U.S. crane manufacturer Manitowoc reported 2024 net sales of $2.178 billion, down 2.2% from the prior year. However, in the final quarter of 2024, orders totaled $515.6 million, up 8.4% year over year.

Manitowoc 2024 net sales of $2.178 billion

Backlog at the end of 2024 was $650.5 million.

Manitowoc President and CEO Aaron Ravenscroft commented: "Fourth-quarter results were in line with our expectations. I thank the company team for their hard work, dedication and resilience in a difficult environment."

For the full year 2024, the aftermarket business and sales of used and refurbished cranes were notable growth drivers. "The 2024 results highlight the strength of the company's aftermarket business, with record revenue of $629.1 million. Compared with 2020, the year before we launched our crane+50 strategy, sales of non-new machines grew by more than 67.0%."

Manitowoc said it expects total net sales in 2025 to be between $2.175 billion and $2.275 billion. That range shifts from a slight decline in 2024 to a slight increase.

On the outlook, Ravenscroft said: "Looking ahead, Manitowoc will continue to focus on growing our non-new machine sales. In early February, we acquired distribution rights in the Carolinas and Georgia, expanding our aftermarket footprint in the U.S. In addition, we are excited to showcase our innovative products and a range of aftermarket services at bauma 2025 in April. With our crane+50 strategy and continued new product development, we are well positioned to create value for shareholders."