The Manitowoc Company, Inc.

Q2 2026 net sales were $595 million, up $55 million or 10% year over year. Orders were $709 million, up 56% from a year ago, and backlog ended at $1.05 billion, up $321 million year over year and $110 million sequentially. Adjusted EBITDA was $49 million versus $26 million last year, with margin expanding 330 basis points to over 8%; adjusted SG&A was $88 million, or 15% of net sales, down 130 basis points year over year. Non-new machine sales were $172 million, up 6% year over year, and trailing 12-month non-new machine sales reached a record $706 million. Cash from operations was $8 million, free cash flow was a use of $6 million, cash ended at $96 million, total liquidity was $304 million, and net leverage was approximately 2.6x. Full-year guidance was raised to net sales of $2.3 billion to $2.4 billion, adjusted EBITDA of $150 million to $170 million, adjusted diluted EPS of $0.80 to $1.20, and free cash flow of $50 million to $70 million.

Aaron Ravenscroft described the quarter as one of Manitowoc’s strongest in recent years and emphasized broad-based progress: strong orders, expanding backlog, improved safety, better leverage, and growth in non-new machine sales. He highlighted the company’s push to embed AI into “The Manitowoc Way,” including more users, AI training, functional user groups, and AI Kaizen work, while also pointing to aftermarket expansion and new service offerings tied to the latest crane designs. His tone was upbeat and confident, but he also noted some caution around Europe and the Middle East.

Brian Regan said results exceeded expectations due to better operational execution plus the net impact of tariffs. He cited $709 million of orders, $1.05 billion of backlog, $595 million of sales, $49 million of adjusted EBITDA, and over 8% EBITDA margin, with $26 million of cash received from IEEPA tariff refunds and a net year-over-year benefit of $9 million in the quarter. He also noted $567 million of net working capital, $96 million of cash, $304 million of total liquidity, and net leverage of about 2.6x, and he tied the higher full-year EBITDA midpoint to incremental revenue, tariff effects, and higher variable compensation.

Analysts asked for more color on the 56% order growth and how it split by region and customer type; management did not provide percentages, but said the U.S. was strong, dealers were replenishing inventory, and demand was strong broadly. On second-half cadence, management said Q3 is typically lighter because of European seasonality and flagged about $4 million of incremental tariff benefit in Q3. In the follow-up questions, management detailed the IEEPA tariff refund bridge and said that with leverage below 3x, the company is opportunistically looking at both share repurchases and acquisitions.