss and 4.4% Revenue Decline for First Half of 2025

The Manitowoc Company, Inc. reported a net loss of $4.8 million for the six months ended June 30, 2025, a significant decline compared to a net income of $6.1 million during the same period in 2024. Revenue for the first half of 2025 decreased by 4.4% to $1.01 billion, down from $1.06 billion in the prior year. The decline in revenue was primarily attributed to lower new machine sales in the mobile product line, particularly in the Europe and Africa (EURAF) and Middle East and Asia Pacific (MEAP) segments, which faced challenges due to unfavorable product mix and lower crane shipments.

In terms of operational performance, Manitowoc's Americas segment saw a slight increase in net sales of 0.4% to $582.5 million, while the EURAF segment experienced a 6.6% decrease to $298.1 million, and the MEAP segment's sales fell by 17.9% to $129.8 million. The company’s gross profit for the six months was $188.8 million, reflecting a decrease of 1.8% from the previous year, with a gross profit margin of 18.7%, slightly up from 18.2% in 2024. The increase in gross profit margin was attributed to a favorable product mix, despite lower manufacturing volumes impacting absorbed costs.

Strategically, Manitowoc completed an asset acquisition from Ring Power Corporation for $12.9 million, which included inventory and distribution rights in several states. The company also reported a significant increase in cash flows from financing activities, which rose to $67 million, up from $45.7 million in the prior year, primarily due to increased borrowings under its revolving credit facility. However, cash used in operating activities increased to $54.8 million, compared to $19.6 million in the previous year, driven by higher working capital needs.

As of June 30, 2025, Manitowoc's total backlog was $729.3 million, reflecting a 12.2% increase from the end of 2024, although it was down 12.8% from the previous year. The company noted that orders for the second quarter increased by 6% year-over-year, indicating a positive trend in demand, particularly in the Americas segment. Looking ahead, Manitowoc's management expressed cautious optimism, citing ongoing efforts to improve operational efficiencies and capitalize on strategic opportunities, despite the challenges posed by macroeconomic conditions and market volatility.