10-K - MANITOWOC CO INC (0000061986) (Filer)

Fri, Feb 21, 9:11 PM (64 days ago)

**Summary of The Manitowoc Company, Inc. (MTW) 10-K for 2024** For the fiscal year ended December 31, 2024, The Manitowoc Company, Inc. reported a decrease in net sales of 2.2% to $2,178 million, primarily driven by lower crane shipments in the EURAF and MEAP segments, along with a significant backlog reduction of 29.1% to $650.2 million. Gross profit fell 11.8% to $375 million, reflecting unfavorable product mix and fixed cost absorption issues. Operating income decreased to $51.8 million from $92.4 million, while net income rose to $55.8 million, benefiting from a $57.5 million reduction in deferred tax valuation allowances. The company's strategic focus includes enhancing aftermarket sales and expanding its rental fleet, particularly in Europe and the Middle East. However, risks such as macroeconomic conditions, supply chain challenges, and geopolitical tensions may hinder performance. Debt increased to $390.2 million, with a significant portion from the newly issued 2031 Notes. Future outlook remains cautious, with anticipated capital expenditures of approximately $47 million in 2025. The company emphasizes maintaining effective internal controls and compliance with regulatory requirements, reflecting ongoing commitments to operational efficiency and risk management.