Third-quarter 2026
Filed Nov 3, 2026The Manitowoc Company Reports Strong Third-Quarter 2026 Results; Raises Full Year Guidance
Third-quarter orders increased 37.6% year-over-year, net sales increased 10.9%, net income increased 120%, adjusted EBITDA increased 39.0%, and the Company raised full-year adjusted EBITDA and adjusted diluted earnings per share guidance.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Third-quarter ordersother | $676.4M | – | up 37.6% year-over-year |
| Backlog at end of third quarterother | $1.11B | – | – |
| Third-quarter net salesGAAP | $613.8M | – | up 10.9% year-over-year |
| Third-quarter non-new machine salesother | $174.1M | – | a decrease of 1.9% year-over-year |
| Third-quarter cost of salesGAAP | 492.0 | – | – |
| Third-quarter gross profitGAAP | 121.8 | – | – |
| Third-quarter engineering, selling and administrative expensesGAAP | 88.9 | – | – |
| Third-quarter amortization of intangible assetsGAAP | 0.7 | – | – |
| Third-quarter restructuring expenseGAAP | 0.4 | – | – |
| Third-quarter total operating costs and expensesGAAP | 90.0 | – | – |
| Third-quarter operating incomeGAAP | 31.8 | – | – |
| Third-quarter interest expenseGAAP | (9.2) | – | – |
| Third-quarter amortization of deferred financing feesGAAP | (0.4) | – | – |
| Third-quarter other expense - netGAAP | (3.4) | – | – |
| Third-quarter total other expenseGAAP | (13.0) | – | – |
| Third-quarter income before income taxesGAAP | 18.8 | – | – |
| Third-quarter provision for income taxesGAAP | 7.8 | – | – |
| Third-quarter net incomeGAAP | $11M | – | up 120% year-over-year |
| Third-quarter basic net income per common shareGAAP | $0.30 | – | – |
| Third-quarter diluted net income per common shareGAAP | $0.30 | – | – |
| Third-quarter adjusted operating incomenon-GAAP | 32.5 | – | – |
| Third-quarter adjusted net incomenon-GAAP | $11.5M | – | – |
| Third-quarter adjusted diluted earnings per sharenon-GAAP | $0.31 | – | – |
| Third-quarter EBITDAnon-GAAP | 43.3 | – | – |
| Third-quarter adjusted EBITDAnon-GAAP | $47.4M | – | up 39.0% year-over-year |
| Third-quarter adjusted EBITDA margin percentagenon-GAAP | 7.7 % | – | – |
| Third-quarter net cash used for operating activitiesGAAP | $ (33.2 ) | – | – |
| Third-quarter capital expendituresGAAP | (8.9) | – | – |
| Third-quarter free cash flowsnon-GAAP | $ (42.1 ) | – | – |
| Nine-month net salesGAAP | $1.70B | – | – |
| Nine-month gross profitGAAP | 340.2 | – | – |
| Nine-month operating incomeGAAP | 66.0 | – | – |
| Nine-month net incomeGAAP | $ 19.2 | – | – |
| Nine-month diluted net income per common shareGAAP | $ 0.52 | – | – |
| Nine-month adjusted operating incomenon-GAAP | 71.1 | – | – |
| Nine-month adjusted net incomenon-GAAP | $ 23.7 | – | – |
| Nine-month adjusted diluted earnings per sharenon-GAAP | $ 0.65 | – | – |
| Nine-month adjusted EBITDAnon-GAAP | $115.9M | – | – |
| Nine-month adjusted EBITDA margin percentagenon-GAAP | 6.8 % | – | – |
| Nine-month net cash provided by operating activitiesGAAP | $ 2.2 | – | – |
| Nine-month capital expendituresGAAP | (31.2) | – | – |
| Nine-month free cash flowsnon-GAAP | $ (29.0 ) | – | – |
| Adjusted ROIC as of September 30, 2026non-GAAP | 8.0% | – | – |
Amounts quoted below without a unit are in millions, as in the filing’s tables. Per-share figures are as printed.
Full-Year 2026 outlook
- Revenue$2.3 to $2.4 billion
- NoteNet sales: No change
- NoteAdjusted EBITDA: $160 to $175 million
- NoteDepreciation and amortization: $60 million, No change
- NoteInterest expense: $35 to $38 million, No change
- NoteProvision for income tax expense: $17 to $24 million, excluding one-time expenses, No change
- NoteAdjusted diluted earnings per share: $0.90 to $1.25
- NoteCapital expenditures: $45 to $50 million, $25 million related to the rental fleet, No change
- NoteFree cash flows: $50 to $70 million, No change
What drove it
- Orders of $676.4 million increased 37.6% year-over-year.
- Backlog was $1,110.9 million at the end of the quarter.
- Management cited continued strength in crane demand, particularly in the Americas, Middle East, and Asia Pacific.
- Net sales increased 10.9% year-over-year to $613.8 million.
- Adjusted EBITDA increased 39.0% year-over-year to $47.4 million.
- Management identified backlog execution, working-capital efficiency, and aftermarket growth through its CRANES+50 strategy as priorities.
Concerns
- Non-new machine sales were $174.1 million, a decrease of 1.9% year-over-year.
- Third-quarter free cash flows were $ (42.1 ), compared with $ (22.0 ) in 2025.
- Nine-month free cash flows were $ (29.0 ), although improved from $ (93.6 ) in 2025.
- Inventories — net were $813.4 million at September 30, 2026, compared with $683.9 million at December 31, 2025.
- The Company identified macroeconomic conditions, elevated interest rates, tariffs, customer financing, supply chain factors, and the ability to convert backlog into revenue as risks.
What to watch
- Conversion of the $1,110.9 million backlog into fourth-quarter and 2027 sales.
- Full-year delivery against adjusted EBITDA guidance of $160 to $175 million.
- Full-year delivery against adjusted diluted earnings per share guidance of $0.90 to $1.25.
- Working-capital efficiency, particularly inventory and accounts receivable.
- Full-year free cash flows guidance of $50 to $70 million.
- Aftermarket growth under the CRANES+50 strategy and trends in non-new machine sales.
Balance sheet and cash flow
- Cash and cash equivalents were $64.7 million at September 30, 2026, compared with $77.3 million at December 31, 2025.
- Accounts receivable, less allowances of $6.6 and $5.8, respectively, were $313.0 million at September 30, 2026, compared with $281.3 million at December 31, 2025.
- Inventories — net were $813.4 million at September 30, 2026, compared with $683.9 million at December 31, 2025.
- Total assets were $1,938.5 million at September 30, 2026, compared with $1,818.2 million at December 31, 2025.
- Short-term borrowings and current portion of long-term debt were $17.1 million at September 30, 2026, compared with $13.7 million at December 31, 2025.
- Long-term debt was $461.1 million at September 30, 2026, compared with $447.1 million at December 31, 2025.
- Total stockholders' equity was $712.9 million at September 30, 2026, compared with $695.2 million at December 31, 2025.
- Third-quarter net cash used for investing activities was $ (6.8 ), compared with $ (7.6 ) in 2025.
- Third-quarter net cash provided by financing activities was $8.9 million, compared with $28.9 million in 2025.
- Nine-month net cash used for investing activities was $ (27.1 ), compared with $ (37.1 ) in 2025.
- Nine-month net cash provided by financing activities was $13.0 million, compared with $95.9 million in 2025.
Analysis
Manitowoc reported a strong third quarter, led by orders of $676.4 million, up 37.6% year-over-year, and net sales of $613.8 million, up 10.9% year-over-year. The order performance lifted ending backlog to $1,110.9 million. Management said backlog expanded over the last four consecutive quarters and cited crane-demand strength in the Americas, Middle East, and Asia Pacific.
Profitability improved materially. GAAP operating income was 31.8 versus 18.5 in the prior-year quarter, while net income was $11.0 million versus $5.0 million. Adjusted EBITDA rose to $47.4 million from $34.1 million, and adjusted EBITDA margin percentage was 7.7 % versus 6.2 %. Third-quarter adjusted net income was $11.5 million and adjusted diluted earnings per share was $0.31, compared with $5.0 million and $0.14, respectively.
Sales mix and cash conversion remain key areas of attention. Non-new machine sales were $174.1 million, a decrease of 1.9% year-over-year. Third-quarter net cash used for operating activities was $ (33.2 ) and free cash flows were $ (42.1 ). Inventories — net were $813.4 million at September 30, 2026, compared with $683.9 million at December 31, 2025, while accounts receivable were $313.0 million compared with $281.3 million.
For the first nine months, net sales were $ 1,703.3 versus $ 1,563.8, operating income was 66.0 versus 33.6, and adjusted EBITDA was $ 115.9 versus $ 82.1. Nine-month net cash provided by operating activities was $ 2.2, compared with $ (68.9 ), but free cash flows remained $ (29.0 ) after capital expenditures of (31.2). Adjusted ROIC as of September 30, 2026 was 8.0%, compared with 4.8 %.
The Company raised adjusted EBITDA guidance to $160 to $175 million from $150 to $170 million and raised adjusted diluted earnings per share guidance to $0.90 to $1.25 from $0.80 to $1.20. It maintained the net sales outlook of $2.3 to $2.4 billion, capital expenditures of $45 to $50 million, and free cash flows of $50 to $70 million. The guide places execution against backlog, working-capital efficiency, and conversion to cash at the center of the remaining-year setup.
Management, verbatim
Manitowoc’s third quarter results exceeded our expectations, highlighted by robust orders, double-digit sales growth, and a significant improvement in adjusted EBITDA. Backlog expanded over the last four consecutive quarters, reflecting continued strength in crane demand, particularly in the Americas, Middle East, and Asia Pacific, providing good visibility to the fourth quarter and into 2027. I am proud of the team’s continued focus on serving our customers and executing our strategic priorities.
Aaron H. Ravenscroft, President and Chief Executive Officer of The Manitowoc Company, Inc.
For the remainder of the year, our priorities remain clear: execute against our backlog, improve working-capital efficiency, and continue to grow the aftermarket business through our CRANES+50 strategy. Given our strong momentum, we have raised our guidance for adjusted EBITDA and adjusted diluted earnings per share.
Aaron H. Ravenscroft, President and Chief Executive Officer of The Manitowoc Company, Inc.
Not in the filing
stated, not guessed- GAAP gross margin was not reported.
- Third-quarter prior-quarter figures and sequential changes were not reported.
- Segment revenue and segment profitability were not reported.
- Dividend and share-repurchase activity were not reported.
- A prior earnings release outlook was not provided, so no actual-versus-prior-guidance comparison is included.
- Full-year 2026 gross margin, operating expenses, and tax-rate guidance were not reported.
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure is checked against the filing text, and a metric the filing does not print, or whose value, prior period and change do not add up, is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.