Aftermarket sales help Manitowoc in 2024

Refurbished Manitowoc MLC300 VPC-Max crawler crane. Photo: MGX Equipment Services

Crane manufacturer Manitowoc reported 2024 net sales at US$2.178 billion, down 2.2 per cent on the year before. In the final quarter of 2024, however, the order intake at $515.6 million, was up 8.4 % on the same period a year earlier.

Order backlog at the end of 2024 was $650.2 million.

Aaron Ravenscroft, Manitowoc Company president and chief executive officer, commented, “Fourth quarter results were in line with our expectations. I thank the Manitowoc team for their hard work, dedication, and resilience in managing through a difficult environment.”

Second life

Looking at the full year 2024, an area of growth was in the aftermarket business and sales of used and refurbished cranes. “Our 2024 results highlight the strength of our aftermarket business which generated a record $629.1 million of revenue. Comparing to 2020, the year before the launch of our Cranes+50 strategy, non-new machine sales have increased by over 67%,” Ravenscroft continued.

For 2025 the company forecasts total net sales to be between $2.175 billion and $2.275 billion. This range spans a small decrease to a small increase over 2024.

On the outlook Ravenscroft commented, “Looking ahead, Manitowoc remains focused on continuing to grow our non-new machine sales. In early February, we acquired the distribution rights for the Carolinas and Georgia which expands our aftermarket footprint in the US. In addition, we are excited to showcase our new innovative products as well as a variety of aftermarket services at Bauma 2025 in April. With our Cranes+50 strategy and ongoing new product development, we are well positioned to deliver shareholder value.”