The Manitowoc Company, Inc. (NYSE:MTW) Q1 2023 Earnings Conference Call May 3, 2023 10:00 AM ET

Company Participants

Ion Warner - 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

Tami Zakaria - JPMorgan

Joseph Grabowski - Baird

Stephen Volkmann - Jefferies

Steven Fisher - UBS

Seth Weber - Wells Fargo Securities

Operator

Good morning. My name is David and I will be your conference operator today. At this time, I’d like to welcome everyone to the Manitowoc Company First Quarter 2023 Earnings Call. Today’s conference is being recorded. [Operator Instructions] Thank you. Ion Warner, you may begin your conference.

Ion Warner

Good morning, everyone and welcome to the Manitowoc conference call to review the company’s first quarter 2023 financial performance and business update as outlined in last evening’s press release. Today, I am 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.

Please move to Slide 2. Please note 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 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. Manitowoc ended 2022 on a strong note and this momentum carried into the first quarter of 2023. For the quarter, we generated sales of $508 million and adjusted EBITDA of $45 million. Adjusted EBITDA margin was 8.9%, a 210 basis point improvement year-over-year. I would like to recognize our team’s Herculean efforts to expedite parts, complete cranes and get them all shipped, all in the face of continuing supply chain, labor and logistics challenges. Thank you to everyone in the Manitowoc organization for delivering this strong performance.