Earnings call transcript Q4 2022

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Operator

Good morning, and welcome to the Manitowoc Fourth Quarter 2022 Earnings Call. My name is David, and I'll be your conference operator today. [Operator Instructions]. At this time, I'd like to turn the call over to Mr. Ion Warner, Senior Vice President of Marketing and Investor Relations.

begin. may You

Ion Warner

our and Chief review everyone, Officer. year the conference Executive Aaron and outlined Manitowoc financial the President Participating Good today Vice Officer; call company's welcome and fourth to are in as update the and President full Financial release quarter call yesterday. results on and morning, Ravenscroft, business to press Executive XXXX Chief XXXX Regan, and Brian

non-GAAP financial webcast in reconciliation and Today's of a of call. Events the which slide the under Presentations. and section found as a includes measures This includes presentation, Relations our be in website referenced GAAP can Investor

and and would the to follow-up to We will that and ensure your request queue questions opportunity an everyone questions. our one prepared limit their answers like for to a to remarks. ask I reserve return you time has to after questions

provided the to call. turn statement harbor Please in X. safe Slide for this our note material Please

in of call, the current its today's During factors Litigation markets the business. and are that assessment based XXXX Reform company's of other forward-looking on Securities Private its made affect as statements defined Act

However, of in results factors, or projections one due others, could more or from SEC differ to implied actual any described filings. latest the actual company's among the materially

other The or statement, circumstances. not or whether Manitowoc update information, undertake forward-looking events Company does revise the new any any to obligation future result of

that, now over will Aaron. turn I with call And the to

Aaron Ravenscroft

quarter how turn team to fourth good despite Please I a morning, to and occasion really third Thank adversity. everyone. the results strong in rose was our X. Ion, with significant Slide quarter, you, deliver tough to pleased the After

that would guidance. us a stronger bit the the than expected. end availability to allow inventory backlog and we our of end of entered and vessel shippable year helped quarter, and our As of parts the team with luck we us even work hit low felt hard our The confident we levels

sales extremely in in to deepest this for in EBITDA, $X well I we achievement slightly like environment. adjusted appreciation year-over-year. year, operating generated full and the a the an $XXX XX% difficult above job done. my billion a to great Manitowoc team For Overall, a extend would increase million is

we million the by machine strategic year. year. I'm sales new Suffice say, increased for Cranes+XX. continue heavily non-new our pleased progress to products $XXX to the standpoint, in to XX% a throughout From Concurrently, we invest on with

energy-saving in will In XXXX, X we cranes grow technologies. future efforts inevitably several which and launched important they the are the the to and field, new be foundation growth. cranes continue our of new develop help of because digital These number aftermarket

to made their turn Way tools. ESG Slide team's Please application relatively on and has quickly, to X. of the thanks our improvements Manitowoc Manitowoc big creativity

shop we whether high the sites. improved. cranes what As can be on Working or say, job risk, on measured around gets gets floor

remains safety of and focus health a constant Manitowoc. So

In XXXX, history. in our highest we over completed XX,XXX number safety the observations,

recordable previous time rate lower the is injury year. slightly rate lost XX% and incident year, lower was than or Our was previous which X.XX the our X.XX, than

the clear, still these work to injuries. While have encouraging, be To is goal are more we results X do.

In addition, sustainability. improve we continue our to

manufacturing our met years facilities and standard, emissions of target XXXX XXXXX normalized example, gas energy global all X have our a As management ISO schedule. an is which we of greenhouse certification, achieved ahead

our to recycling it When welding to sorting slag real and by and among reduced actions. other relentless changes am comes landfills I improving We footprint. for send waste improve XX% by also in amount pushing the environment, to year-over-year carbon waste we of the raising

our proud acquisitions. award to retention Grove program greatest We members recognizes efforts. recruiting group This least, work Women named the its companies Shady our Leans by Manitowoc's and Resources And professional to ESG. our And are of from our employees the expanded hard facility, diverse but team XXXX, off leadership in team most assist last to in to our development Newsweek. extremely is on and kicked of talented In asset responsible we In Hispanic we not leaders. be enhance include of through supervisory we Grassroots, community continue and networking to local outreach one ESL America's women.

showcase In Please Germany facility transformation. welcomed turn Wilhelmshaven to Directors Slide in X. our October, Board in of we to our lean to our

acres. reminder, plan almost across buildings, XX As XX this which spread a comprises

the the methodologies manufacturing of flow entire team's with and our investment project true XX% process [indiscernible] on factory in Going toolbox a embarked in we reduced multiyear deploying crane improve combined miles. we to distance to or by change set X by to its Project out years metal, of ago, the operating the results lane all the for capital travels this overall X

Thank you Board successful the was with their impressed contributed to everyone transformation. quite visits. that The

Marabotto values. to Guo, the Alessandro Lastly, and XXXX and who the won these team Macario in leaders China for Way Manitowoc three to A are the I Project the would the CEO Manager exemplary big congratulations like Diego to embody Way. in Italy, recognize Dan Alessandro award Engineering all Manitowoc They from Dutto, operations leaders leaders.

to Slide X. Please move

demand. don't and We attention of quarter pricing during signals $XXX more believe inflection our that the market. point generated Turning mix. million big was was year-over-year. about story which fourth orders It for Long the short, an the jump a crane quarter, to I fourth

we securing terms million quarter a for slots. Through X of much line orders relatively first large XXXX. of with of weeks dealers saw the the XXXX, from and the of was fourth run couple for were flat year-over-year XXXX intake units, in monthly our build orders of $XXX order that included In rate

point, in manifest utilization the at not in rates. prices in started future. up. of basis, tailwinds level projects some whether inching earnest have interest rates or associated the still a bills at and is infrastructure been rates further inventory the crane patches semiconductor there These and Americas operator oil Meaningful slow. said, have rising and are uncertainty XXXX sufficient, with steady. remains yet and strong by will the The rental remains levels the That driven regional a lot On

In market but due has a crane delayed and The conflict of indicator Europe, an market positive, European than this rebound to cautious of that mobile remain our is the is consequence more been the the COVID rising customers rates. Ukraine robust. rather interest

confidence the Additionally, lack a crane European tower is clear regarding of market. there

housing interest permits, one several of loan tower Residential last conditions. over the of and demand, has main slowed rising drivers tighter due the to crane months rates

quarter. new Germany, homes France, in trend. sequentially in XX% the And instance, are for in seeing we fourth a For similar single-family permits declined

countries. first I found widely and pandemic the As Pacific, returned for time to that region Asia since in sentiment began vary the between December for the market

Southeast China recent a scandal has optimistic corruption largest crisis. remain Vietnam's pretty years real and we A is still future. setback, estate developer, For muted. this at remarkably Asia about VPT, its ago, to XX Despite is Vietnam similar example, led to

interest In let the dormant fourth in the in higher due rates. were to quarter, South dramatic the quarters largely interest Korea up the few which to In Korea, were and December financing banks prior hot market withheld South catch shift rates. Australia, to and November

Fortunately, situation the has January. stabilized in

ongoing positioned encouraged EPCs Saudi We major are are several projects that are in and well the country support in to Arabia. Korean semiconductor projects

these quarter, industry. fourth appears Australian Interest and is commodity resolved in should the that issues prices higher in Australia everyone. have country rates respect. mining in then, alarming Since been the bolster that spiked similar it the

has The China. very market quarters. for soft several to been Moving

a wait in are and see we reopens, mode. market the As

to Please turn X. Slide

the city is current the positive joined East, dealers met which company Middle region years in and the in the in Vision is week, line, of part ago. with I that of Finally, region the of most the mega environment the projects since seen in Saudi X XXXX. as visited one XX the I've underway Last Neom several I

Saudi much this the and of this construction-related immense across reaches entire kilometers into initiative. To to the will that execute Sea. a the resources Vision as futuristic XXXX mood it the the Red down XXX coast the is consumes up perspective, line nearby driving city be of region put

In skyscrapers, in of trillion. centers. XX than is projects equivalent it the be the line will invest just Again, World mega Saudi terms $X X,XXX which one to Trade of One will more

take it's have and with partners essentially it. infrastructure are to expected to by today people. to the no to in support Neom actively This initiative working support population XX some our beginning shape, has region XXXX, the million just unprecedented is we and

Please X. move to Slide

on turn Brian, to want over Before call XXXX. made I we reflect progress on during the the to I breakthrough initiatives X our

grow European crane to our to new rental crane tower is initiative our first fleet complement Our business.

in $XX Most market a share Over in in aftermarket the we've growing where to brownfield kicked U.K., years, we'll our off million the our last grow X rental be cranes namely invested project recently, fleet, footprint. rental we adding and Germany.

crane tower MCT XXXX, initiative specifically is X the and China in and tower in road MCT The China our largest introduced Potain our second to business markets. scale to for belt engineered the serve In up crane XXXX. team our regions. Our emerging XXX models

of In factory fact, local team which of is new reinforces over X in that our years, last XX% engineered consists China production initiative the this current models working. by in the our

third axle at models. initiative, model received field show. customers. product introduced models the a axle, X share, X from population bauma launching and XXX our excellent to Since crane market Both feedback is hybrid Our we aftermarket initiative unveiled all-terrain concept reinvigorate we all-terrain grow new a XX-ton to and offerings ton crane this revenue. trade Last XX October,

crane real-time information owners is good Connect Our with telematics too. equip new and getting to Grove the traction solution designed and services operators

cranes all-terrain technicians field, the a to in Spain. service in we our continue location additional markets To key in support added and hire

of global our used aftermarket business. part are which recently being solutions-oriented. benefits our to These to Additionally, appointed a product-oriented efforts journey from we the bolster sales, leader crane

opening scheduled become branch to annual $XX expand we've sales the aftermarket Since and to drive with Denver is We in our regional in by City, integrated acquisitions and in increase the fully to to aftermarket our Our The of were to closing soon. Kansas acquisitions, generate The these acquisitions integral in a open the initiative our target MGX exceeded EBITDA machine non-new business. deals and and catalyst have a XXXX. results. million XX% expanded branch modeled X fourth is are a coverage Aspen the year-over-year they growth activities excellent in adjusted Americas.

currently XX technicians. footprint locations over in Our XXX branch field service and states comprises XX

momentum. Our business is overall of higher strategy to grow the cyclical, margin less gaining segments the

Brian With pass that, to a financial for over it I'll update.

Brian Regan

the fourth Please from a million, good year Aaron, primarily orders. of with EURAF orders, The by and pricing was Beginning Thanks, near-term This offset an quarter uncertainty couple of orders expectations previously by move $XXX a dealer a and of with our as XX% during year-over-year of driven discussed partially our increase increase large higher to we result lower ago. morning, exceeded Slide everyone. in as orders was by Aaron. segment X.

orders Foreign $XX . by million. currency unfavorably impacted

increased backlog was flat $XX was million, orders to backlog exchange Sequentially, relatively previously in XX by at primarily from currency due December changes year-over-year increase Our foreign million I and $XXX the unfavorably in discussed. rates. impacted

Foreign by favorably currency prior backlog quarter. impacted from the $XX million

Net by which the XX% higher primarily year-over-year from drive ago. The sales year and our was in and increased the non-new stronger the fourth acquisitions, from quarter regions shippable machine sales pricing, sales. million in backlog quarter, EURAF Americas $XXX were entering the increase a incremental driven our and helped

During sales the the missed a communicated. prior from the caught net of we quarter, up previously on portion was quarter

the better-than-expected impacted currency of at during to were rates. results. the to relatively last we were in unfavorably changes in the million. fourth Similar machines of the year-over-year SG&A year, exchange to expenses ship quarter flat million to sales flux, $XX were were foreign X XXXX, helping from that Net able $XX weeks contribute

million $XX a included with Environmental to U.S. legal the year last Agency. related matter charge Protection a However,

by SG&A an flat show, impact sales year-over-year. impacted from favorable of Triennial adjusted the expenses rates. relatively were which quarter bauma as a the the was SG&A trade XX%, basis, foreign offset percentage during currency expenses exchange were On

recorded to the up related capitalization quarter. noncash result of charges and the market impairment the were $XXX quarter, impairment During prolonged goodwill. we fourth through million primarily charges, of low The the to leading

amortization year, the adjusted Our basis quarter year. was for the to higher fourth XX% an to decreased increase $XX adjusted XXX margin of of points year-over-year. prior due prior sales. primarily Fourth million compared EBITDA and million, the increase depreciation $X million over of an the quarter EBITDA $XX The was X.X%,

or Our provision XX% the quarter for adjusted for income pretax was income adjusted provision $X taxes $X our million million. of income. taxes an basis, our in On was

those we losses income allowances reminder, expense and tax countries, in available a offset not certain tax jurisdictions. are profitable As therefore, in have established for to countries valuation

basis, adjusted Our share the diluted share loss diluted was an $X.XX GAAP increase an in from prior quarter per of the On year. was per income $X.XX. $X.XX,

year. Turning to the full

pricing million, demand currency-neutral increased Our partially and our driven actions the EURAF by $XX of the million. XXXX of Americas, offset segment. orders billion, in orders the totaled impacts lower a by $X.XX our decrease On in higher $XX a basis, orders

sales billion, due increase year-over-year. or our higher from of pricing of acquisitions. our the The was an the and Net million actions, full year $XXX sales were incremental impacts $X.XX primarily XX% to for increase volume

impacted Foreign sales the currency net for $XXX year. unfavorably million

Adjusted the million $XX year of an increase for million, EBITDA full was year-over-year. $XXX

As was of a margin EBITDA X%, percentage of an sales, prior points the over XX adjusted basis year. the increase

the share an per diluted increase an income Our full from year $X.XX. was GAAP adjusted diluted per basis, $X.XX, On for of the prior year. loss share $X.XX was

Moving to and net cash working flows. capital

net Our on year-over-year a supply primarily $XX to basis. operating chain increased million due and capital million $XX working currency-neutral constraints. inflation or

during due currency million, year-over-year. capital, was fourth a net percentage foreign operating sequential $XX impacted capital working On the operating the working improved XXX decreased primarily operating shipments million. $XX improvement net sales, As unfavorably a Sequentially, an net basis of XX%, basis, to points quarter. of capital working

cash to the primarily million capital cash. the of of in working was the $XX expenditures million fleet. of rental $XX generated to cash Capital $XX to flows. for due million, which operating activities Moving from We conversion quarter, were

in was million. quarter $XX As the our cash free a result, flows

For cash cash free million $XX and the from activities full flows million. of operating year, generated $XX of we

$XX in During ended million, growth. a during million $XX of year, year balance outstanding. was our $XX which fleet We quarter, the the Total $XX million leaving cash $XX with under the the which Europe, decreased million of ABL we the of outstanding from quarter the a borrowings was million decrease million the $XX year. in prior U.S. million for and and $XX invested rental during

Total as Xx. ratio of to operating leverage well targeted strong the and to XX, Due during under our was liquidity December the million. improved $XXX flow adjusted the EBITDA net XXXX, cash X.Xx quarter,

to Please Slide XX. turn

for to expect the similar ahead XXXX. results to be As we to look our XXXX, we year

for softening While European market are the crane labor a global continuing tower the supply namely U.S. costs, market challenges headwinds inflation, remains chain strong, and and year.

constraints supply term. throughout near similar continue chain January, the In we saw what are to and expected to were XXXX in

remains follows. billion million to our as there million; per how discrete excluding $XX million; provision year considerable Net depreciation adjusted and to is impact $X.X interest addition, of expense and $XX how will on of share $XX $XXX million hikes to million; billion; amortization with rate Based to tax to XXXX In to will $X sales interest million. million EBITDA for customer full capital $XX moderate uncertainty of earnings guidance demand. adjusted to $X.XX; $X.XX quickly of inflation income $XX $XXX $XX million; this, expense, million expenditures diluted items, million $XX and of $XX of

I back that, turn now will Aaron. call to With the

Aaron Ravenscroft

Thank you, Brian.

be higher XXXX inflation, will are expect the to Looking reiterate, said, the and Brian forward, rates interest supply in term, constraints chain I as we impact from short our in headwinds, and included which guidance.

in you question Please on cannot everyone's in some improved. to item favorite had give preempt have perspective, crane To factories, we line XXX To XX. an shortages shortages, of they European that our XXXX. average say unfortunately move Slide I tower

our hydraulic driven year, frequency electronic primarily shortages over XXX increased components to few. name drives, by items, parts, this have a far to So and actually line

we anticipate of abate next XX months. However, will headwinds effect XX over these the the to

We of expect is signs are look lot that the XXXX renaissance on plenty crane XXXX, a to but like horizon. a there

supply. lockdowns code for strong, and haven't recovery. remain outstrip we Number after yet some poised demand Just two, in one, pricing a commodity prices Number seen is is reopening consider is stringent peak as trends. mega cases, China the poised to and

on which in electrification increase the this Just America, Latin projects greenfield there would at horizon mining time, substantially consider the major production. of on demand. copper no And impact are

gas to on while East been bullish and and U.S. sanctions. Middle oil reopens production In supply addition, result I slow as and as Russian markets a the increase most China remains have to of remain inaccessible

in live the three, city create speed I to now to with the government years. is U.S. and manifest bill and infrastructure is a eyes a billion $X million my to trillion over XX in moving Number beginning futuristic that Number week the the a in Arabia, how at of $XX saw residents revolutionize infrastructure only terms to people four, semiconductor work. $X.X last Saudi next bill are trillion own that XX with project invest warp spending,

Number take the airport caused World crisis Ukraine. many cranes projects. many Europe and will other eventually include X,XXX the centers kilometers a how Trade largest the from XXX five, rebound a that build across it desert sea to will current through Imagine and new by will stadium, into One This stretch downturn the in world's the football many, the mountains. marina,

there construction is units. has shortage though in a over slowed of housing example, still XXX,XXX Germany, even For housing

Furthermore, over due six, months. And influx the to of the consider and number refreshed. be age are crane last finally, fleets not refugees does million to the over shortage X continue XX

the As on under the the control Manitowoc we focused Way the crane prepare renaissance, can eventual banners for Manitowoc team remains Cranes+XX. and of what we

I confident X benefit long-term growth. and initiatives our drive that will am to shareholders continue breakthrough our

continue acquisitions. to sales our growing strategic expect machine and non-new through We organically

Although we that cycle. to global the the am cannot times in exactly is confident of well economy, positioned predict crane I Manitowoc capitalize eventual the the upturn on

please operator, that, for the questions. line With open

Operator

Revich our with [Operator from Instructions]. take Goldman We'll Sachs. question first Jerry

Jerry Revich

annualized so might on the last the around look comments revenues cycle What And please the that expand in Congratulations were Aaron, what today? here? I the like Middle can dimensionalize you, quarter. what opportunity peak are Can they ask to we East? your the just crane in investment

Aaron Ravenscroft

I this will we But nature. dirt don't year, are the it's that of detail. come can tenders still out we'll lot just projects there's really out until start that normally, cranes on you don't quarter of moving beginning. early on. in be the don't a I They -- got so level They're give see fourth think this at they've and Yes. those stage of to but X cycles. compare And projects, think very different

Jerry Revich

me Okay. way. ask Aaron, this let

as So that North et of opportunity you that aftermarket sales, of and values, used for what's in that you're level driving into you telling America, I've terms the of Can just us? positive in on put is crane Middle versus renaissance heard how what you're much cetera, in seeing as context East elsewhere. optimism, the

Aaron Ravenscroft

decent as United seeing change the big any still seen in I think we're it's we what will the semiconductor East point, U.S. I haven't Middle the but because infrastructure and shape things are that mean see from than a bills the come faster almost very stuff this it in I in the quiet. Yes. really in States or at combination very,

So the think comes Middle in probably it being U.S. think the probably East generally U.S. stage well that set said, waves, I But is pretty sooner the coming in than I

Jerry Revich

Got it. a Is more that earnings balanced chance versus cadence 'XX. back-end versus pretty loaded might terms back supply in 'XX performance half of earnings a if first 'XX 'XX? the of the execution in earnings were half And holds of there chain 'XX, here see we your

Aaron Ravenscroft

comment I think it's too at stage. half tough the on second this to

seeing crane tower in the we're sure, a business. European slowdown For

where in lot marks shortage a when just about It's the second of there's -- your the part with comments goes, issue. to question So challenging. I , backlog still on you as going think our and it's half. agree But

think, on going cadence. to to think be I So comment it's Brian? do What difficult you

Brian Regan

seasonality we generally slower and think related I strong we And a then have after the QX Europe. QX the see Yes. to bit QX

it. the how be going other that's crane a mentioned, part half. Aaron as tower the to just shapes second And think up business for piece is still of I So the

Operator

with to Next, JPMorgan. we'll Tami Zakaria go

Tami Zakaria

cost for in year? So Can your us expectations you I price question what are tell was the a And cost. quarter? what on this impact price have

Aaron Ravenscroft

Yes.

we in $X clawback. So quarter. $XX year, have the million fourth about million for impact still about And the of was next

Tami Zakaria

it. Got

clawback this expect to you entirety So of it year? the

Aaron Ravenscroft

But at pricing all the you moment, goal. front we're been the I look forward. That's think on the increases at have the still when price after negotiations put

simple don't just -- $XX just go million. it's after the adding to it. So back And going to as as we're we're going think I

Tami Zakaria

Got it.

that any Okay. That's sales guide, versus those in price on number? in of is comments fair. what expectation And -- terms embedded volume your then in your

Aaron Ravenscroft

Brian?

Brian Regan

I is the number relatively volume Yes, overall flat think year-over-year.

some in towers we price But in about a there's amount mix decent of definitely as So as there. well there's relative to talked particular. change

Operator

Next, we'll Crédit Suisse. go with to Jamie Cook

Jamie Cook

first expectations saw tends or year guess we the you increase sales guess question, percentage the was that of are business question. stable? to to So And I a first the of how is you think just fairly talk what your that I EBITDA in impressive. for that be about my profit, Can more non-machine XXXX? sort that's

If you start there. could

Aaron Ravenscroft

Yes.

of driver a So mean I big the was last acquisitions. the year part

won't organics the comps, we're we terms course, try now have line acquisition. to while up Of hard we next pushing but those on of in

year. it's So it at bump -- singles going month and month over we we sequentially, year be lot a than to more over had look but month this the last

Jamie Cook

guess question my -- And I ahead. sorry, Okay. second go

Brian Regan

I going we think you I the was 'XX to said, Aaron mean organically acquisitions. like can No, in saw growth. that more was it, the by about say, XX% driven really

Jamie Cook

that in Okay. And get expectation XXXX? trends positive crane see could long-term flow on back cash dealer And demand, that. of of Any trends? to some after terms impact of Are as they Aaron, queue quick you X restock inventory? given at are favorable some then positively these And for seeing the in wanting they level I'll what just then, the follow-ups.

Aaron Ravenscroft

Brian? first, go to want you Do

Brian Regan

Yes, I flow. with can cash go

working around one and the investment year. free things big flow really cash we're million capital that drive thinking But A demand our $XX big flow, cash portion that million So for that of to into of the inventory. might goes our where $XX is is. of next

of in and demand half depending change on significantly. year that So pretty going is can XXXX, into the where the second

Aaron Ravenscroft

been in of up. terms they dealers, they're and cranes, I taken business. tower the smaller Europe, have head of build I in move as now I'm nervous pretty a into inventory they us the usually is they're terms think -- in especially mean loaded but lined all They're the in U.S. you then that's that's in tower tower the that that up to definitely what's we've shape for some cranes. started got well specifically in time And spring would haven't our of seen quickly schedules at crane And in fourth the months, speaking decent the the move. pretty was in really the the stage. slow this And slowdown Right quarter, Germany about

Operator

Next, to Volkmann with we'll go Steve Jefferies.

Stephen Volkmann

sort share any I'm your look shifts view, back interesting of wise? XXXX, in at either or curious we as geographically product just

Aaron Ravenscroft

wouldn't say at anything think mean I normally the that drastic. there difficulty biggest shipments. now I shares looking was based of right when off market I is

these And so chain have of many us supply all constraints, we also constraints. have shipment

it's through think really make tough share I them. of numbers So to sense dig good the and market

Stephen Volkmann

of going I Okay. I And your my math it then backlog were about cost felt the improved into we would the XQ, kind of basis talked And outlook price the and have a would something, sort about quoting is margin just guess if or prices back it like backlog only be little 'XX. be I the it you your right. margin. in felt to up as guess like sort because thought points might higher XX and I is that of

of breakeven? us underlying just of So a mix actually the is towers the little sort up and then more brings bit back margin to

Aaron Ravenscroft

Yes. and France bill out there. It's we I there's Macron of right is mix retirement large mean over age. other biggest the pushing in in And now, everyone it then -- have that France issue. the recent definitely mean the is facilities striking I X challenges is for piece

we're that like shortages. issues productivity around battling underlying other just some there's mean still part I So

Brian Regan

see We're 'XX. labor definitely in inflation going to

Aaron Ravenscroft

Yes.

Stephen Volkmann

Saudi, kind know and there crane pass of agree don't final it years, mix Aaron, as about even and if it. on. few When I over renaissance, but Okay. sound one, margin next about bit renaissance? is a about I'll we of the tower disagree, a crane then you talk or headwind et crane you'd talk this your cetera, look you China, the you And kind drivers. those Got of with mostly like talk

Aaron Ravenscroft

Yes. mobile tower will cranes and the It specific on depending will be cranes. be both. just They're It projects.

looking it it's mix ends what like. think I early on sort comment up of too So to

Operator

Weber Seth to go Securities. Fargo with we'll Next, Wells

Seth Weber

of just anything -- much that's gets term out there a comments. push to tag couple to whatever inventories want that, to could for use, to your would kind that you that's supply Wanted going if Or parts or you back sitting around chain of the any more how Is hospital red done, quantify way just... is supply it that chain -- or out call mostly you better? like waiting

Aaron Ravenscroft

was say where I the fourth orphan like originally. and we cranes in, we quarter of than had anticipated of XXXX, the in lot quarter No, of lot more a shipped the a fourth fourth those would had a come quarter, that got what lot parts

again. and out cleared it's now the So starts game

Brian Regan

we Yes. the which of The would $X about have revenue -- so billion. to were guiding low end the been revenue,

the can shipments that is expecting. kind -- you really from excess So our revenue of were that beat billion we not $X

Seth Weber

Got it.

Can perspective? you're you the think might Okay. the comment a a And market? pricing just That's bit. seeing from to that what -- sort look just used what helpful. And through heard around XXXX I crane talk used pricing cranes then just on little the as you you in -- of like guys used

Aaron Ravenscroft

to of the I Yes. factory. machines as out prices our mean have up folks have used struggled from get been perspective,

I continues hold. to think it

Operator

Stanley go we'll next, Stifel. Elliott And with to

Stanley Elliott

a some with improvement Congratulations. coming XX% portfolio? you're in in of products you about is the that that some little is you the market like orders, bit way talk I mean more Can new had felt some the how show. of out parts maybe the to that the there bauma much gaps you clarify of a from like of

Aaron Ravenscroft

earlier April. the necessarily year, but to look got reflected total for new we think year, When because at I that bauma some the bauma show. in expected they it was the I in products at don't I were Yes, -- originally launched mean be there in

So X respect with comments bauma. wouldn't really say much I that to there's

Stanley Elliott

would talk And that, into guess, sort And U.K. ultimately you investments Can move think -- on what you need the about there? curious the you fleet expanding, on rental I can the the how market. of that progress?

Aaron Ravenscroft

I and do Yes. be the major go by on houses. step, and by rental we will to supporting RPOs short-term like step we They focused mean, rentals.

of we'll step context like the don't It step, think and just our of did mean a side. it's budget I anything would handful it's cranes by be within in Germany. go extraordinary. Again, I So we

Brian Regan

are that we the provided. numbers The Yes. CapEx in forecast

Operator

move question, we'll Steven to UBS. Fisher with next our And

Steven Fisher

Just wanted really the and give other to, Aaron, point at this how recent about have I'm any year out, of bias kind points you this a way on see plays is if sense mode. mentioned or what's wait that that one of any of China data more of kind a you a you curious there? kind in going

Aaron Ravenscroft

with it's for fellow just week think really going people spent I us say quiet. it's early it's still too play who optimistic, still mean a are and to No. was out. pretty to mean runs how but I the I I China

Steven Fisher

see quickly East, following question kind then is And is the the the then net-net kind it's the of point wondering I'm drag the East East compare kind area European and Middle the this sort kind of factor? of more up. Jerry's to Middle the But business it could rest like it swing if can Do little the opportunity you maybe North a of and to of America one Middle one the weakness the concerns East. main the that about Okay. of business on you think ramp sounds Europe you at Middle while. in because of might yet sounds like the offset it of on for on European up

Aaron Ravenscroft

that Middle offsets I of and mean it, much East, I don't cranes there send are we it a I mix earnest We've and think will come it cranes in that's the to fourth likely of they quarter. will seen slow from come not I projects, won't big come. the Yes, most and the those think in factories, but as be the Europe to related until will cranes. some they different orders -- bigger the but still mean orders be. fully China hope.

Steven Fisher

markets? And in Europe the environment how or relative Middle is to the competitive East other

Aaron Ravenscroft

mixed sort map, I've Yes, pricing machine bag it's of it's all unusual depending a on availability. because heard including the the I mean over real Chinese.

everybody. for needs of crane. I someone I go At to really badly depends it the there's plenty availability how on think the this business and So around that stage, think

more eat had years, dirty couple more I last over cranes bigger been much that in there's pricing than was everyone's where will it fighting reasonable. it I mean much think now keep managed help capacity of last of couple singular projects, up the it's down the So and years.

Operator

over turn time, Warner closing I'd back for to call At to the this remarks. Mr. like

Ion Warner

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

Operator

call. conference today's concludes This

You may disconnect. now

The Manitowoc Company, Inc. (MTW) 21 Feb 232022 Q4 Earnings call transcript