The Manitowoc Company (MTW) Q1 2026 earnings summary

Executive summary

• Orders in Q1 2026 increased 5.8% year-over-year to $645.7 million, with backlog reaching $939.9 million, the highest in two years, and strong customer sentiment across most regions.

• Net sales for Q1 2026 rose 5.0% year-over-year to $494.6 million, driven by higher new machine sales in EURAF and higher non-new machine sales, partially offset by lower MEAP sales.

• CRANES+50 strategy and new product launches, including an 80-ton boom truck and 800-ton all-terrain crane, supported growth in non-new machine sales and received strong customer feedback.

• Continuous improvement initiatives, expansion of service locations, and increased field service tech headcount by 50 in Q1 contributed to operational gains.

• Net loss narrowed slightly to $6.0 million ($0.17 per share), with adjusted net loss at $4.6 million ($0.13 per share).

Financial highlights

• Adjusted EBITDA for Q1 2026 was $19.6 million, down 9.7% year-over-year, with a margin of 4.0%.

• Free cash flow improved to $19.2 million from $2.1 million year-over-year, with net cash from operating activities at $27.4 million.

• Gross profit increased to $95.3 million, with gross margin improving to 19.3% from 19.1% year-over-year.

• Liquidity at quarter-end was $316 million, with cash and cash equivalents at $78.4 million.

• SG&A expenses were $91 million, with a $7 million increase driven by currency, CONEXPO, and inflation.

Outlook and guidance

• Full-year 2026 guidance reaffirmed: net sales of $2.25–$2.35 billion and adjusted EBITDA of $125–$150 million, citing strong backlog and healthy order activity.

• Management expects liquidity and cash flows from operations to be sufficient for working capital, capex, and operational needs over the next twelve months.

• Q2 expected to be stronger than Q1, with the second half of the year anticipated to outperform the first half due to tariff impacts and restructuring benefits.

• April orders projected between $225–$250 million, above Q1 run rate.

• The company believes it will remain in compliance with all debt covenants for the subsequent twelve months.