Manitowoc Company Inc (MTW) 2024 Q3 法說會逐字稿

Good morning. My name is Sarah, and I will be your conference operator today. At this time, I would like to welcome everyone to The Manitowoc third-quarter 2024 earnings conference call.

早安.我叫莎拉，今天我將擔任你們的會議操作員。此時此刻，我歡迎大家參加馬尼托瓦克 2024 年第三季財報電話會議。

I will turn the call over to Ion Warner, Senior Vice President, Marketing and Investor Relations. You may begin your conference. Please proceed.

我會將電話轉給行銷和投資者關係資深副總裁 Ion Warner。您可以開始您的會議了。請繼續。

Good morning, everyone, and welcome to the Manitowoc conference call to review the company's third-quarter 2024 financial performance and business update as outlined in last evening's press release.

大家早安，歡迎參加馬尼托瓦克電話會議，回顧昨晚新聞稿中概述的公司 2024 年第三季財務業績和業務更新。

Participating on the call today are Aaron Ravenscroft, President and Chief Executive Officer; and Brian Regan, Executive Vice President and Chief Financial Officer. Today's webcast includes a slide presentation which can be found in the Investor Relations section of our website under Events and Presentations.

總裁兼執行長 Aaron Ravenscroft 參加了今天的電話會議；以及執行副總裁兼財務長 Brian Regan。今天的網路廣播包括幻燈片演示，您可以在我們網站的「投資者關係」部分的「活動和演示」下找到該演示。

We will reserve time for questions and answers after our prepared remarks. I would like to request that you limit your questions to one and a follow-up and then return to the queue to ensure everyone has an opportunity to ask their three questions.

在我們準備好發言後，我們將預留提問和回答的時間。我想請求您將問題限制為一個和一個後續問題，然後返回隊列，以確保每個人都有機會提出他們的三個問題。

Please turn 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.

請翻到投影片 2。請注意我們為本次電話會議提供的資料中的安全港聲明。在今天的電話會議中，1995 年《私人證券訴訟改革法案》中定義的前瞻性陳述是根據公司目前對其市場的評估以及其他影響其業務的因素做出的。

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.

然而，由於該公司最新的 SEC 文件中描述的一個或多個因素，實際結果可能與任何暗示或實際預測有重大差異。馬尼托瓦克公司不承擔更新或修改任何前瞻性聲明的義務，無論是由於新資訊、未來事件或其他情況。

And with that, I will now turn the call over to Aaron.

現在，我將把電話轉給亞倫。

Thank you, Ion, and good morning, everyone. Please move to slide 3.

謝謝你，伊恩，大家早安。請移至投影片 3。

A year ago, I stated that 2024 would be predicated on two major factors: number one, whether European governments would address the escalating housing crisis; and number two, how resilient business activity would be in the face of the US election.

一年前，我曾說過，2024年將取決於兩個主要因素：第一，歐洲各國政府是否會解決不斷升級的住房危機；第二，歐洲各國政府是否會解決不斷升級的住房危機；第二，歐洲各國政府是否會解決不斷升級的住房危機。第二，面對美國大選，商業活動的彈性如何。

Starting with Europe, it was great to see the European Central Bank reduce their interest rates with back-to-back cuts in September and October. However, this is probably not enough and it will take time to impact our business. The governments in France and Germany remain at a stalemate after the recent elections, and no fiscal action has been taken to address the well-publicized housing shortages.

從歐洲開始，很高興看到歐洲央行在 9 月和 10 月連續降息。然而，這可能還不夠，影響我們的業務還需要時間。法國和德國政府在最近的選舉後仍處於僵局，沒有採取任何財政行動來解決眾所周知的住房短缺問題。

Moving to the US market. Although it seems like a lifetime ago, it's only been five months since our Crane Days event where customer sentiment was very positive. Unfortunately, this positive attitude evaporated as we entered the summer months and the presidential election started to heat up. In fact, during the third quarter, we missed our book and ship sales target by more than $40 million.

轉向美國市場。雖然這似乎是上輩子的事了，但距離我們的起重機日活動僅五個月，客戶情緒非常積極。不幸的是，隨著進入夏季、總統大選開始升溫，這種正面態度消失了。事實上，在第三季度，我們未達到圖書和船舶銷售目標超過 4,000 萬美元。

As Fred Poses at American Standard used to say, when it's light, you can't see the dark. And when it's dark, you can't see the light. Given that we are only five days from the US election, there's plenty of uncertainty and our near-term outlook. So as I go through each region, I think it's important to contrast the current discouraging tone with the favorable long-term outlook.

正如美國標準公司的 Fred Poses 曾經說過的那樣，當天亮時，你就看不到黑暗。而當天黑時，你就看不到光。鑑於距離美國大選只有五天時間，我們的近期前景存在著許多不確定性。因此，當我考察每個地區時，我認為將當前令人沮喪的基調與有利的長期前景進行比較非常重要。

Starting with the Americas, even though demand for new cranes has been slow, the overall attitude of the crane industry can best be described as cautiously optimistic. While the utilization slowed a bit during the summer months, they've still been pretty resilient.

從美洲開始，儘管新起重機的需求一直緩慢，但起重機行業的整體態度可以用謹慎樂觀來形容。雖然利用率在夏季有所放緩，但仍相當有彈性。

As a general statement, dealer inventory in total is okay, but it's a little more complicated when I dig into the details. While there are areas where inventory is light, feedback from this channel suggests that high levels of RPO activity is weighing on the balance sheet and many of our dealers.

一般來說，經銷商的庫存總量還可以，但當我深入研究細節時，情況就有點複雜了。雖然有些地區庫存較少，但來自該管道的反饋表明，高水平的 RPO 活動正在給資產負債表和我們的許多經銷商帶來壓力。

At the core, however, most folks in the US are sitting on the sidelines, waiting for further interest rate cuts and to see the outcome of the election. Nevertheless, the infrastructure and CHIPS bills are still in the early innings.

然而，從本質上講，大多數美國民眾都在觀望，等待進一步降息並觀察選舉結果。儘管如此，基礎設施和 CHIPS 法案仍處於早期階段。

In addition, the average age of cranes and most large rental houses is greater than 15 years. Clearly, crane slates continue to age, and we believe the replacement cycle is inevitable.

此外，起重機和大多數大型租賃房屋的平均使用年限都大於15年。顯然，起重機石板不斷老化，我們相信更換週期是不可避免的。

Turning to Europe, the situation is similar as they also grapple with political uncertainty. The third quarter was seasonably slow, which is typical pattern throughout the industry remains quite negative.

轉向歐洲，情況也類似，他們也在處理政治不確定性。第三季季節性放緩，這是整個行業的典型模式，但仍然相當消極。

In the tower crane market, while we did see an uptick in orders during the quarter, none of the major crane rental houses are signaling a near-term rebound. The general tone is that we are bouncing along the bottom, and we will continue when you have to do so until there is some sort of stimulus, whether it be government intervention to address the housing shortages or an end of the conflict in Ukraine.

在塔式起重機市場，雖然我們確實看到本季訂單增加，但沒有一家主要起重機租賃公司表示近期會反彈。整體基調是，我們正在觸底反彈，必要時我們會繼續這樣做，直到出現某種刺激措施，無論是政府乾預解決住房短缺問題，還是結束烏克蘭衝突。

Similarly, the overall view of the mobile crane market is fairly muted, with customers remaining very quiet over the summer months. Orders were down nearly 30% year over year in the third quarter.

同樣，移動式起重機市場的整體前景相當黯淡，客戶在夏季保持非常安靜。第三季訂單年減近30%。

On a more positive note, looking over the long term, there are a lot of crane rental fleets, both mobiles and towers, that are [long in the tude]. Additionally, we see more large infrastructure projects in the horizon, like offshore wind and nuclear work, that requires newer cranes.

從更積極的角度來看，從長遠來看，有許多起重機租賃車隊，包括移動式和塔式起重機，[長篇大論]。此外，我們還看到更多大型基礎設施項目即將出現，例如離岸風電和核子工程，這需要更新的起重機。

And of course, there's a significant housing shortage in almost every country in Europe. We have started to see interest rates decline. And at some point, all of these trends will provide the tailwind required for a rebound in the tower crane market as well as a robust mobile crane market.

當然，歐洲幾乎每個國家都存在嚴重的住房短缺問題。我們已經開始看到利率下降。在某種程度上，所有這些趨勢都將為塔式起重機市場的反彈以及強勁的移動式起重機市場提供所需的順風。

In the Middle East, the market remains very strong. Saudi projects continue to move forward. And Dubai expects to nearly double its population by 2040, which is driving residential construction activity.

在中東，市場仍然非常強勁。沙特計畫繼續推進。杜拜預計到 2040 年其人口將增加近一倍，這將推動住宅建設活動。

At the same time, the Chinese competition in the region is intense. In terms of mobile cranes, Chinese competitors are aggressive with inventory and payment terms. In fact, one Chinese manufacturer alone has stocked several hundred cranes in Saudi.

同時，中國在該地區的競爭也很激烈。在移動式起重機方面，中國競爭對手在庫存和付款條件方面都非常激進。事實上，光是一家中國製造商就在沙烏地阿拉伯庫存了數百台起重機。

Fortunately, in terms of tower cranes, while the competition is tough, we are in a much stronger position. Our engineering teams continue to launch new machines for this market. And our long-term dealer partner, NFT, has the world's biggest fleet of large tower cranes, and they are best in class to the application engineering required for such large projects.

幸運的是，在塔式起重機方面，雖然競爭很激烈，但我們處於更有利的地位。我們的工程團隊不斷為這個市場推出新機器。我們的長期經銷商合作夥伴 NFT 擁有世界上最大的大型塔式起重機車隊，它們在此類大型專案所需的應用工程方面是一流的。

Moving Asia Pacific, the prolonged economic stagnation in China is overshadowing the entire region. Similar to the Middle East, Chinese manufacturers are heavily discounting their machines throughout Asia to keep their factories running.

移至亞太地區，中國經濟長期停滯為整個地區蒙上陰影。與中東類似，中國製造商在整個亞洲對機器進行大幅折扣，以維持工廠運作。

In South Korea, the market has been stalled by Samsung's recent decision to delay its Fab 5 expansion, and overall sentiment has been very cautious. Year to date, our machine orders in South Korea are down over 50%.

在韓國，由於三星最近決定推遲 Fab 5 擴建，市場陷入停滯，整體情緒非常謹慎。今年迄今為止，我們在韓國的機器訂單下降了 50% 以上。

Lastly, Australia seems to be following the same pattern as North America, with demand slowing during the summer months. Here, too, we've started to see interest rates come down, which should help buoy the crane market.

最後，澳洲似乎遵循與北美相同的模式，夏季需求放緩。在這裡，我們也開始看到利率下降，這應該有助於提振起重機市場。

Please turn to slide 4. We remain focused on what we can control, which means continuous improvement through The Manitowoc Way and the ongoing execution of our CRANES+50 strategy. Starting with The Manitowoc Way, I recently visited our factory in Wilhelmshaven, Germany, where we manufacture our all-terrain cranes. I'm super proud of the team, they just keep getting better and better.

請翻到幻燈片 4。我們仍然專注於我們可以控制的事情，這意味著透過 Manitowoc Way 不斷改進並持續執行我們的 CRANES+50 策略。從馬尼托瓦克之路開始，我最近參觀了我們位於德國威廉港的工廠，我們在那裡生產全路面起重機。我為這個團隊感到非常自豪，他們一直在變得越來越好。

On this slide, we have highlighted two exciting improvements. First, on the left, through kitting, we've simplified the fabrication of our booms. By kitting all of our raw material and using what the team calls a Christmas tree, they significantly simplified the material management, thus reducing material flow by 93%, which is equivalent to 70 miles of forklift traffic per year.

在這張投影片上，我們強調了兩個令人興奮的改進。首先，在左側，透過配套，我們簡化了吊桿的製造。透過配備我們所有的原材料並使用團隊所說的聖誕樹，他們大大簡化了材料管理，從而減少了 93% 的材料流量，相當於每年 70 英里的堆高機運輸量。

The color of each Christmas tree relates to a specific crane model. The one shown in the picture is for the GMK6300. When this is delivered to the boom fabrication line, the operators have everything they need so they don't have to chase parts, and the supervisor can easily tell which booms are in process.

每棵聖誕樹的顏色都與特定的起重機型號有關。圖中所示的是 GMK6300。當它被交付到吊桿製造線時，操作員擁有他們需要的一切，因此他們不必追逐零件，並且主管可以輕鬆地知道哪些吊桿正在加工中。

Second, on the right, is a picture of Eddie Kale with a test device that he created at home. Eddie is a long-time employee who assembles superstructures. His prior job at the plant was to fit the superstructure on the truck portion of the crane. And during this process, Eddie observed that there was always a lot of troubleshooting to ensure the electrical components between the superstructure and the chassis communicate properly.

第二張，右邊是艾迪凱爾（Eddie Kale）和他在家創建的測試設備的照片。艾迪是一名組裝上層建築的長期員工。他之前在工廠的工作是在起重機的卡車部分安裝上部結構。而在這個過程中，艾迪觀察到，總是需要進行大量的故障排除工作，以確保上部結構和底盤之間的電氣元件能夠正常通訊。

In his new position, he moved one step earlier in the process and is assembling the superstructure. Eddie designed and programmed the simple test box to confirm all electrical connections during the superstructure assembly rather than punting a problem to the next assembly process. This saves the team a huge amount of time and aggravation. Thank you very much, Eddie.

在他的新職位上，他提前了一步，正在組裝上層建築。艾迪設計並編程了一個簡單的測試箱，以確認上部結構組裝過程中的所有電氣連接，而不是將問題推到下一個組裝過程中。這為團隊節省了大量的時間並減少了麻煩。非常感謝你，艾迪。

Closing with CRANES+50, our non-new machine sales for the third quarter were $169 million, up 9% year over year. A couple of points to highlight. First, I'd like to spotlight our mobile efforts in the UK. One of our four breakthrough initiatives is to reinvigorate our all-terrain product line to grow our aftermarket business.

截至 CRANES+50，我們第三季的非新機銷售額為 1.69 億美元，年增 9%。有幾點需要強調。首先，我想重點介紹一下我們在英國的行動業務。我們的四個突破性舉措之一是重振我們的全地形產品線以發展我們的售後市場業務。

Since launching several new machines over the past couple of years, the team has fully capitalized on our expanded range with several nice customer wins. To support these cranes in the field, we've added six service technicians in the UK, bringing the total to 15; and we've opened a second service center in Barnsley to better support our customers in Northern England, Scotland, and Wales.

自從過去幾年推出多款新機器以來，該團隊充分利用了我們擴大的產品範圍，並贏得了一些不錯的客戶。為了在現場支援這些起重機，我們在英國增加了 6 名服務技術人員，使總數達到 15 名；我們也在巴恩斯利開設了第二個服務中心，以更好地支持英格蘭北部、蘇格蘭和威爾斯的客戶。

Next, I'd like to recognize the progress that we've made at MGX. If you recall, when we acquired the crane business of H&E Equipment, we had a couple of branches that were co-located. We are currently in the process of moving into new stand-alone locations in Baton Rouge and in Phoenix. These new branches are larger and give us more capacity to grow our service work in these markets. A big thank you to the H&E team. They have been great partners throughout this transition.

接下來，我想表彰我們在 MGX 的進步。如果你還記得，當我們收購 H&E Equipment 的起重機業務時，我們有幾個分公司位於同一地點。我們目前正在搬遷到巴吞魯日和鳳凰城的新獨立地點。這些新分支機構規模更大，使我們有更多能力在這些市場上發展我們的服務工作。非常感謝 H&E 團隊。在整個轉型過程中，他們一直是很好的合作夥伴。

In addition, MGX has embarked on its first major Manitowoc Way journey to improve productivity. Currently, we are conducting a Kaizen to more effectively rebuild Manitowoc crawler cranes. In the old days, we rebuilt cranes more on an ad hoc basis without standard work procedures and by relying on individual skill levels.

此外，MGX 已開始其首次主要的 Manitowoc Way 之旅，以提高生產力。目前，我們正在進行改善，以更有效地重建馬尼托瓦克履帶式起重機。過去，我們更多的是臨時性地重建起重機，沒有標準的工作程序，而是依靠個人的技能水平。

Moving forward, we are creating detailed work sequences and breaking down the bill of materials to support each work segment. This allows us to create specific material kits delivered on a just-in-time basis for each segment in the workshop.

展望未來，我們正在創建詳細的工作序列並分解物料清單以支援每個工作部分。這使我們能夠為車間的每個部分及時創建特定的材料套件。

The team understands that the faster and more cost effective we become at these rebuilds, the more competitive we will be in generating more projects like this. This is a groundbreaking Kaizen for our MGX sites, and I'm looking forward to continued progress on this lean journey.

團隊明白，我們在這些重建中變得越快、越具有成本效益，我們在產生更多這類專案時就越有競爭力。對於我們的 MGX 網站來說，這是一項突破性的 Kaizen，我期待在這次精益之旅中繼續取得進展。

With that, I'll turn it over to Brian.

有了這個，我會把它交給布萊恩。

Thanks, Aaron, and good morning, everyone. Please move to slide 5. I'd like to start by thanking my team for the hard work associated with the refinancing of our debt. Great job, team.

謝謝，亞倫，大家早安。請移至投影片 5。首先，我要感謝我的團隊為我們的債務再融資所做的辛勤工作。幹得好，團隊。

During the quarter, we completed the refinancing of our debt by, first, amending our ABL credit facility to increase our borrowing capacity from $275 million to $325 million and extending the tenure to 2029. And second, we refinanced our bonds that were due in 2026 by issuing new $300 million notes at 9.25% due October 2031.

本季度，我們完成了債務再融資，首先修改了 ABL 信貸安排，將借款能力從 2.75 億美元增加到 3.25 億美元，並將期限延長至 2029 年。其次，我們透過發行將於 2031 年 10 月到期、利率為 9.25% 的 3 億美元新票據，為 2026 年到期的債券進行再融資。

It is important to note that the credit risk portion of the interest rate went down almost a full point since we last financed in 2019. This is a good sign that the debt market appreciates the heavy lifting done on our strategy to reduce the cyclicality and improve our margins by focusing on the recurring higher margin aftermarket side of the business.

值得注意的是，自 2019 年我們上次融資以來，利率的信用風險部分下降了幾乎一個百分點。這是一個好跡象，表明債務市場讚賞我們透過專注於經常性較高利潤的售後業務來減少週期性和提高利潤率的策略。

Turning to our results. During the quarter, we had orders of $425 million, a decrease of 20% compared to a year ago. The year-over-year decrease was primarily driven by the Americas, where we saw order intake down 28% year over year as the US presidential election and interest rates continue to weigh on demand.

轉向我們的結果。本季度，我們的訂單金額為 4.25 億美元，年減 20%。年比下降主要是由美洲推動的，由於美國總統大選和利率繼續對需求造成壓力，我們看到美洲的訂單量比去年同期下降了 28%。

We ended the quarter with a backlog of $742 million. Net sales in the third quarter were $525 million, flat versus the prior year. However, as Aaron mentioned, we missed our book and ship target by over $40 million in the Americas.

本季結束時，我們的積壓金額為 7.42 億美元。第三季淨銷售額為 5.25 億美元，與上年持平。然而，正如 Aaron 所提到的，我們在美洲的書籍和出貨目標相差超過 4000 萬美元。

Non-new machine sales increased 9% year over year to $169 million. The increase was primarily driven by used crane sales, which, if you recall, lagged during the first half. From a trailing 12-month perspective, non-new machine sales reached $618 million, reflecting great progress by the team on our CRANES+50 strategy.

非新機銷售額年增 9%，達到 1.69 億美元。這一成長主要是由二手起重機銷售推動的，如果你還記得的話，二手起重機銷售在上半年表現不佳。從過去 12 個月的角度來看，非新機銷售額達到 6.18 億美元，反映出團隊在 CRANES+50 策略上的巨大進展。

After adjusting for charges related to a legal matter with the EPA, SG&A expenses as a percentage of sales were 15%, flat year over year. Our adjusted EBITDA for the quarter was $26 million, a decrease of 21% year over year. Our European towers business drove roughly half of this decline.

在與 EPA 法律事務相關的費用進行調整後，SG&A 費用佔銷售額的百分比為 15%，與去年同期持平。本季調整後 EBITDA 為 2,600 萬美元，年減 21%。我們的歐洲鐵塔業務約佔這一下降的一半。

Adjusted EBITDA margin was 5%, a decrease of 140 basis points over the prior year. Product mix was the primary driver for this lower margin.

調整後 EBITDA 利潤率為 5%，比前一年下降 140 個基點。產品組合是利潤率下降的主要驅動因素。

Please move to slide 6. Net working capital ended the quarter at $579 million and is elevated due to higher inventory as a result of the miss in the book and ship sales. As mentioned on the last call, we reduced our 2024 build schedules with the impact on inventory expected to be seen in Q4.

請移至投影片 6。本季末淨營運資本為 5.79 億美元，由於書籍和船舶銷售未達標導致庫存增加，淨營運資本增加。正如上次電話會議中所提到的，我們減少了 2024 年的建造計劃，預計對庫存的影響將在第四季度顯現。

Moving to cash flows. We used $44 million of cash from operating activities in the quarter, primarily driven by the increase in working capital and acceleration of our semiannual interest payment related to the debt refinancing.

轉向現金流。本季我們從營運活動中使用了 4,400 萬美元的現金，主要是由於營運資金的增加以及與債務再融資相關的半年度利息支付的加速。

Capital expenditures were $9 million, of which $3 million was for the rental fleet. As a result, our free cash flow was a use of $53 million in the quarter. At September 30, our cash balance was $23 million and total liquidity was $222 million.

資本支出為 900 萬美元，其中 300 萬美元用於租賃車隊。結果，本季我們的自由現金流使用了 5,300 萬美元。截至 9 月 30 日，我們的現金餘額為 2,300 萬美元，流動資金總額為 2.22 億美元。

Our net leverage ratio was 3.4 times. With the planned reduction in inventory, we expect to be below our targeted 3 times by year-end.

我們的淨槓桿率為3.4倍。隨著計劃的庫存減少，我們預計到年底將比目標低 3 倍。

Given our performance in the third quarter, we expect full-year results to come in at the low end of our adjusted EBITDA guidance. This assumes $50 million in new machines book and ship sales, which is not a big number in a normal environment.

鑑於我們第三季的表現，我們預計全年業績將處於調整後 EBITDA 指引的低階。假設新機器預訂和發貨銷售額為 5000 萬美元，這在正常環境下並不是一個大數字。

As you would expect, a lot of uncertainty surrounds the US election and how customers will behave during the remainder of the year. As a reminder, accelerated depreciation for tax purposes dropped from 60% in 2024 to 40% in 2025, which could also stimulate year-end crane demand and cash collection.

正如您所預料的那樣，美國大選以及客戶在今年剩餘時間內的表現存在著許多不確定性。需要提醒的是，出於稅收目的的加速折舊從2024年的60%下降到2025年的40%，這也可能刺激年終起重機需求和現金回收。

As it relates to cash, we need approximately $130 million of free cash flow to hit the low end of our guidance. While we have a line of sight to get there, it will take some items moving in our favor to hit it.

由於與現金相關，我們需要大約 1.3 億美元的自由現金流才能達到我們指導的下限。雖然我們有一條視線可以到達那裡，但需要一些對我們有利的物體移動才能擊中它。

With that, I will now turn the call back to Aaron.

現在，我將把電話轉回亞倫。

Thanks, Brian. Please turn to slide 7. I have to say 2024 has felt like deja vu. During the third quarter, it became evident the construction industry is distracted by the election, and 2024 is unfolding very much like 2016.

謝謝，布萊恩。請翻到幻燈片 7。我必須說，2024 年感覺似曾相識。第三季度，建築業明顯受到選舉的干擾，2024 年的情況與 2016 年非常相似。

Mark Twain once said, history doesn't repeat itself, but it does rhyme. During the second quarter of 2016, we heard a lot of positive customer sentiment at the Bauma Trade Show in Germany. But as the US election approached that year, the favorable sentiment faded and orders waned.

馬克吐溫曾說過，歷史不會重演，但會押韻。2016 年第二季度，我們在德國 Bauma 貿易展上聽到了很多正面的客戶情緒。但隨著當年美國大選的臨近，有利情緒消退，訂單減少。

This year has been very similar. In spite of great positivity that we heard from our customers at Crane Days, order intake slowed dramatically as we entered the summer months.

今年的情況非常相似。儘管我們在 Crane Days 上從客戶那裡聽到了非常積極的信息，但隨著進入夏季，訂單量急劇下降。

On this slide, you can see that the sharp decline in orders leading up to the 2016 presidential election quickly reversed in November. To me, this is the million-dollar question as we consider the remainder of 2024 and the first half of 2025. Will orders pop after the election on Tuesday? I guess time will tell just how wise Mark Twain was.

在這張投影片中，您可以看到 2016 年總統大選之前訂單急劇下降的情況在 11 月迅速扭轉。對我來說，當我們考慮 2024 年剩餘時間和 2025 年上半年時，這是一個價值百萬美元的問題。週二大選後訂單會增加嗎？我想時間會證明馬克吐溫有多明智。

At Manitowoc, we remain committed to focusing on what we can control. Our top priority is safety, followed by strengthening our balance sheet to ensure that our net leverage is below our target of 3 times. To achieve this, we are focused on reducing our inventory and increasing cash generation during the fourth quarter.

在馬尼托瓦克，我們仍然致力於專注於我們可以控制的事情。我們的首要任務是安全，其次是加強我們的資產負債表，以確保我們的淨槓桿率低於我們3倍的目標。為了實現這一目標，我們第四季的重點是減少庫存並增加現金產生。

Additionally, we've adjusted our first quarter 2025 build schedules to minimize the inventory rebound that we seasonally see as we begin a new year. Fortunately, with the terms of our new ABL credit facility, our liquidity is a strong $222 million.

此外，我們還調整了 2025 年第一季的建造計劃，以最大限度地減少新年伊始時季節性出現的庫存反彈。幸運的是，根據我們新的 ABL 信貸安排的條款，我們的流動性高達 2.22 億美元。

While we remain very tactical in managing our cash, we are also resolute in our efforts to grow our aftermarket and non-new machine sales. We've recently opened several new branch locations and we have plans for a few more next year. Strategically, increasing the number of locations and service technicians is vital to driving our non-new machine sales and enhancing long-term shareholder value.

雖然我們在管理現金方面仍然非常有策略，但我們也堅定地努力發展我們的售後市場和非新機器銷售。我們最近開設了幾家新的分店，並計劃明年再開設一些分店。從策略上講，增加分支機構和服務技術人員的數量對於推動我們的非新機器銷售和提高長期股東價值至關重要。

In closing, despite the headwinds mentioned earlier, we see glimmers of optimism. Interest rates are declining around the world, the monies from the Infrastructure and CHIP bills are beginning to flow in earnest, the Middle East remains strong, crane fleets are aging to historic levels, and we continue to grow our service footprint and launch new cranes. Manitowoc is well-positioned to execute our CRANES+50 strategy and deliver shareholder value.

最後，儘管有前面提到的不利因素，我們還是看到了樂觀的曙光。世界各地的利率正在下降，來自基礎設施和 CHIP 帳單的資金開始認真流動，中東仍然強勁，起重機車隊老化到歷史水平，我們繼續擴大我們的服務範圍並推出新的起重機。馬尼托瓦克有能力執行我們的 CRANES+50 策略並創造股東價值。

With that, I'll open it up for questions.

有了這個，我將打開它來提問。

Thank you. (Operator Instructions) Jerry Revich, Goldman Sachs.

謝謝。（操作員指示）Jerry Revich，高盛。

Hey. This is Clay on for Jay. Just one question for me. Can you provide some color on the potential for margin improvement when volumes return, given the productivity improvements you've outlined in this quarter and some of the prior quarters?

嘿。這是傑伊的克萊。只是問我一個問題。鑑於您在本季度和前幾季概述的生產力改進，您能否提供一些關於銷售恢復時利潤率改善潛力的資訊？

Yeah, that's a complicated one to answer just because it depends a lot on the mix. So if you look at the tower crane business, given that it's at its bottom, the contribution margins are going to be great in that business as we move forward. Brian, do you have anything?

是的，這是一個複雜的問題，因為它很大程度上取決於組合。因此，如果你看看塔式起重機業務，考慮到它正處於底部，隨著我們的前進，該業務的邊際貢獻將會很大。布萊恩，你有什麼東西嗎？

Yeah. I think we need that volume as well. Because as we talked about, we've reduced our build plans and that's impacted our flow-through negatively, so both from a tower standpoint as well as a mobile standpoint as we get our inventory right.

是的。我認為我們也需要這個數量。因為正如我們所討論的，我們減少了構建計劃，這對我們的流程產生了負面影響，因此無論是從塔式角度還是從移動角度來看，我們的庫存都是正確的。

Thanks. And just as a follow-up. How has the -- on the non-new machine sales, how has the parts performance been as a part of that? Thanks.

謝謝。並且只是作為後續行動。在非新機器銷售方面，零件性能如何？謝謝。

Yeah, parts has been good. I mean, actually, the thing that's pleased me the most with respect to our non-new machine sales is our MGX business continues to grow. It was up nicely year over year, which is mostly parts and service.

是的，零件做得很好。我的意思是，實際上，對於我們的非新機銷售而言，最讓我高興的是我們的 MGX 業務持續成長。它逐年增長，主要是零件和服務。

And the European tower crane business, even though the whole goods business is down dramatically, we were actually up in the quarter. So that's a good sign that our strategy is working.

而歐洲塔式起重機業務，儘管整個貨物業務大幅下滑，但我們本季實際上有所成長。所以這是一個好兆頭，表明我們的策略正在發揮作用。

Yeah. And I mentioned in the prepared remarks that used was a little bit heavier during the quarter, which definitely impacts our margin flowing through that side of the business.

是的。我在準備好的評論中提到，本季的使用量有點重，這肯定會影響我們流經該業務方面的利潤。

Thanks. I appreciate it.

謝謝。我很感激。

Mirc Dobre, Baird.

米爾克·多布雷，貝爾德。

Hey, good morning, guys. It's actually -- it's Joe on for Mirc this morning. Hey, good morning. So my first question, you're highlighting election uncertainty, that makes perfect sense. Do you think that there is an outcome of the election that would help more than other outcomes or is it just moving from uncertainty to more clarity?

嘿，早上好，夥計們。事實上，今天早上是喬在 Mirc 上場。嘿，早安。所以我的第一個問題是，你強調了選舉的不確定性，這是完全合理的。您認為選舉結果是否比其他結果更有幫助，還是只是從不確定性變得更清晰？

Yeah, that's a tough question to answer. Put me on the line like that, Joe. I mean, I think if you look back at that 2016 bump, that was driven by Trump's win. I mean, the industry is very conservative, I would say. So if I'm being completely honest, I think that a Trump outcome is the best for the crane industry.

是的，這是一個很難回答的問題。就這樣讓我接電話吧，喬。我的意思是，我認為如果你回顧一下 2016 年的上漲，那是由川普的勝利推動的。我想說的是，這個行業非常保守。因此，如果我完全誠實的話，我認為川普的結果對起重機行業來說是最好的。

Yeah. No, that makes sense. And my next question would be -- and you touched upon this a little bit in your prepared remarks, but what series of events would have to happen to get the European tower crane jump started again? And again you touched upon some of these, but maybe expand upon what would need to happen to get that market going?

是的。不，這是有道理的。我的下一個問題是——您在準備好的演講中稍微提到了這一點，但是要發生哪些系列事件才能使歐洲塔式起重機的跳躍再次開始？您再次談到了其中的一些內容，但也許可以擴展一下如何讓該市場繼續運轉？

Yeah. I mean, from my perspective, we're at the bottom. Year over year, we were better in the third quarter in terms of orders. Fourth quarter is a little bit different, bit more difficult comps. We get into next year, every quarter I would call easy comps.

是的。我的意思是，從我的角度來看，我們處於底部。與去年同期相比，第三季的訂單情況較好。第四季有點不同，比較困難一些。我們進入明年，每個季度我都會稱之為簡單的比較。

So to me, that's the first step the basis of it. I think any work that any one of the countries would do in Europe to help the housing shortage would go a long way. But I mean, inventories are low, people dialed back even on the rental fleets.

所以對我來說，這是基礎的第一步。我認為任何一個國家在歐洲為解決住房短缺問題所做的任何工作都會很有幫助。但我的意思是，庫存很低，人們甚至減少了租賃車隊的數量。

I feel like we're at the bottom. We just think it will slowly build back over the next 12 months. It may not happen in the fourth quarter now or the first quarter, but I think when you look at the second half of next year and you start to set yourself up for 2026, we'll start to see some action.

我感覺我們正處於谷底。我們只是認為它會在未來 12 個月內慢慢恢復。這可能不會在現在第四季或第一季發生，但我認為，當你展望明年下半年並開始為 2026 年做好準備時，我們將開始看到一些行動。

The other thing I'd say is Germany has had an election in September, so anything could happen in terms of their geopolitical environment if they're not able to hold the coalition for the current government. That can move things faster, too.

我要說的另一件事是德國在九月舉行了選舉，因此如果他們無法為現任政府維持聯合政府，那麼就其地緣政治環境而言，任何事情都可能發生。這也可以讓事情進展得更快。

I mean, I watch the interest rates, we watch housing permits, and we keep an eye on all these geopolitical. I think as a basis though, the industry is at its bottom and it's going to build from here.

我的意思是，我關注利率，我們關注住房許可，我們關注所有這些地緣政治。但我認為，作為一個基礎，該行業正處於底部，並且將從這裡開始發展。

Got it, okay. Thanks for (multiple speakers)

明白了，好吧。謝謝（多個發言者）

Understood. And maybe if I can sneak in one more quick one. You guys mentioned $130 million of free cash flow in the fourth quarter to hit the low end of the free cash flow range. I guess, what other levers would have to be pulled to get close to that number?

明白了。或許我能再快點溜進去一張。你們提到第四季的自由現金流為 1.3 億美元，達到了自由現金流範圍的低端。我想，還需要拉動哪些其他槓桿才能接近這個數字？

Yeah. We're looking to bring down cash CapEx a little bit. But also, a lot of it is going to be dependent upon that book and ship rate and whether or not we're able to get those units out the door. And then it's going to come down to cash collection by the end of the year.

是的。我們希望稍微降低現金資本支出。而且，其中很大一部分將取決於預訂率和出貨率，以及我們是否能夠將這些單位推出市場。然後到年底將歸結為現金收款。

The cash flow versus it sitting in AR, I'm less concerned about. If we've got an elevated AR at the end of the year and we missed our cash, I'd feel a whole lot better than if it's sitting in inventory obviously.

與 AR 領域的現金流相比，我不太在意。如果我們在年底獲得了較高的 AR，但我們錯過了現金，我會感覺比現金明顯好得多。

We've brought the build plans down enough. So when I look at the $770 million in inventory that we've got sitting on the balance sheet at September, we've got enough inventory to sell. So I think we've got that line of sight, but it's all going to come down to what the book and ship rate is.

我們已經把建造計畫降低得夠多了。因此，當我查看 9 月份資產負債表上 7.7 億美元的庫存時，我們有足夠的庫存可供出售。所以我認為我們已經有了這樣的視野，但這一切都取決於書籍和運輸費率。

Sure, okay. Thanks, guys. Good luck in the fourth quarter.

當然可以。謝謝，夥計們。祝第四季好運。

Tami Zakaria, JPMorgan.

塔米·扎卡里亞，摩根大通。

So my question is a little backward looking actually. Can you remind us what tariffs on imports or even steel in the past impacted your business? The reason I ask, it's election season. I think tariffs are top of mind for a lot of investors. So can you refresh or give us a recap of what happened last time and how you're preparing for it should that be the case again?

所以我的問題其實有點向後看。您能否提醒我們，過去的進口甚至鋼鐵關稅對您的業務產生了哪些影響？我問的原因是現在是選舉季節。我認為關稅是許多投資者最關心的問題。那麼您能否回顧一下上次發生的事情以及如果再次發生這種情況您將如何準備？

Yeah. So I mean, our biggest challenge in the past was when they put in the steel tariffs. If you look at steel prices in the United States, they're 25%, 30% higher than they are in Europe, which is even higher than Asia. So to me, that's already built into our system.

是的。所以我的意思是，我們過去最大的挑戰是他們徵收鋼鐵關稅。如果你看看美國的鋼鐵價格，它們比歐洲高出25%、30%，甚至比亞洲還要高。所以對我來說，這已經內建在我們的系統中。

I mean, I know that there are so many variations of this tariff discussion that's been thrown out there. I mean, in fact, the tariff across all of cranes would be a positive for us when you consider the challenges we have with steel prices and FX. But I have no idea what will actually be implemented.

我的意思是，我知道這個關稅討論有很多變體。我的意思是，事實上，當你考慮到我們在鋼材價格和外匯方面面臨的挑戰時，所有起重機的關稅對我們來說都是正面的。但我不知道實際上會實施什麼。

So at this point, we continue to manage our sourcing like we always have with multiple sources, and we'll manage through it. But I think it's probably the opposite direction, right, because they're talking about applying tariffs to everything.

因此，在這一點上，我們將繼續像對待多個來源一樣管理我們的採購，並且我們將透過它進行管理。但我認為這可能是相反的方向，對吧，因為他們正在談論對一切徵收關稅。

I think in the end, it would actually be favorable for us because we've already taken the biggest hit with steel. Brian, what do you think?

我認為最終這實際上對我們有利，因為我們已經遭受了鋼鐵的最大打擊。布萊恩，你覺得怎麼樣？

Yeah. I think one of our big competitors has been seeing favorability from a currency rate in the US. So I think that's, to me, a bigger concern because they got both the benefit of the steel price as well as the currency. So I think continuing to monitor that and see what happens. And I think our US interest rates are going to impact that as well as what happens in Japan, so I think that's the other big factor.

是的。我認為我們的主要競爭對手之一已經看到了美國匯率的優惠。所以我認為，對我來說，這是一個更大的擔憂，因為他們既受益於鋼鐵價格，也受益於貨幣。所以我認為繼續監控這種情況，看看會發生什麼。我認為美國的利率以及日本的情況都會影響這一點，所以我認為這是另一個重要因素。

Got it, okay. Thank you.

明白了，好吧。謝謝。

(Operator Instructions) Steven Fisher, UBS.

（操作員說明）Steven Fisher，UBS。

Good morning. I just wanted to ask about a follow-up on margins. And I'm not sure if your commentary on the guidance, low end, applies to revenues as well. I'm just trying to impute what the implied margins are for Q4.

早安.我只是想問一下關於利潤率的後續行動。我不確定您對低端指導的評論是否也適用於收入。我只是想估算第四季的隱含利潤率。

It seems like they might be pretty steady on EBITDA basis with the margin, that 5% margin, in Q3. I want to confirm if that's correct. And then just thinking about -- should we consider the bottoming of margins from here or do we think there could still be some more pressure as we go into '25 depending on how things play out?

看起來他們在 EBITDA 的基礎上可能相當穩定，第三季的利潤率為 5%。我想確認一下這是否正確。然後想想——我們是否應該考慮利潤率從現在開始觸底，還是我們認為進入 25 年後，根據情況的發展，仍然可能面臨更大的壓力？

Yeah. I think in the short term -- so a big portion of our margin issues in the third quarter was related to our build schedule reductions. I mean, there was some impact from towers which was worth a couple of million bucks and we had some mix challenges. I think those mix challenges will continue in the fourth quarter as well as more absorption because we'll actually have more shutdowns in the fourth quarter to adjust our build schedules.

是的。我認為從短期來看，第三季我們的利潤問題很大一部分與我們的建造計畫減少有關。我的意思是，價值數百萬美元的塔樓產生了一些影響，我們遇到了一些混合挑戰。我認為這些混合挑戰將在第四季度繼續存在，並且會更多地吸收，因為我們實際上會在第四季度有更多的停工來調整我們的建設時間表。

And then looking into the first quarter, I mean. we've adjusted our build schedules in the first to protect our balance sheet. So I mean I think the next two quarters will continue to be challenged on the margin side just purely for the fact that we're not driving as many hours through our shops.

我的意思是，然後看看第一季。我們首先調整了我們的建設計劃以保護我們的資產負債表。所以我的意思是，我認為接下來的兩個季度將繼續在利潤方面面臨挑戰，這純粹是因為我們在商店裡開車的時間減少了。

Your assumption that Q4 looks similar to Q3, I'd say that's pretty fair. Maybe a slight uptick, but I think relatively flat from a margin standpoint is where we're thinking about it.

你假設第四季看起來與第三季相似，我認為這是相當公平的。也許略有上升，但我認為從利潤率的角度來看，我們正在考慮相對持平。

Okay, that's great. And then just -- you gave some of the market color in the beginning. Just curious about quoting activity, particularly in the Americas. Anything that you can comment on in terms of how you've seen that in the last handful of months relative to earlier in the year? Is it still fairly active even if there's not as much ordering? What are you seeing in the quoting activity?

好的，太好了。然後，您一開始就給了一些市場色彩。只是對報價活動感到好奇，尤其是在美洲。對於過去幾個月相對於今年早些時候的看法，您有什麼可以評論的嗎？即使沒有那麼多訂單，它仍然相當活躍嗎？您在報價活動中看到了什麼？

Yeah. So our orders for October will probably be less than 150, so just to give you some indication of where this past month has played out. That being said, in my normal reviews with the team -- I mean, I had one on Monday morning.

是的。因此，我們 10 月的訂單可能會少於 150 個，所以只是為了向您提供一些關於過去一個月的情況的指示。話雖這麼說，在我與團隊的正常審查中——我的意思是，我在周一早上進行了一次審查。

And actually, some of the sales guys were saying that quoting activity picked up. So I know that's anecdotal, but to me that's a pretty good sign. Because the last several months have been pretty slow in terms of talking about order activity or at least quoting activity, let's call it.

事實上，一些銷售人員表示報價活動增加。所以我知道這是軼事，但對我來說這是一個很好的跡象。因為過去幾個月在談論訂單活動或至少是報價活動方面相當緩慢，我們就這樣稱呼它吧。

Right. Okay. Thank you.

正確的。好的。謝謝。

There are no further questions at this time. Mr. Warner, I turn the call back over to you.

目前沒有其他問題。華納先生，我將電話轉回給您。

Thank you. Before we conclude today's call, please note that a replay of our third-quarter 2024 conference call will be available later this morning by accessing the Investor Relations section of our website at manitowoc.com. Thank you, everyone, for joining us today and for your continuing interest in The Manitowoc Company. We look forward to speaking with you again next quarter.

謝謝。在我們結束今天的電話會議之前，請注意，今天上午晚些時候，您可以訪問我們網站 manitowoc.com 的投資者關係部分，重播 2024 年第三季度電話會議。感謝大家今天加入我們並感謝您對馬尼托瓦克公司的持續關注。我們期待下個季度再次與您交談。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連線。