MTW - Earnings call transcript Q4 2021 | The Manitowoc Company, Inc.

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Operator

00:03 Good day everyone, and welcome to Manitowoc Fourth Quarter 2021 Earnings Conference Call. Today's call is being recorded. At this time, for opening remarks and introductions, I would like to turn the call over to Ion Warner, Vice President, Marketing and Investor Relations. Please go ahead.

Ion Warner

00:29 Good morning, everyone, and welcome to the Manitowoc conference call to review the company's fourth quarter 2021 financial performance and business update, as outlined in last evening's press release. today Dave Ravenscroft, and Antoniuk, Officer. call Executive and Chief the and Officer; Executive on are President Aaron Chief Financial Participating Vice President Today's under Events can Presentations. presentation, Investor XX:XX section and a in Relations website found the which our of includes webcast be slide

to like to the reserve will opportunity one the Slide Please has follow-up return call. to would this and to XX:XX questions-and-answers that ensure you an prepared remarks. provided after material our a their We request our limit queue turn everyone Please for for X. in I Safe time questions. to ask your questions and statement Harbor to note

on factors, and will the any However, actual forward-looking in affect Manitowoc or obligation today's Private result revise call any with more other the XXXX or Reform XX:XX Securities the forward-looking other its actual assessment business. differ Litigation one could based implied of due company's among its circumstances. events of factors or SEC as undertake During projections update current future to whether the call, I to XX:XX latest of as information, that does in not of markets that, Company defined a statements, from filings. now materially or the Act results made statements are any The turn others, described new over And company's Aaron. to

Aaron Ravenscroft

governments Please to X. fiscal recovery, turn you, aggressive unintended my Slide used of year the everyone. world That economic Thank on accelerate to choppy which to on inflation good create being than year Manitowoc retrospect, I to Clearly, lead anyone being far greater consequences our morning, normal multiple policies the COVID return said, we XXXX anticipated. this shared fronts. a by for of in created was expected regarding a transition XX:XX by recovery. concerns Ion, and the ago dislocations XX:XX A were to call, and around the the

our win bounced orientation. back out from crane which in accelerated the SLAMS, year. COVID at benchmark, injury very Belt this operationally cranes. finally, grow below we recordable slightly in in and fleet which trade $XX accounts. the call And two continued October. make will development, us a on the for shutdowns, us all-terrain XX:XX designed America, our share And to made a rental local completed our performance acquisitions our cranes our for new the traditional and upcoming ESG crane some million our the doubled journey helped As product with strategic we orders hazard it well rate, terms. safety excluding we laid aftermarket our BAUMA XX:XX and we and fruit that We our we continue more the out North up the was We face two pleased with groundwork XX:XX market year. X.XX Road team also launching The While mobile in progress key strategic year-over-year, still of precious bear industry am market. RIR Germany lays increase locally regions, build business which currently, we ago, While presence I in we to our is was our tower significant XX:XX and to tower show acquisitions observations the changes and in our in invested Europe, year

a [paint for have reductions example, help collaborate to On we drive footprint, us we a begun and tracking [ph] team are continuous front, booth the our benefits. account system to For improvement. we to [Accuvio] global realize the utilizing on implemented to [ph], already Manitowoc assembled environmental and sustainability way emission] XX:XX

off offer shortages year Way. the much, while at two recognize Equipment effort these specifically look our factories. a to kicking for A Specifically, us across offset minimize help performance. developed China where This proud been team. demand category difficulties community, the of XXXX, financials, would would machining to we've of of leaders encountered the solid the project $XX less the diversity, our long-term implemented million to just our color IT over the I projects in more attract truly Considering to hand, I'm ago, to continue Namely in executing to Jim quarter market. to as million story like solutions of labor our forward very backlog members years. company and automated of level and to After relocation by represent for time for sure, you while our a activity strategy. issue cash our the six anticipated of volatile while recent and been consistent add job Meanwhile, when year. on, new our managing award first return at balance contributions environment, another very is position commitment same surprised Turning Every machining innovative it to you the stocking except hand. by this Generally, our we we ended in everyone a economic improved Manitowoc, factory. cities significant we customer our over a Inflation, buy for would of the sentiment, rod the spirit hard award dislocations in greater liquidity. Philadelphia initiative on Manitowoc June. could, implement it the I $XXX I ERP help passion of For driven XXXX. and an [indiscernible] move respect markets, comes the for employees XX:XX doing Way. how team Orders teams quarters. participated begun The at to they nearby to processes I thank of logistical that Glenwright cutting the XX:XX not program for MGX a and we serious and the Grove, annual Looking ended employees Value recently tube problems tower long-term for chaos growth. cost to working system totaled in midst led $X for our for ingenuity, have XX:XX a our have CapEx XX economic continued and million short-term to Services. we incentives our restore little appreciative Sebastian cyberattack last ended year Finally, with with been such Way in Welding on machine our schools. every Spanish-speaking the current homemade and Manitowoc highest $XX,XXX won the all and for remains the Jim our by ESL I'm As to support competition, in of to sheet, of we to was and on Learned work continuous implement that well, I acquisitions, and to of XX:XX $XX part results. manufacturing rebounding XXXX. to product than announce earned XX:XX levels. a Manitowoc part factory to The months, for inflation closed services shortages. the leaning have the XX:XX XXXX. Shady couple manage Stream competition all am we our creating same to would Lessons With XXx pond, his $XXX was system, pleased the Manitowoc the our He dealer to welding on continue normal his to like P&L, I internal our at our as designed led implement and and and improvement as bars. are the capital and the mass robotic investing in XX:XX to the to Through robot our have end who $XXX am Maleigh, team over welding region hard machine built In our the for Thank that Sebastian and the by billion, situation as in in price increases, and and a unfortunately, have extremely the million than on two best it for the big of with and million shortages, predicting comfortable admit, created far year CEO I were really changes won to attract the we

we the of absolute for Regan since six was remain Manitowoc. the down management surprise, success vessels continued our our to On an business This, to short million my with of role renegotiated Manitowoc the Dave retire. December, over during the the Please the tighter team. a enter XXXX. to $XX October back pleasure and with be XX:XX last fact, year the third financial combined XX:XX and difficult nothing been was that, we our million the And high the effort He end the until your thank In heroic which January cut $XX cranes. to complete cost our the several integral and as much Brian your which shipments postponed of And contributions to by Dave Dave, role in several EBITDA phase of during press at results. Dave us around note. the years. will, the after the December, Omicron next night, of favorable for time it's Manitowoc we assume prepares in Dave world, May quarter. led of our an have third will CFO you as role. indicated were while announced soft times officially quarter, as recent a in XXXX. behalf of November you has debt fortunate on CFO our in couple the were finally, a on last in best CFO wanted Way, dedication family, fourth I periods and however, as we played XX:XX XX:XX spreading he XXXX. wish which you Xnd, working same advisory color XX:XX a plan, the formal than quarter Finally, time shepherded shipments, of alongside We helped healthy Foodservice of $XX – provide last internal deliver us On mix million step release at will on of With forecasts. fourth the to in back life. part evolution operations succession enabled lower He Dave. our the to weeks us key Manitowoc's you team acquisitions. shipments spin-off. received X,

Dave Antoniuk

work where to you their past six to privilege XX:XX Thanks, global the thank years. over me to we a with It's an team Aaron. also been would we support efforts, want not for honor be and Manitowoc over today. years. Without are I the tremendous their relentless the

to Lastly, the I thought-provoking analysts with questions a move considerable high and with betterment thank I quarter, over results of thank big would the A the challenged to the investment community years. X. interacted the The XX:XX you which for note. comments moving many thinking Please surely our like Slide have for on everyone. and my ended to Manitowoc. to Now, whom year

of million, increase higher in ending level exchange XXX were highest The than Net its Orders shipments up unfavorably foreign Backlog by expected in million and rates. ago. of quarter of up million. sales currency global from Our $XX was XX% by primarily XX:XX due communicated SG&A orders in million to approximately year quarter due the incremental and in approximately exchange foreign X.XX over the the million the compared backlog demand backlog rates. lower a across increase quarter global million impacted book-to-bill from XX% constraints. an $XX in was foreign and to changes XX:XX fourth are $X The or the supply all is in rates. in currency in and quarter from XX:XX in in was of to XX sales below $XXX The quarter. fourth impacted $XX billion orders of due million acquisitions logistic $XX year. segments currency costs chain increased prior unfavorably year from exchange primarily impacted changes million $XXX and challenges fourth increase Net changes $X prior slightly were the years. totaled at XXXX unfavorably from last over $ sales net million by was to demand. of $XX we higher $XX orders Our XX%, million, were approximately

we negotiations increased outlined Agency. million at matter Friday, EPA, $XX the Due updates in on are legal by increase U.S. of our acquisitions Protection and remainder inflation-related. unable release costs $X further with in the for the we to a confidential As primarily Environmental XX, approximately press Our February to SG&A provide recorded the time. this any the quarter XX:XX million is with

for during our EBITDA the $XX for the line quarter, in quarter expectations. The acquisitions was $X million approximately flat adjusted Our with year-over-year. was million fourth accounted which

of I from target quarter, We on As forward EBITDA from approximately the impacted intercompany discovered profits ending of and elimination nominal expect inventory. $XX adjusted last the intercompany acquisitions. be the QX elimination was the annual the the of and XX:XX impact acquisitions by basis to profit an going million

quarter. due reduction a The primarily a of basis of margin the the were price jurisdictional decrease offset X.X over EBITDA cost XXX year. in This primarily prior the dynamic points the X.X%, in mix partially to benefit. in sales, expense was was As quarter tax percentage one-time tax by to margin of by the earnings, a XX:XX the million. driven adjusted decreased Income

share, diluted totaled the will full-year I billion, diluted adjusted $X.XX of per diluted year. On by the to to the from expense decline income share over in year. $X.X in loss XX% basis, year the Now, an the was from lower Orders or prior per earnings increased GAAP the prior quarter. Our driven results. recap roughly per $X.XX, $X.XX a quarter financial up tax billion, share $X.X $XXX prior XX:XX primarily

XXXXX pandemic. orders billion, foreign exchange by exchange impacted global XXXX in $X.X changes approximately impacted rates and XX:XX primarily favorably XXXX by currency significantly higher million, year-over-year impacted rates. the The year due were XX% sales the increase $XX totaled as a for Net by due approximately to COVID-XX from currency to increase $XX demand million. favorable Foreign was was positively

to from EBITDA by XX improved or improved million, basis year. X.X%. our Moreover, $XX Our adjusted prior points XX% margins EBITDA the adjusted

$XX expenditures, million, a for [ph] year-over-year. Our $XX full-year a We million improvement loss was XXXX. of spent million the available an which of increase our year ahead to generated free expectations. million compared of $XX of $XX ABL balance paid million flows income cash activities in million of $XX the a a an [$XX of in $XX year-over-year decline resulted net we XXXX and with of million million, the cash adjusted and acquisitions net approximately As capital $XXX facility. with cash reminder, operating in We flows our of We million cash, from year, using year-over-year. XX:XX million] borrowing $XX ended from $XXX XX:XX along $XXX million in credit

at liquidity $XXX remained XXXX, XX, at total million. Our strong December

sources opportunistically on for new As price to callable you at to cost at are debt XXXX, of total most current our capital. of markets of continue XX:XX April our Investor look at As on or notes the a at know, after – capital X, of XXX.X%. reduce I our mentioned debt XX, Day we or our December

assumes capital in for structure Slide remain current place that X. XX:XX our to full-year. the Please XXXX guidance turn will Our

stabilizing XXXX which to SG&A the guidance note challenges, $X regard supply approximately our as approximately XX% ahead cost $X.X and year, from is supply look market. is throughout year we inflationary important XX:XX it an SG&A, global on first sales that With labor half this are is In are and second expect Based outlook, expenses a dynamic labor increase the chain, of million our $XX in XXXX, As to billion. chain moderation billion for to half approximately anticipate and an the acquisitions. to adjusted expected and price we of of continuing Net follows: the unstable year. improved logistics, the we to pressure, market logistic

amortization discuss $X.XX approximately taking to guidance million growing $XX million million. to million. initiatives for adjusted fleets, XX:XX to these and to will $XX million. approximately approximately approximately our Interest With how capital million. recent I approximately share million. is $XX and Our $XXX moment capital worth approximately diluted $XX and think $XXX EBITDA expenditure to Depreciation impact tax income $XX million per expenditures, expense earnings XX:XX Adjusted investments. a acquisitions of expense, $XX it's Provision $X.XX, our rental

As sold the a we for is before, two and has acquisition have discussed oftentimes years rented then crane value decreased. after

level is churn there certain such, always in a of As rental a fleet.

XXXX. we As with we used to We fleet the approximately expect machines, sell will million the replenish in proceeds. rental $XX XX:XX this be

traditional RPOs Crane fleets to CapEx be we investment million fleet for the that German than transactions. dependent certain to that management market by In be rental deals. replaced. are manufacturing our the more can need that, CapEx in far be instances, generated $XX need support generated CapEx. CapEx share addition, remaining of normal rent, multi-crane now RPO a in will crane Aaron. likely upon approximate dynamic With million on In Please growth be instances, XX:XX can strategically is is unexpected This Tower still XX:XX which target call of sale In the heavily growing The I'll CapEx could such a $XX CapEx. Market. will and of turn keep the markets rental which will and as related other be to mind XXXX. an is our back in CapEx by factory the It to opportunistic opportunity, an sales

Aaron Ravenscroft

Dave. you, Thank XX:XX

to Slide X. move Let's

strategy underpinned remains we in and by our As strategic four our begin unchanged XXXX, initiatives.

our strategy, look our I we have U.S. clarity structure economy for focus and am our ensure rates. a pleased XX:XX flexibility interest to attractive increasing we will we for faces Adding the Cranes+XX. debt help which announce to aftermarket, to as vision help capital acquisitions and more We call little that initiatives, opportunistically necessary these continue to the evaluate to accelerate will and

non-new to aftermarket by over our business Historically, to product sales has Our is XX:XX grow model field the years. to management, products beyond next service, sell or that customer aftermarket lifting machine more highly and goal is XX% focus. increase Our for five parts, our objective connectivity. digital greater provide fleet used sales, remanufactured machines solutions and RPOs, and cranes, rentals solutions, been

As machine our filing. revenue a continues closer we grow to outlined strive to our million XX:XX get point, our to non-new be closing, In jumping-off $XXX will in with to higher-margin ended and sales, and Manitowoc cyclical XX-K which customers less in streams. XXXX

the long-term weather for reposition to near-term storm. while we continue company the We growth, economic

We in on allow strategy deliver by our Cranes+XX lines growth which four for that fuel to our investment increase the and for are initiatives we over operator, our sales non-new will please open the five that, shareholders. XX:XX believe long-term returns will XX% questions. us confident years, our our machine With next greater

Operator

you. first Morgan. Thank take Zakaria our XX:XX Tami [Operator from question Instructions] We'll with J.P.

Tami Zakaria

XX:XX questions. Hi, for morning. much my you Thank good taking so

So is… my question first

Aaron Ravenscroft

morning, Good XX:XX Tami.

Tami Zakaria

morning. come shortfall shortfall the and – Good delivered you first you? to quarter? there's recoup question demand How recover mentioned trying delivered] lost orders XX:XX [both you're about Did like of of all that first and sort does of of I'm do $XX in are I getting some whether So, you entirety it the in Is [ph], understand, there? you of is, when in all December back to in expect million this it. going to think my October November. or

Aaron Ravenscroft

XX:XX Okay.

$XX to of were million October making XX December. during [flaw yeah, where but So, missed that our we’re and able we million [ph] shipments, November, that there back] in we’re

there's $XX miss. So, million a

back that think I in December. gave we point high our range that's of the off

in we better demand. like business I any of these continues wouldn't demand those fight reality had far. it's that think I or shift say, everything we to if they in of the shipments anything very shipments some at part now shortages. But went it as the So, just out we continue all lost remains looking is, if not way in right February that. will of right in through cancelations fluid because is, to and the maybe January It's recover shortages. We've cancelations terms XX:XX

Tami Zakaria

And quick backlog are these the the us XX And one backlogs helpful. expect ship months? whether on you everything then, can next to follow-up, that's you the Understood, price-protected? XX:XX represents backlog, remind within

Aaron Ravenscroft

of majority in So, the the XX:XX is is to scheduled pricing in ship and XXXX will the backlog backlog – the backlog. all the fixed

Tami Zakaria

right. Thank All much. Understood. XX:XX you so

Operator

XX:XX Stifel. question from And our Elliott with we will Stanley next take

Aaron Ravenscroft

XX:XX Stanley. Good morning,

Stanley Elliott

luck Nice everyone. morning, environment up Good and in of best finish to way a XX:XX tough to you. Dave, quarter the

We will call. the you certainly on miss out

Dave Antoniuk

XX:XX Thanks, Stanley.

Stanley Elliott

about acquisitions you all What Plus this the little XX%? for Can will to Is M&A XX, by XX:XX talk that or increasing level a those hit bit of organic? you be more needed targets?

Aaron Ravenscroft

come through a – you it'll some we the had H&E, close lot acquisitions, the And a we the Yeah, well XX:XX books transactions. of the organic. we combination of on that remind I'd had as whenever eliminate to intercompany so as

rely sometimes our terms acquisitions But in of outweighs sort One good But more just on even in mathematics talk organic, opportunities. got on I'd there of terms this that to XX:XX see definitely the of to synergies from what we've about acquisitions, the you So it. things recent and used. just of we like get there. will are subject is the of

owning lot So, in of Aspen, So, in typically can there's Europe that we strategic order a the that it chase back H&E Historically, the if acquisitions to and otherwise that business, or the I'd terms generated where through that's Europe. proactively trade-ins really all-terrain in strategically, haven't we you of chase and customer business now did would cranes. business we done opportunity in reactively say our business and what it crane get. at like used wouldn't wants go a real their we with XX:XX look we create

bring crane So, do it trade-in the sell market. States into and a we United the would the Europe, U.S. to

example just opportunities of the, of have. organic that's we sort one So,

Stanley Elliott

the doing well all the your a XX:XX China. perspective? with exception You bit markets fairly Interesting. of a from comment Could you little about regional outlook mentioned

of the might as puts XXXX kind we're guide? and the about see, be takes what Just thinking

Aaron Ravenscroft

continues board, to the all all pretty robust. in I'm with Russia, in it's the business strong, thinking just across even mean, I remain regions, almost Yeah, of there, the XX:XX uncertainty

continues be been us. is It really strong, still in or would So, a it all-terrain, see towers change. I good whether shape robust. Europe U.S. for has don't

again, look look take I it, Asia-Pac of as reopen certain there's I just yeah, – out generally mean Asia-Pac, but solid. markets throughout say, pretty China good, things all regions

Stanley Elliott

Thank much, guys. of and XX:XX you Great best very luck.

Operator

And to Credit next from we'll Cook XX:XX Suisse. question Jamie go our with

Aaron Ravenscroft

Good Jamie. XX:XX morning,

Chigusa Katoku

Katoku Jamie, taking for XX:XX Hi, for questions. Chigusa on thanks this is my

were your I XXXX, we so versus understand versus for midpoint was help and if at volume? So, wondering you’ve wondering you XX% how the – M&A for up sales price is guided could us much

Aaron Ravenscroft

XX:XX there million is Yeah, that on there say net to would prices generally so incremental look we haven't and said our speaking, in XXX we've more a be I be costs, yet. at we spoken a going our impact the included we but less between when million to will time about then, price because that XXX at a basis. or in basis impact, this And raised that increase $X on M&A year-over-year related on cover

Chigusa Katoku

first XX:XX price thanks. half? second And the you're below versus what is implied for but half then XXXX your for Okay, you're cost the incremental range, are typical wondering assuming XX% we

Aaron Ravenscroft

our terms moved into the and costing for $XX pricing instance, headwinds is. you sits combination our out in I volume if relative of where our our issue of And between full-year XX:XX comes to dislocation Yeah, the really back where if so is mean, shift costs. right, so biggest at know fourth as to this pricing half, and the look where in first of things you the quarter, got the the we've million quarter some the but first that set,

Chigusa Katoku

you. XX:XX Thank Okay.

Aaron Ravenscroft

contribution the as to So, with the we of out It'll that's year. the sort issue get the start majority margins. end XX:XX of the towards

Chigusa Katoku

thanks. Okay, XX:XX

Aaron Ravenscroft

XX:XX Thank you.

Operator

question we'll And our Cliff XX:XX from to Ransom Ransom Research. go with next

Cliff Ransom

guys. morning, XX:XX Good

Aaron Ravenscroft

XX:XX Good Cliff. morning,

Cliff Ransom

XX:XX calls, we'll office. Dave, the miss won't the on a Because Stanley, will you of that miss in say we I'm fan but big you just I

You really add value.

Dave Antoniuk

very you much, Cliff. Thank XX:XX

Cliff Ransom

quick test [indiscernible] before well. you test very the first something ensuring believe believe a event of a orderly is you very handling two obviously of shipment organized, your of successions, CEO you. real This the so was for do an Aaron, comment quick – thank big it quarter thank fourth to and As XX:XX questions. well Do or come? recouping that the effectiveness in the was you individual is

Aaron Ravenscroft

their to have through it XX:XX pull admit of, I event way of of everybody November of shortages we trying in end the sort but one-time and think, January Yeah, the get terms where I December. October in and and had we're the a were I'd at our back issues. went back year, some say was shipments in we December, to logistical January, out went we definitely terms in to things in that In now

Cliff Ransom

as or it? or hoped maybe two And then as out didn't the is, one three XX:XX really in Manitowoc mind, that do can my that most And Got us well important you're transformation is it. proud examples question stuff stuff was since you it lean done in this you has of? you Manitowoc founded, about examples then work undertaken have you're thing that that the last give two one of or what of had to and going

Aaron Ravenscroft

think examples of heat year I one mean, the this we Yeah. coolest exchangers XX:XX we've have the got in I [indiscernible]. is

exchanges that So, XX:XX our showers to there after in booth. a around I and of booth. maintenance team started by facility And So ESG heated heat part now the gals' our are comes water the paint the in fact, And around program, as it our thought implement started men's paint the that all company. move was the great to opportunity.

call but mistakes making So, not we keep hope because have mean, that – we're on. single every and at make to terms day we mistakes level of I So, not sort think mistakes, we're make we small, in of ideas progress. still But I a go a XX:XX mistakes I making lot progress of those there's they're big going. of our yeah, I of local plenty

gains a good made really hard months. XX push to on I We is we last on journey. never-ending some work, which understanding started the in think TPM the

us. I think a yeah, still of So, there's opportunity for lot

Cliff Ransom

very Good that day. it. [indiscernible]. you comment much appreciate for I Thank XX:XX on

Aaron Ravenscroft

Cliff. Thanks, XX:XX

Operator

XX:XX Revich And question we'll with Jerry our from take Sachs. next Goldman

Aaron Ravenscroft

XX:XX morning, Good Jerry.

Jerry Revich

XX:XX Hi, good morning, everyone.

Aaron Ravenscroft

XX:XX Good morning.

Jerry Revich

XX:XX Dave, congratulations.

Dave Antoniuk

you Jerry. very much, Thank XX:XX

Jerry Revich

environment. Can was some XX:XX sequentially maybe impressive seeing just about manufacturers? the improving margin performance, impact that that the the spoke the qualitative Thanks. for you I’m have you bridge what sequentially quantify versus challenging just year-over-year on just margin terms getting quarter, we're in And of from in fourth to of what us, absorption the out could in did price parts, cost Dave, quantify if factors quarter? in results etcetera? Aaron, other stood really the we wondering really talk the What about, in because

Dave Antoniuk

so, focused the I we what right? in door. say that there I'd the I’ll obviously to mix, returns were And those the Jerry, mean, on for Yeah, say us. out best – is biggest pure have I we XX:XX delivered, would is able products to item get product that

doubt So the a in that was one driver number that. without

In to that, two world. credit anticipated, and the manufacturing QX, us those have it much I out that in well generated for main better in the QX. and XX:XX we addition I we mean, what execution did than all came the in facilities were drivers biggest the gains really to give to around probably

Jerry Revich

have far first XX:XX a of list, at XXXX folks based the folks you drive maybe you have. talk on about growth you Can expect you Got obviously XXXX, months prospect look it. the you through you year of visibility we for And, now? which or six do the as course strong in in however visibility this over bookings year the to for backlog regions

Aaron Ravenscroft

is, remains relative I'd a to and thing Yeah, out quarter XXXX, probably this mean, still fourth at we but strong not XX:XX their I great pretty fourth businesses typically XQ pretty the quarter strong quarter, had a I look the across size. year. I say us fourth is looks When regionally, it good, for first think even

add pricing to quarter, And really super to we first some inflation. disciplined XX:XX I’d so, at the is, But here need working the the we've the orders really, think I outlook The just hard getting lost offset we've being that good. definitely other looks in thing that been pricing. relative general

mean, The other backlog pricing we're XXXX. get we too about the situation, thing as ourselves. is I orders don't I'd so closely as ahead because want concerned pretty far add too we of of manage our to can, in taking

Jerry Revich

XX:XX discussion, Appreciate thanks. the

Aaron Ravenscroft

you. Thank XX:XX

Dave Antoniuk

Jerry. you, Thank XX:XX

Operator

[Operator Ransom. a take XX:XX from We'll Instructions] follow-up Cliff

Cliff Ransom

process? and satisfying end-users. is, important talk lean bit equation in Can you've enhance XX:XX Thanks new last thinking a development used you to that question. little gentlemen. again, Very about this how product One

Aaron Ravenscroft

XX:XX multiple [ph] the outright we've toll use used looking how and tell process mean, a for months development been Yeah, It's now. that we've total. product been around on I we launch we've we got to cranes. I mean, fronts. is, six move One [X,XXX-X] just you gate it I delayed in

of the and So, stands on discipline I cranes the And says, I the gates just the keep side we of shows voice of to in in I that follows what is we way then want. say, really we mean, not go that do the this So, customer field sure room and what is okay, through the and working it. the have. all toll everyone design and ready mean, the to we level think make that the XX:XX go a other customers we

develop. We we are have folks what the specifications the with a to cranes lot around needs and need real the of dialog true of

Cliff Ransom

Good again. day. you, Thank XX:XX

Aaron Ravenscroft

Thanks, Cliff. XX:XX

Operator

are Warner, there I'll for back time. the appears Mr. turn you further no to remarks. it or any additional questions at conference closing XX:XX And this

Ion Warner

Thank XX:XX you.

XXXX note Company. at with our look by continuing quarter Investor next The joining replay you, Thank speaking call, www.manitowoc.com. of We that fourth forward will us again you for everyone, later your section be the our conclude this for we a call quarter. and Relations interest today to conference Before of Good website morning available day. today's in please accessing Manitowoc

Operator

participation. today's concludes Thank for This XX:XX call. you your

may now You disconnect.

The Manitowoc Company, Inc. (MTW) 23 Feb 222021 Q4 Earnings call transcript