Manitowoc Raises 2026 Outlook as Q3 Orders Jump 38%

Manitowoc (NYSE: MTW) raised its full-year 2026 adjusted EBITDA and adjusted earnings guidance after third-quarter sales, orders and profitability increased from a year earlier. Net sales rose 11% to $614 million, while orders climbed 38% to $676 million, reflecting robust demand in several key markets.

Adjusted EBITDA increased 39% to $47.4 million from $34.1 million in the prior-year quarter. The adjusted EBITDA margin expanded 150 basis points to 7.7%, indicating stronger operating performance alongside the higher sales volume.

On a GAAP basis, net income more than doubled to $11.0 million from $5.0 million. Diluted earnings per share increased to $0.30 from $0.14. Adjusted net income was $11.5 million, or $0.31 per diluted share, after $0.5 million of net adjustments.

Operating income rose to $31.8 million from $18.5 million, while adjusted operating income was $32.5 million. Gross profit increased to $121.8 million from $102.6 million, partially offset by higher engineering, selling and administrative expenses.

Higher Profit Guidance for 2026

Manitowoc now expects full-year adjusted EBITDA of $160 million to $175 million, compared with its previous range of $150 million to $170 million. It also raised adjusted diluted earnings-per-share guidance to $0.90 to $1.25 from $0.80 to $1.20.

The company maintained its other full-year targets, including net sales of $2.3 billion to $2.4 billion and adjusted free cash flow of $50 million to $70 million. Capital expenditures are still projected at $45 million to $50 million, including $25 million for the rental fleet. Manitowoc continues to expect depreciation and amortization of $60 million, interest expense of $35 million to $38 million, and income tax expense of $17 million to $24 million excluding one-time items.

The company reported backlog above $1 billion and said leverage was below 3.0 times, positioning the balance sheet to support growth. However, third-quarter cash generation remained negative: net cash used in operating activities was $33.2 million, compared with $14.1 million a year earlier, while free cash outflow widened to $42.1 million from $22.0 million.

Regional Demand and Aftermarket Expansion

Manitowoc described demand in the Americas as strong, supported by high crane utilization and lean dealer inventories. Certain products are already sold out for 2027. Conditions in Europe were mixed, with France remaining fragile, Germany strengthening and the rest of the region showing strength.

Demand and project activity remained strong in the Middle East, although the company identified the Strait of Hormuz as an ongoing risk. In Asia-Pacific, Manitowoc cited Chinese government stimulus and strength in Australia and South Korea.

The company is also expanding its aftermarket operations through its Cranes+50 strategy. Facilities in Melbourne, Brisbane and Monterrey are fully operational, while mobile training introduced at ConExpo 2026 has completed eight classes, with three more scheduled. Manitowoc is also modernizing the ERP system in its mobile crane business and adding battery solutions and hoists that complement its crane portfolio.

Management identified planned nuclear projects as a potential multiyear source of crane demand, pointing to roughly 40 key reactor units in the U.S. and European pipeline. The scale and timing of that opportunity remain dependent on individual projects.

Manitowoc’s outlook is subject to changes in regional demand, project schedules and broader operating conditions. The company specifically highlighted uneven European markets and geopolitical risk around the Strait of Hormuz, while its elevated quarterly cash outflow remains a near-term financial constraint despite the unchanged full-year free-cash-flow target.