Earnings

Manitowoc Lifts 2026 EBITDA and EPS Outlook

The Tip Desk · November 10, 2026 · 3 min read

Third-quarter net sales were $613.8 million, up 10.9% from a year earlier, as the crane maker raised full-year adjusted EBITDA to $160 million–$175 million.

The Manitowoc Company (MTW) raised its full-year 2026 adjusted EBITDA outlook to $160 million–$175 million from $150 million–$170 million and lifted adjusted diluted earnings per share to $0.90–$1.25 from $0.80–$1.20, leaving net sales guidance unchanged at $2.3 billion–$2.4 billion.

The crane manufacturer reported third-quarter net sales of $613.8 million, up 10.9% from a year earlier, after a 10.3% year-over-year increase in the second quarter. Orders were $676.4 million, a 37.6% rise from the year-ago quarter, after a 56.1% year-over-year increase in the second quarter. Backlog expanded to $1,110.9 million at quarter-end from $1,050.1 million after the second quarter.

Net income was $11.0 million, or $0.30 a share, up 120% from $5.0 million, or $0.14 a share, a year earlier. Adjusted net income was $11.5 million, or $0.31 a share. Operating income was $31.8 million, up from $18.5 million a year earlier. Gross profit was $121.8 million.

Adjusted EBITDA was $47.4 million, up 39.0% from $34.1 million a year earlier, after an 85.9% year-over-year increase in the second quarter. Adjusted EBITDA margin was 7.7%, up from 6.2% a year earlier. Non-new machine sales were $174.1 million, down 1.9% year-over-year, after a 6.6% year-over-year increase in the second quarter.

President and Chief Executive Officer Aaron H. Ravenscroft said third-quarter results exceeded the company’s expectations, citing robust orders, double-digit sales growth, and a significant improvement in adjusted EBITDA. He said 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. For the remainder of the year, he said priorities remain executing against backlog, improving working-capital efficiency, and growing the aftermarket business through the CRANES+50 strategy.

Free cash flows were a $42.1 million outflow in the three months ended September 30, 2026, versus a $22.0 million outflow a year earlier. Cash and cash equivalents were $64.7 million at September 30, 2026, down from $77.3 million at December 31, 2025. Inventories were $813.4 million at quarter-end.

Adjusted ROIC was 8.0% as of September 30, 2026, versus 4.8% a year earlier. The company said it does not provide guidance for the most directly comparable U.S. GAAP measures because it is unable to predict, with reasonable certainty, certain amounts excluded from the non-GAAP measures, including restructuring expenses and other non-recurring items.

Updated full-year 2026 guidance also left depreciation and amortization at $60 million, interest expense at $35 million–$38 million, and capital expenditures at $45 million–$50 million, with $25 million related to the rental fleet. Free cash flows guidance remained $50 million–$70 million.

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