The Manitowoc Company Inc. (NYSE:MTW) Q2 2023 Results Conference Call August 8, 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

Jamie Cook - Credit Suisse

Mig Dobre - Baird

Seth Weber - Wells Fargo Securities

Operator

Good morning, and welcome to The Manitowoc Second Quarter 2023 Earnings Call. My name is Regina, and I will be your conference operator today. All lines have been placed on mute to prevent any background noise.

I will now turn the call over to Mr. Ion Warner, Senior Vice President of Marketing and Investor Relations. Please proceed.

Ion Warner

Good morning, and welcome to the Manitowoc conference call to review the company's second quarter 2023 financial performance and business update 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. I would like to ask that you limit your questions to one and a follow-up and return to the queue to ensure everyone has an opportunity to ask their questions.

Let's move to Slide 2 on to 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 statement, whether as a 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. I'd like to start today's call by thanking the Manitowoc team for their outstanding performance during the quarter. Our second quarter results capped an excellent first half of the year. Net sales were $603 million for the quarter, and our adjusted EBITDA was $60 million or 10% margin. In addition, non-new machine sales for the quarter increased 8% year-over-year.