The Manitowoc Company Inc. (NYSE:MTW) Q3 2023 Earnings Conference Call November 2, 2023 10:00 AM ET

Company Participants

Ion Warner - Senior Vice President of Marketing and Investor Relations

Aaron Ravenscroft - President and Chief Executive Officer

Brian Regan - Executive Vice President and Chief Financial Officer

Conference Call Participants

Stanley Elliott - Stifel

Clay Nelson - Goldman Sachs

Mig Dobre - Baird

Operator

Hello and welcome to The Manitowoc Company Third Quarter 2023 Earnings Call. [Operator Instructions] I will now turn the conference over to Ion Warner. Please go ahead.

Ion Warner

Good morning, everyone and welcome to The Manitowoc conference call to review the company's third quarter 2023 financial performance and business updates as outlined in last evening's press release. Today, I'm joined by Aaron Ravenscroft, President and Chief Executive Officer; and Brian Regan, Executive Vice President and Chief Financial Officer. Our call includes a slide presentation which can be found in the Investor Relations section of our website under Events and Presentations. We will reserve time for questions and answers after our prepared remarks. [Operator Instructions]

Let's move to Slide 2 on our safe harbor statement in the material provided for this call. During today's call, forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995 are made based on the company's current assessment of its markets and other factors that affect its business. However, actual results could differ materially from any implied or actual projections due to one or more of the factors, among others, described in the company's latest SEC filings. The Manitowoc Company does not undertake any obligation to update or revise any forward-looking statements, whether the result of new information, future events or other circumstances.

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

Aaron Ravenscroft

Thank you, Ion and good morning, everyone. Please turn to Slide 3. Overall, I was very pleased with our team's execution during the third quarter. It's typically the most challenging period of the year for our operations and 2023 was no different. Although part shortages and vessel delays continued to plague us, sales for the quarter were $521 million and our adjusted EBITDA was $33 million or 6.4% of sales. Non-new machine sales increased 21% year-over-year to $155 million.

Please turn to Slide 4. Manitowoc continues to transition from a product-driven company to a services-oriented business. I'd like to highlight a few wins during the third quarter that demonstrate the changing business model under our Cranes+50 strategy.