Manitowoc Company, Inc. reported fourth‑quarter 2025 results that lifted net sales to $677.1 million, a 13.6% year‑over‑year increase driven by stronger demand in its tower‑crane and heavy‑equipment segments. Net income fell to $7.0 million, or $0.19 per diluted share, reflecting a sharp decline from the $56.7 million ($1.59 EPS) reported in Q4 2024. Adjusted net income rose to $9.5 million, or $0.26 per diluted share, as the company’s high‑margin aftermarket business continued to grow.
The company’s order pipeline expanded to $803.4 million, a 55.8% jump from the same period last year, and the backlog grew to $793.5 million. Adjusted EBITDA reached $39.6 million, up 13.5% from $34.9 million a year earlier, but the adjusted EBITDA margin slipped to 5.4% from 5.9% in 2024, indicating modest compression amid higher SG&A and tariff costs. Non‑new machine sales—its core aftermarket segment—generated $190.9 million, a 14.0% increase, underscoring the continued traction of the CRANES+50 strategy.
Management reiterated its 2026 outlook, projecting net sales of $2.25–$2.35 billion and adjusted EBITDA of $125–$150 million. The guidance reflects confidence in sustained demand in Europe and the United States, while acknowledging ongoing tariff headwinds that have added approximately $4 million in incremental costs to the quarter. The company also announced plans to open new service locations in Chile, Mexico, France, and Portugal to support its expanding aftermarket footprint.
President and CEO Aaron H. Ravenscroft said the quarter represented a “strong finish to a challenging year,” crediting the CRANES+50 strategy for delivering over $690 million in non‑new machine sales in 2025. He added that the company’s lean transformation and focus on high‑margin service work would help it navigate the crane cycle. Chief Financial Officer Brian Regan noted that the results were in line with expectations, driven by pricing adjustments to offset tariff impacts, robust European tower‑crane demand, and continued growth in the aftermarket business.
Investor sentiment was muted after the release, with many analysts expressing concern over the sharp decline in net income and EPS, the modest margin compression, and the persistent tariff headwinds. The market’s reaction highlighted the tension between the company’s strong order growth and the challenges that could pressure future profitability.
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