day-to-day morning done well. a good for superb job to has and balancing hope Ion managing safe over personal I while the business and challenging perseverance their you, Thank The Manitowoc is months. of To team The everyone like I’d circumstances. globally start, everyone. thank team last the couple of
This morning, topics. I’m to three going comment on
results view short-term view long-term today’s increasingly of and our difficult our conditions. managing operating current QX Our environment, market and
in resolute We customers. and operate. communities, of and recognize sense these which challenge with a present top we’re safety, employees, families, and do discuss current to wellbeing working our of is ensuring suppliers, how through times the the the of like the health, situation First, Manitowoc the our urgency in The global pandemic. at in managing responsibility priority and our the their I’d we we’re gravity
committed COVID-XX order in deal to the three We to with crisis. key actions
safety it First employees and what foremost, all in do and facilities. takes protect Manitowoc the of our health to
has Second, our our and preserve our customers. cranes delivering competitiveness. keep economic are have sacrificing the employees actions without Thus the recovering however, services thirdly, for test a and Manitowoc our are not those been succeeding. far, We’ve our operations essential liquidity wellbeing recovered running future that we’re had or employees parts to for coronavirus. and to immune positive say and in And few pleased quarantine. providing COVID-XX;
with government comply to continue all guidelines. We
we’ve social a necessary our addition, where those when personal breaks activities providing employees needed, home to few. and have In times, name and increasing just equipment implemented facilities in to safeguards sanitation such employees possible protective from as requiring protect distancing, work staggering start
to customers aftermarket U.S., and managed we’ve critical support completely without our up crisis the and Our during provide service safety to maximum have world. for effectively parts the far shutting Thus around uptime support the teams down. stepped ensure in the health
operations to we a lessons best in globally, we’ll landscape. and post these our leverage resume successfully learned practices As COVID-XX operate
difficult times. these sheet positioned navigate us is well and Our balance to solid
weather no of poised margin amounts maturities liquidity are a fixed we implemented debt markets We’ve profitability. years, have to with past strengthened, better until and sufficient the further to We capital eliminating cost, and continue during structure Manitowoc us have positioning prudent significant transformed when expansion XXXX. storm. four the And significant achieving
comment X, quarter like first Slide performance. to our I’d on Turning to
great As year we David EBITDA start an a had from will to the perspective. explain,
COVID-XX, ability of hampered which well despite our ship the headwinds cranes. to executed operations Our
of February. plants temporary Our while the operational, U.S. China a factory our in shutdown resumed remained production after month
mid-March. in facilities major Our closed Europe
remainder in reopened this great have of XX, is week. on reopened France, Italy, April and factory This Portugal, German the and news. factories our Our
operational. will it anticipate become take time However, do we some fully to
QX and from out standards into QX in variety new related of implementing new the ranging and a Restarting social headwinds as additional delays. construction measures, of the comes safety challenges see quarantine we with and chain disruptions site distancing normal. transition We supply
closely through our to this employees, working customers suppliers, period. manage We and complex with are
comment I’d crane the conditions. Next, on like to market
we As explained second declining in order XXXX. prior rates calls, saw of half the in
first the entered we with of with challenged the the the global CONEXPO into March in in market The quarter, and we a a the Orders to the of had comps markets for line to global second those April. related market of all show. in half demand. including received and the oil end expectations our gas As recent shutdowns anticipated coupled pause due set softening were crane trade pandemic the drop quarter cause during
sites Fortunately, around construction are relax work. going the global to quarantines back to are and world beginning
has in In to construction China through hopeful and business market and see returning we Our we Korean quickly Germany, the quick recovery. normalized, to South a quarantine are continued the projects normal. for work
and progress weekly day. every see encouraged In construction marked week. track our versus hit prior seeing such sites we’re a open We as markets’ the are improvement to hardest France,
the see in in starting we that and is increases Finally, construction reopen was U.S. to are deemed to beginning economy non-essential.
order the of necessary our As changing steps adjust match we schedules production we are anticipate to levels taking demand. continued to intake, soft
we increases, Despite although repurchases, future by critical mission In expenditures suspended continuing we times, have discretionary XX% position growth. strong. our fund eliminating addition, difficult reduced cut share very spending, are to liquidity for remains salary these programs based capital
end, with revolving As borrowing a credit liquidity million approximately we no had under $XXX of quarter our outstanding total facility. of
to continuing revenue be crane In profitability, short-term the summary, and in expect declines to but expect we difficult the with market rebound.
weather to playbook storm. our execute will we However, the
XXXX we products and couple end Due of recover. that when sheet balance uncertainty, our markets healthy for us guidance ago announced of year. capitalize position we we’re financial weeks economic remainder withdrawing to focus, a market to well leading the operational Our the
clear our outlook. business of We have will reinstate when on line sight guidance a we the
over And with further for I’ll results. to our the color turn that, financial David on call
