Manitowoc Company Announces Strong Third Quarter Financial Results

Significant Growth in Crane and Industrial Segment

Highlights:

• Net sales increased 12% to $3.2 billion
• Crane and industrial segment revenue up 18%
• Operating income increased 22% to $153.8 million
• Adjusted net income increased 26% to $103.4 million
• Diluted EPS increased 27% to $0.75

Manitowoc Company, Inc. ("Manitowoc" or the "Company") (NYSE: MTW), a leading global manufacturer of cranes and lifting solutions, today announced its financial results for the third quarter of 2023.

The Company reported net sales of $3.2 billion for the third quarter of 2023, an increase of 12% compared to the same period in 2022. This growth was primarily driven by a strong performance in the Crane and Industrial segment, which saw revenue increase by 18% to $2.5 billion.

Operating income for the third quarter of 2023 was $153.8 million, an increase of 22% compared to the third quarter of 2022. This increase was driven by higher sales volume and improved operating efficiency.

Adjusted net income for the third quarter of 2023 was $103.4 million, an increase of 26% compared to the same period in 2022. Diluted EPS increased by 27% to $0.75.

"We are pleased with our strong third quarter performance, which reflects the continued execution of our strategic initiatives," said Aaron Ravenscroft, President and CEO of Manitowoc. "Our Crane and Industrial segment delivered another quarter of double-digit growth, driven by strong demand for our products in both emerging and developed markets.

"Looking ahead, we remain optimistic about the long-term growth prospects for our business. We are well-positioned to capitalize on the increasing demand for cranes and lifting solutions around the world," added Ravenscroft.

About Manitowoc Company, Inc.

Manitowoc Company, Inc. is a leading global manufacturer of cranes and lifting solutions. Manitowoc's products are used in a variety of applications, including construction, mining, energy, and shipbuilding. The company's manufacturing facilities are located in the United States, Canada, China, France, India, and Italy.