The Manitowoc Company, Inc. (MTW) Q1 2026 Earnings Call Transcript – Image for illustrative purposes only (Image credits: Pixabay)
Milwaukee – The Manitowoc Company reported first-quarter 2026 results that highlighted robust order intake and a backlog reaching its highest level in two years, even as profitability missed Wall Street targets.[1][2] Executives emphasized steady demand across key markets during Tuesday’s earnings conference call, while navigating tariff headwinds and geopolitical risks. The crane manufacturer maintained its full-year guidance, signaling confidence in converting backlog into revenue later this year.
Financial Results Show Revenue Gain, Earnings Shortfall
Net sales climbed 5 percent to $494.6 million from $470.9 million in the year-ago quarter, driven by higher non-new machine contributions.[1] However, the company posted a net loss of $6.0 million, or $0.17 per diluted share, compared to a $6.3 million loss the prior year. Adjusted figures reflected a $4.6 million loss, or $0.13 per share, missing analyst estimates of a $0.06 profit.[3]
Adjusted EBITDA declined 9.7 percent to $19.6 million, with margins at 4.0 percent. Tariffs shaved $2 million from the bottom line, executives noted during the call. Free cash flow stood out positively at $19.2 million, nearly nine times the prior-year figure, bolstered by $27.4 million in operating cash flow.
| Key Q1 2026 Metrics | Q1 2026 | Q1 2025 | Change |
|---|---|---|---|
| Net Sales | $494.6M | $470.9M | +5.0% |
| Net Loss | $6.0M | $6.3M | Narrowed |
| Orders | $645.7M | N/A | +5.8% |
| Backlog | $939.9M | $798M est. | +17.8% |
| Adj. EBITDA | $19.6M | $21.7M | -9.7% |
| Free Cash Flow | $19.2M | $2.1M | +814% |
This table underscores mixed results, with top-line growth and cash generation offsetting profitability pressures for shareholders and operations teams.
Orders and Backlog Fuel Revenue Visibility
Orders totaled $645.7 million, a 5.8 percent increase year over year and flat on a currency-neutral basis. April orders tracked at $225 million to $250 million, outpacing the quarterly run rate, according to CFO Brian P. Regan.[2] The ending backlog swelled to $939.9 million, up from $798 million a year earlier and the highest in two years.
Demand remained resilient across regions. Europe saw 76 percent growth in tower crane orders, while Asia-Pacific gained momentum in markets like South Korea and Vietnam. In the Americas, low dealer inventories for all-terrain cranes reached a decade low. President and CEO Aaron H. Ravenscroft pointed to infrastructure needs, data centers, and aging fleets as tailwinds. “Backlog reached $940 million, our highest level in two years, reflecting strong demand for our products,” Ravenscroft stated.[1]
CRANES+50 Strategy Drives Non-New Machine Growth
Under the CRANES+50 initiative, non-new machine sales rose 3.2 percent to $165.7 million in the quarter, with trailing twelve-month figures up 8 percent to a record $696 million. Executives credited expansions in service locations, aftermarket staff increases to 567 technicians, and new offerings like lifting accessories.
Customer response to recent launches, including an 80-ton boom truck and 800-ton all-terrain crane, proved strong at the ConExpo show. Challenges persist from tariffs – expected to weigh more heavily in the second half – and supply chain issues tied to conflicts in Ukraine and the Middle East. A Strait of Hormuz closure added uncertainty for regional shipments. “The big question mark is just how the Strait of Hormuz situation plays out,” Ravenscroft remarked.[2]
Key Growth Levers:
- Aftermarket technicians up 50 year over year.
- New service centers in Australia and India model shift.
- Technology like ServiceMax for asset management.
- Lifting accessories adding high-margin revenue.
Guidance Holds Firm Amid H2 Focus
Manitowoc reaffirmed its 2026 targets: net sales of $2.25 billion to $2.35 billion and adjusted EBITDA of $125 million to $150 million. Management expects a stronger second half, with tariff impacts concentrated later and restructuring benefits emerging.
Stakeholders, including investors and suppliers, gain clarity from the backlog’s revenue pipeline, though tariff refunds and trade policy shifts remain variables. The stock fell nearly 5 percent in premarket trading following the release.[3] Executives expressed optimism on operational tweaks and market positioning to deliver within guidance.
With a solid order book in hand, Manitowoc eyes execution in coming quarters to turn backlog strength into sustained profitability.