Key Highlights

  • Orders rose 37.6% to USD 676.4 million, lifting Backlog to USD 1,110.9 million after four straight quarters of growth.
  • Net sales increased 10.9% to USD 613.8 million, and Net Income was USD 11.0 million, or USD 0.30 per share.
  • Adjusted EBITDA rose 39.0% to USD 47.4 million, and adjusted net income was USD 11.5 million.
  • Full-year adjusted EBITDA guidance is USD 160 million to 175 million, with adjusted EPS of USD 0.90 to 1.25.

Demand Builds the Backlog

The Manitowoc Company, Inc. (NYSE:MTW), the Milwaukee-based crane maker, reported third-quarter 2026 orders of USD 676.4 million, a 37.6% increase from a year earlier, which lifted backlog to USD 1,110.9 million. Net sales were USD 613.8 million, up 10.9%, and net income was USD 11.0 million, or USD 0.30 per diluted share. Adjusted net income was USD 11.5 million, or USD 0.31 per diluted share, and adjusted EBITDA was USD 47.4 million, up 39.0%.

President and Chief Executive Officer Aaron Ravenscroft said the results exceeded the company's expectations, with orders, double-digit sales growth and an improvement in adjusted EBITDA. He said backlog has expanded for four consecutive quarters on crane Demand concentrated in the Americas, the Middle East and Asia Pacific, giving visibility to the fourth quarter and into 2027.

Analyst estimates were EPS of USD 0.20 against reported EPS of USD 0.31, and Revenue of USD 577.0 million against reported revenue of USD 613.8 million.

Margins and Aftermarket

Gross profit was USD 121.8 million versus USD 102.6 million a year earlier. Engineering, selling and administrative expense rose to USD 88.9 million from USD 83.4 million, a slower increase than gross profit, and Operating Income reached USD 31.8 million against USD 18.5 million.

Non-new machine sales, which cover parts, service and related aftermarket activity, were USD 174.1 million, a decrease of 1.9% from the prior year. That line declined, against a stated priority of growing the aftermarket Business under the CRANES+50 strategy.

Nine-month figures show the same direction. Gross Profit was USD 340.2 million versus USD 291.4 million, and operating income was USD 66.0 million versus USD 33.6 million.

Guidance and Working Capital

Management raised guidance for two measures. Adjusted EBITDA is now USD 160 million to USD 175 million, up from USD 150 million to USD 170 million, and adjusted Diluted Earnings per Share is USD 0.90 to USD 1.25, compared with USD 0.80 to USD 1.20 before. Net sales guidance of USD 2.3 billion to USD 2.4 billion, Depreciation and amortization of USD 60 million, interest expense of USD 35 million to USD 38 million and free Cash Flow of USD 50 million to USD 70 million are unchanged. Capital expenditures remain at USD 45 million to USD 50 million, of which USD 25 million relates to the rental fleet.

The Balance Sheet shows the cost of building for the backlog. Inventories were USD 813.4 million, up from USD 683.9 million at December 31, 2025, and Accounts Receivable rose to USD 313.0 million from USD 281.3 million. Cash and cash equivalents were USD 64.7 million, compared with USD 77.3 million. Improving Working Capital efficiency was named by the chief executive as one of three priorities for the remainder of the year, alongside executing against the backlog and growing the aftermarket business.

Items to Follow

Inventory conversion into free cash flow, aftermarket sales against the CRANES+50 aim and fourth-quarter shipments from the backlog are the items to follow.