Manitowoc Co Inc (MTW) · Nov 3, 2026 · Earnings
Beat — Diluted EPS $0.30 vs ~$0.20 consensus; revenue $613.8M vs ~$577M
Manitowoc’s Q3 earnings beat consensus on revenue and EPS, with orders surging and full-year EBITDA and EPS guidance raised.
Manitowoc is trying to become a less-cyclical crane-services company, using its CRANES+50 strategy to expand aftermarket, parts, service, rental, and digital support beyond new-machine sales. This quarter advances that story on the core demand side. Orders rose sharply, backlog topped $1.1 billion, and sales and adjusted EBITDA grew faster than the market had expected.
| Metric | Q3 2026 | Q3 2025 | Consensus / Prior guidance |
|---|---|---|---|
| Revenue (Financial Highlights) | $613.8M (+10.9%) | $553.4M | ~$577M |
| Diluted EPS (Income Statement) | $0.30 | $0.14 | ~$0.20 |
| Adjusted EBITDA (Financial Highlights) | $47.4M (+39.0%) | $34.1M | — |
| Orders (Financial Highlights) | $676.4M (+37.6%) | — | — |
| Backlog (Financial Highlights) | $1,110.9M | — | — |
| FY adjusted EBITDA guidance (Updated Guidance) | $160M–$175M | — | $150M–$170M |
| FY adjusted diluted EPS guidance (Updated Guidance) | $0.90–$1.25 | — | $0.80–$1.20 |
The guidance increase confirms that the improvement is not being treated as a one-quarter spike. Manitowoc raised both full-year adjusted EBITDA and adjusted EPS ranges, while leaving sales and free-cash-flow guidance unchanged. 〔0〕 The published Q3 benchmark was roughly $0.20 of EPS and $577 million of revenue, making the reported $0.30 and $613.8 million a clear beat.
The main limitation is conversion, not demand. Non-new-machine sales declined 1.9% year over year, and nine-month free cash flow remained negative at $29.0 million as inventory reached $813.4 million versus $683.9 million at year-end. That leaves execution and working-capital release as the test of whether the large order book becomes durable cash generation rather than just more balance-sheet investment.
Bottom line: This is a clearly better-than-expected quarter that strengthens Manitowoc’s recovery and backlog story, with the profit upgrade making the improvement more credible. The caveat is that cash conversion and aftermarket growth still lag the headline order strength.
Q3 earnings call, November 4, 2026
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