Manitowoc Company Inc (MTW) 2024 Q4 法說會逐字稿

Good day and welcome to the Manitowoc fourth-quarter and full-year 2024 earnings conference call. All participants will be on listen-only mode. (Operator Instructions) After today's presentation, there will be an opportunity to ask questions. (Operator Instructions) Please note, event is being recorded.

大家好，歡迎參加馬尼托瓦克 2024 年第四季和全年財報電話會議。所有參與者將處於只聽模式。（操作員指示）今天的演示結束後，將有機會提問。（操作員指示）請注意，事件正在記錄中。

I would now like to turn the conference over to Ion Warner, Senior Vice President of Marketing and Investor Relations. Please go ahead.

現在，我想將會議交給行銷和投資者關係高級副總裁 Ion Warner。請繼續。

Good morning, everyone, and welcome to our earnings call to review the company's fourth-quarter and full-year 2024 financial performance and business update as outlined in last evening's press release. Joining me this morning with prepared remarks are Aaron Ravenscroft, our President and Chief Executive Officer; and Brian Regan, Executive Vice President and Chief Financial Officer. Earlier this morning, we posted our slide presentation on the Investor Relations section on our website, manitowoc.com, which you can use to follow along with our prepared remarks.

大家早安，歡迎參加我們的財報電話會議，回顧昨晚新聞稿中概述的公司第四季和 2024 年全年財務業績和業務更新。今天早上與我一起發表準備好的發言的還有我們的總裁兼執行長 Aaron Ravenscroft；以及執行副總裁兼財務長 Brian Regan。今天早些時候，我們在網站 manitowoc.com 的投資者關係部分發布了我們的幻燈片演示，您可以透過該幻燈片了解我們準備好的發言。

Please turn to slide 2. Before we start, please note our Safe Harbor statement in a 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 statement, whether as a result of new information, future events, or other circumstances.

請翻到投影片 2。在我們開始之前，請注意我們在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，前瞻性陳述（如 1995 年私人證券訴訟改革法案所定義）是基於公司對其市場當前評估以及影響其業務的其他因素而做出的。然而，由於公司最新的美國證券交易委員會文件中描述的一個或多個因素，實際結果可能與任何隱含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，無論是否出現新資訊、未來事件或其他情況。

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

現在，我將把電話轉給 Aaron。

Thank you, Ion. And good morning, everyone. Please turn to slide 3. In the wise words of Winston Churchill, A pessimist sees the difficulty in every opportunity; an optimist sees the opportunity in every difficulty. As you can draw from our financial results, we faced plenty of difficulties during 2024. I'm proud to say that the Manitowoc team pursued every potential opportunity with great enthusiasm and optimism. It's inspiring to see the level of motivation and passion throughout the country.

謝謝你，Ion。大家早安。請翻到幻燈片 3。正如溫斯頓邱吉爾所言，悲觀主義者在每個機會中都看到困難；樂觀主義者在每個困難中都看到機會。從我們的財務結果可以看出，我們在 2024 年面臨許多困難。我很自豪地說，馬尼托瓦克團隊以極大的熱情和樂觀的態度追求每一個潛在的機會。看到全國各地如此的熱情和熱情真是令人鼓舞。

For example, during the year, we set a new record of $629 million in non-new machine sales. We grew our field service technician count by 7% to over 460 team members. We launched 13 new cranes, including the next-generation EV self-erecting tower crane, and the MCT 2205, which is the largest tower crane that we've designed and built out of our China operations. And we renegotiated our debt to improve our liquidity and extend our tender. I'd like to express my sincerest gratitude to the Manitowoc team for a hard-fought 2024.

例如，今年我們非新機器銷售額創下了 6.29 億美元的新紀錄。我們的現場服務技術人員數量增加了 7%，達到 460 多名。我們推出了 13 台新型起重機，包括下一代 EV 自升式塔式起重機和 MCT 2205，這是我們在中國設計和製造的最大塔式起重機。我們重新協商了債務，以提高流動性並延長投標期限。我要向馬尼托瓦克團隊在 2024 年的艱苦奮鬥表示最誠摯的感謝。

For the full year, we reported $2.2 billion in sales sales of $128 million in adjusted EBITDA. We generated $100 million of free cash flow during the fourth quarter and ended the year with $321 million in liquidity.

我們報告的全年銷售額為 22 億美元，調整後 EBITDA 為 1.28 億美元。我們在第四季產生了 1 億美元的自由現金流，年底的流動資金為 3.21 億美元。

Please turn to slide 4. Turning our focus to The Manitowoc Way, I am extremely proud of the team's achievements. First and foremost, in terms of safety, we ended the year with an RIR or recordable incident rate of 1.19%. This is the second best result in the company's history following a phenomenal year in 2023. In addition, we reduced our first aid incidents 25% year over year and saw a significant reduction in the severity of our lost time injuries. 2024 was arguably the safest year in our 120-year history. Nevertheless, our goal still remains zero injuries and the team continues to find ways to improve.

請翻到幻燈片 4。將我們的注意力轉向馬尼托瓦克之路，我為團隊所取得的成就感到無比自豪。首先，在安全性方面，我們今年的 RIR 或可記錄事故率為 1.19%。這是繼 2023 年非凡業績之後，該公司歷史上第二好的業績。此外，我們的急救事故年減了 25%，工傷損失的嚴重程度也顯著降低。 2024 年可以說是我們 120 年歷史上最安全的一年。儘管如此，我們的目標仍然是零傷病，球隊也持續尋找改進的方法。

We also continue to forge ahead with our environmental-related Kaizens. In addition to the benefits for the planet, these initiatives have been pretty darn good for our pocket book. During the year, we reduced our greenhouse gas intensity 6%, which equates to roughly $100,000 in savings. Since 2019, when we set our baseline for this metric, we've reduced our intensity by 36%.

我們也將繼續推進與環境相關的改善。這些舉措除了為地球帶來益處之外，還對我們的錢包有很大幫助。今年，我們的溫室氣體強度降低了 6%，相當於節省了約 10 萬美元。自 2019 年我們為此指標設定基準以來，我們已將強度降低了 36%。

Lastly, I'd like to recognize our maintenance team in Portugal through our Annual Manitowoc Way Lessons Learned Award. Thanks to their ingenuity, the team built an automated tester for welding torches that only cost EUR50. Previously, we fixed upon failure which could cause serious quality problems and significant loss of time. In addition to this invention, over the past two years, the team has done an excellent job integrating different IoT tools to track TPMs on our machine centers, modifying our paint booths to reduce our emissions and gas consumption, and applying 5S to our maintenance area of the plant. Obrigado to the team and congratulations.

最後，我想透過年度馬尼托瓦克之路經驗教訓獎來表彰我們在葡萄牙的維護團隊。該團隊憑藉自己的聰明才智，打造出一款僅花費50歐元的焊槍自動測試儀。此前，我們曾關注過可能導致嚴重品質問題和大量時間損失的故障。除了這項發明之外，在過去的兩年裡，該團隊還出色地整合了不同的物聯網工具來追蹤我們機器中心的 TPM，改造了我們的噴漆房以減少我們的排放和氣體消耗，並將 5S 應用於我們工廠的維護區域。向團隊致以崇高的敬意並表示祝賀。

Please move to slide 5. Turning our attention to the market, we generated orders of $516 million during the fourth quarter. Our backlog ended the year at $650 million. Regionally, the Americas rebounded in the fourth quarter following the U.S. election. Customer sentiment has significantly improved post election. Dealer inventory levels remain reasonable, utilization rates at crane operators have been strong, and rental rates have held steady. There's optimism about the future demand.

請移至投影片 5。將注意力轉向市場，我們在第四季度產生了 5.16 億美元的訂單。年底，我們的積壓訂單金額為 6.5 億美元。從地區來看，美國大選後，美洲地區在第四季出現反彈。選舉後，顧客情緒明顯改善。經銷商庫存水準保持合理，起重機業者的利用率很高，租賃率保持穩定。人們對未來的需求持樂觀態度。

In Europe, the situation remains complicated, but there are a few positive indicators that suggest the European tower crane market is gradually recovering. For the second quarter in a row, our orders for tower cranes grew modestly year over year. While the French market remains weak, this has been offset by growth in Germany, Italy, and the UK. In Italy, a new incentive plan called Transizione 5.0 has recently announced. And of course, we are keen to see the impact of the upcoming German elections. Regarding France, I visited our two largest dealers and four major construction companies in December. Overall sentiment has yet to improve. All said, uncertainty still exists, but I'm hopeful that there are some recovery in 2025.

在歐洲，情況仍然複雜，但有一些積極指標顯示歐洲塔式起重機市場正在逐步復甦。我們的塔式起重機訂單連續第二季同比小幅增長。儘管法國市場依然疲軟，但德國、義大利和英國的成長抵消了這一影響。義大利最近宣布了一項名為Transizione 5.0的新激勵計劃。當然，我們也迫切希望看到即將舉行的德國大選的影響。關於法國，我在12月份訪問了我們最大的兩家經銷商和四家主要建築公司。整體情緒尚未改善。總而言之，不確定性仍然存在，但我希望 2025 年會出現一些復甦。

For EU mobiles, in spite of the difficult economic environment in the region, demand for all-terrain cranes has been relatively stable. We continue to benefit from recent product introductions and our significant improvements in quality and service. As a reminder, the Munich bauma event is just around the corner. We're excited to showcase our new products as well as the variety of our new aftermarket offerings. This show is always a good barometer for how Europe will shape up over the next couple of years. If you plan to attend the show, we'd be happy to host you.

對於歐盟移動起重機而言，儘管該地區的經濟環境艱難，但對全地面起重機的需求一直相對穩定。我們繼續受益於最近的產品推出以及品質和服務的顯著改進。提醒一下，慕尼黑寶馬展即將到來。我們很高興展示我們的新產品以及各種新的售後產品。該展會始終是預測未來幾年歐洲發展的良好晴雨表。如果您計劃參加展會，我們將非常高興接待您。

Turning to the Middle East, the overall market remains robust. Fourth quarter orders were up over 44% year over year. I visited the region in December and the situation remains the same in Saudi. While funding is tightening, numerous projects in the kinghom need to be completed to host the 2029 Asian Winter Games, the World Expo in 2030, and the World Cup in 2034. To put this into perspective, a total of 780,000 hotel rooms will be needed for the World Cup alone. Three stadium projects have been awarded with another seven due to be granted. As for Neom, one of these stadiums will be integrated into the line. Although it may take some time before the 170-kilometer vision for the line has completed, the airport project is already underway and the initial modules are in progress.

展望中東，整體市場依然強勁。第四季訂單年增超過44%。我於 12 月訪問了該地區，沙特的情況仍然沒有改變。在資金緊張的情況下，金海山地區還有大量項目需要完成，以舉辦2029年亞冬會、2030年世博會、2034年世界盃。具體來說，光是世界盃就需要總共 78 萬間飯店客房。三個體育場項目已經得標，另有七個即將得標。至於 Neom，其中一個體育場將被整合到該線路中。雖然170公里長的線路規劃可能還需要一段時間才能完成，但機場工程已經在進行中，初始模組也正在建設中。

The Asia Pacific market is a mixed bag. There are no signs of construction recovery in China. And overall, competition with Chinese exporters has never been more intense. The biggest surprise during the quarter, however, came from South Korea. Due to the recent political upheaval, we had a couple of cancellations and a few hot deals have dried up, worth roughly $8 million in sales.

亞太市場漲跌互現。中國建築業尚無復甦跡象。總體而言，與中國出口商的競爭從未如此激烈。然而，本季最大的驚喜來自韓國。由於最近的政治動盪，我們有幾筆訂單被取消，一些熱門交易也告吹，銷售額約 800 萬美元。

Lastly, Australia continues to be steady. The mobile business continues to be stable and demand for tower cranes is gaining steam with new product deliveries and a robust aftermarket.

最後，澳洲持續保持穩定。行動業務持續保持穩定，隨著新產品的交付和售後市場的強勁成長，對塔式起重機的需求正在不斷增長。

With that, I'll pass it to Brian to walk you through the financials before I close with an update on our strategy.

說完這些，我會將話題轉交給 Brian，讓他向大家介紹一下財務狀況，然後我會介紹我們的策略更新。

Thanks, Aaron. And good morning, everyone. Please move to slide 6. Despite entering the fourth quarter with a lot of uncertainty around the U.S. election, our results were generally in line with our expectations in the guidance previously provided. To summarize, total revenue for the quarter were $596 million, and we achieved trailing 12-month non-new machine sales of $629 million, a record high. Furthermore, we made significant improvements in reducing our inventory, generating $100 million of free cash flows to bring our leverage back below our targeted 3 times. We had customer payments that slid into 2025, impacting our ability to achieve the cash flow guidance.

謝謝，亞倫。大家早安。請移至投影片 6。儘管進入第四季時美國大選存在著許多不確定性，但我們的業績大致上符合先前提供的指引中的預期。總而言之，本季的總營收為 5.96 億美元，過去 12 個月的非新機器銷售額達到 6.29 億美元，創下歷史新高。此外，我們在減少庫存方面取得了重大進展，產生了 1 億美元的自由現金流，使我們的槓桿率回到目標 3 倍以下。我們的客戶付款推遲到了 2025 年，影響了我們實現現金流指導的能力。

Specific to Q4 results, orders were $516 million, an increase of 8% from a year ago. Notably, European tower crane orders were up year over year for the second quarter in a row. It is encouraging to see some early signs of a potential recovery. December 31 backlog was $650 million, a year over year decrease of 29%. Net sales in the fourth quarter were $596 million, flat versus a year ago. A year over year decrease in the Americas was offset by stronger non-new machine sales.

具體到第四季的業績，訂單金額為5.16億美元，比去年同期成長了8%。值得注意的是，歐洲塔式起重機訂單連續第二季年增。看到一些潛在復甦的早期跡象令人鼓舞。12 月 31 日積壓訂單為 6.5 億美元，年減 29%。第四季淨銷售額為 5.96 億美元，與去年同期持平。美洲地區非新機器銷售的強勁成長抵消了去年同期的下滑。

SG&A expenses were $77 million, which included a $1 million charge related to a legal matter with the U.S. Environmental Protection Agency. Excluding the impact of this charge, SG&A expenses as a percentage of sales were 13%, flat year over year.

銷售、一般及行政開支為 7,700 萬美元，其中包括與美國環保署法律事務相關的 100 萬美元費用。除去此費用的影響，銷售、一般及行政開支佔銷售額的百分比為 13%，與去年同期持平。

Our adjusted EBITDA for the fourth quarter was $35 million, a decrease of 4% year over year. Adjusted EBITDA margin was 5.9%, a decrease of 20 basis points. Our GAAP diluted income per share in the quarter was $1.59. On an adjusted basis, diluted income per share was $0.10, an increase of a penny from the prior year.

我們第四季的調整後 EBITDA 為 3500 萬美元，年減 4%。調整後 EBITDA 利潤率為 5.9%，下降 20 個基點。本季我們的 GAAP 每股攤薄收益為 1.59 美元。經調整後，每股攤薄收益為 0.10 美元，比前一年增加一美分。

Please turn to slide 7. Looking at the full-year, our 2024 orders totaled $1.9 billion to $3 billion, an 8% decrease year over year. Net sales for the full year were $2.178 million, a 2% decrease over the prior year. Our non-new machine sales were $629 million. Reflecting back to 2020, the year prior to embarking on our CRANES+50 strategy, non-new machine sales were $376 million. Since then, we have grown our non-new machine sales by over $250 million or 67%. This reflects great progress in executing our strategy to grow the less cyclical higher margin aftermarket business.

請翻到幻燈片 7。縱觀全年，我們 2024 年的訂單總額為 19 億美元至 30 億美元，年減 8%。全年淨銷售額為217.8萬美元，較上年下降2%。我們的非新機器銷售額為 6.29 億美元。回顧 2020 年，也就是我們實施 CRANES+50 策略的前一年，非新機器銷售額為 3.76 億美元。自那時起，我們的非新機器銷售額成長了 2.5 億美元，增幅為 67%。這反映了我們在執行不受週期性影響且利潤率更高的售後市場業務成長策略方面取得了巨大進展。

Adjusted EBITDA for the year was $128 million, a decrease of 27% year over year. Adjusted EBITDA margin decreased 200 basis points over the prior year to 5.9%, primarily due to product mix and under-absorption of fixed costs. The year over year adjusted EBITDA headwind of the European tower crane business was $32 million.

全年調整後EBITDA為1.28億美元，較去年同期下降27%。調整後的 EBITDA 利潤率較前一年下降 200 個基點至 5.9%，主要原因是產品結構和固定成本吸收不足。歐洲塔式起重機業務年比調整後 EBITDA 逆風為 3,200 萬美元。

On a GAAP basis, our benefit for income taxes in the year was $44 million. This includes a non-cash benefit of $56 million related to the release of evaluation allowance. On an adjusted basis, our provision for income taxes was $12 million. This includes $4 million or $0.10 per share of nonoperational discrete items, which were not considered in our guidance. Our adjusted diluted earnings per share was $0.41.

根據 GAAP 標準，我們當年的所得稅收益為 4,400 萬美元。其中包括與釋放評估津貼有關的5,600萬美元非現金福利。經過調整後，我們的所得稅準備金為 1,200 萬美元。其中包括 400 萬美元或每股 0.10 美元的非經營性獨立項目，這些項目在我們的指導中沒有考慮到。我們的調整後每股攤薄收益為 0.41 美元。

Turning to slide 8. During the year, we generated $49 million of cash flows from operations and had capital expenditures of $45 million, of which, $5 million was related to strategic rental fleet growth. This resulted in free cash flows of $4 million and an ending cash balance of $48 million. The lower than guided free cash flows were the result of the timing of shipments at the end of the year which resulted in a delay in cash collections for 2025.

翻到幻燈片 8。本財年，我們從營運活動中產生了 4,900 萬美元的現金流，資本支出為 4,500 萬美元，其中 500 萬美元與策略性租賃車隊成長有關。這導致自由現金流為 400 萬美元，期末現金餘額為 4,800 萬美元。低於指引值的自由現金流是由於年底出貨時間導致 2025 年現金回款延遲。

Net working capital as a percentage of sales at the end of the year was 21%, flat compared to prior year. Our build plan adjustments were effective in getting our net leverage to 2.66 times below our targeted 3 times. Total outstanding borrowings under the ABL increased $19 million during the year with $79 million outstanding at year end. With the successful refinancing of our debt during the year and the related incremental availability under our ABL, total liquidity was a healthy $321 million.

年末淨營運資本佔銷售額的百分比為21%，與上年持平。我們的建設計劃調整有效地將我們的淨槓桿率降至低於目標 3 倍的 2.66 倍。本年度，ABL 項下的未償還借款總額增加了 1,900 萬美元，年底未償還借款總額為 7,900 萬美元。由於我們今年成功完成了債務再融資，並且 ABL 項下的可用資金不斷增加，總流動資金達到了健康的 3.21 億美元。

Please turn to slide 9. As we look ahead to 2025, one consistency is that uncertainty persists. For the U.S. market, the positive sentiment we heard in May at our Crane Days event is coming back. There's still questions as to what will happen to interest rates in the effect of any tariffs. While there is some optimism in Europe for the first time in awhile, any improvement is expected to be slight. Asia continues to be a challenge. And the competition in the Middle East remains fierce. As you can see on this slide, the midpoint of our 2025 guidance reflects a marginally better year with net sales of $2.175 billion to $2.275 billion, adjusted EBITDA of $120 million to $145 million. In addition, we expect to generate between $55 million and $85 million of operational free cash flows, excluding the impact of any potential payment to settle the EPA matter.

請翻到第 9 張投影片。展望2025年，我們始終發現一個共同點，那就是不確定性依然存在。對於美國市場來說，我們在五月的 Crane Days 活動中聽到的正面情緒正在回歸。關稅將對利率產生什麼影響仍存在疑問。儘管歐洲近期首次出現了一些樂觀情緒，但預計改善幅度也將很小。亞洲仍然是一個挑戰。中東地區的競爭仍然激烈。正如您在這張投影片上看到的，我們 2025 年指引的中點反映了略好的一年，淨銷售額為 21.75 億美元至 22.75 億美元，調整後的 EBITDA 為 1.2 億美元至 1.45 億美元。此外，我們預計將產生 5,500 萬至 8,500 萬美元的營運自由現金流，這不包括任何潛在支付以解決 EPA 問題的影響。

While we do not provide quarterly guidance, we do want to note that the first quarter of 2025 is expected to be extremely light, more so than usual as a result of the builds scheduled reductions we made in 2024. While historically, Q1 has provided approximately 20% to 25% of our full-year adjusted EBITDA, this Q1 is expected to contribute approximately half that amount.

雖然我們沒有提供季度指導，但我們確實想指出，由於我們在 2024 年計劃減少產能，預計 2025 年第一季的產能將非常低，比平時更差。雖然從歷史上看，第一季的業績約占我們全年調整後 EBITDA 的 20% 至 25%，但預計第一季的業績將僅佔該數字的一半左右。

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

說完這些，我現在將電話轉回給 Aaron。

Thank you, Brian. Please turn to slide 10. 2024 was definitely a challenging year. European tower crane market reached what we believe is the bottom of its cycle. Chinese competition intensified globally, depressing prices in emerging markets. And the Americas experienced a significant slowdown leading up to the election. Nevertheless, the team continue to push our strategy forward finding pockets of opportunity for growth. Even in the weak European tower crane market, we were able to grow our non-new machine sales year over year. To stay ahead of Chinese competition, we continued to introduce new tower cranes, specifically designed for the Middle East projects. For mobile cranes, we continued to aggressively service our customers with billable service support, remanufacturing, and used cranes. And in the Americas, we continued to expand our service locations to support our CRANES+50 strategy. In addition to upgrading our locations in Phoenix and Baton Rouge, we recently announced the acquisition of certain crane assets and territories in North Carolina, South Carolina, and Georgia.

謝謝你，布萊恩。請翻到第 10 張投影片。我們認為，歐洲塔式起重機市場已到達其週期的底部。中國在全球的競爭愈演愈烈，壓低了新興市場的價格。在選舉前夕，美洲經濟明顯放緩。儘管如此，團隊仍繼續推動我們的策略，尋找成長機會。即使在歐洲塔式起重機市場疲軟的情況下，我們的非新機器銷售額仍能逐年成長。為了在中國的競爭中保持領先，我們不斷推出專為中東項目設計的新型塔式起重機。對於移動式起重機，我們繼續積極為客戶提供收費服務支援、再製造和二手起重機服務。在美洲，我們繼續擴大服務地點，以支持我們的 CRANES+50 策略。除了升級我們在鳳凰城和巴吞魯日的工廠外，我們最近還宣布收購北卡羅來納州、南卡羅來納州和喬治亞州的一些起重機資產和領土。

We continue to transform Manitowoc through the execution of our CRANES+50 strategy. Just consider the progress that we made since 2020. First, non-new machine sales in 2024 were $629 million, a 67% increase compared to 2020. Second, we increased our field service tech population to 467 techs in 2024, an increase of over 100% since 2020. Third, in the U.S., we added 16 service locations compared to just one location in 2020. In addition, we added service shops in Lima, Peru; Barnsley, UK, and (inaudible), France. And fourth, gross profits from non-new machine sales in 2024 were $208 million, a 64% increase since 2020.

我們透過實施 CRANES+50 策略繼續改造馬尼托瓦克。只要考慮一下我們自 2020 年以來的進步。首先，2024 年非新機器銷售額為 6.29 億美元，比 2020 年成長 67%。其次，到 2024 年，我們將現場服務技術人員數量增加到 467 名，比 2020 年增加了 100% 以上。第三，在美國，我們增加了 16 個服務地點，而 2020 年只有 1 個。此外，我們在秘魯利馬增加了服務店；英國巴恩斯利和法國（聽不清楚）。第四，2024年非新機銷售毛利為2.08億美元，較2020年成長64%。

While we can't control the ebbs and flows of the crane cycle, Manitowoc has a strong reputation for managing it utilizing The Manitowoc Way. I'm convinced more than ever that our CRANES+50 strategy is the key to breaking the (inaudible) on our business. As a reminder, non-new machien sales are significantly less volatile than new crane market and have average gross profits of roughly 35%. Our goal is to consistently generate stable and substantial returns on our invested capital regardless of the crane cycle. CRANES+50 provides us a blueprint to achieve this.

雖然我們無法控制起重機週期的起伏，但馬尼托瓦克在利用馬尼托瓦克方式管理起重機週期方面享有盛譽。我比以往任何時候都更加堅信，我們的 CRANES+50 策略是打破（聽不清楚）業務的關鍵。需要提醒的是，非新機械銷售的波動性明顯低於新起重機市場，平均毛利約 35%。我們的目標是無論起重機週期如何，始終如一地為所投資的資本帶來穩定且可觀的回報。CRANES+50為我們提供了實現這一目標的藍圖。

With that, operator, please open the line for questions.

接線員，請打開熱線來回答問題。

We will now begin the question-and-answer session. (Operator Instructions)

我們現在開始問答環節。（操作員指令）

Jerry Revich, Goldman Sachs.

高盛的傑瑞·雷維奇（Jerry Revich）。

Hey. (inaudible) for Jerry. To start off here, Guidance implies sales up a little bit here at the midpoint. Can you just talk about where that embeds things staying the same or getting better just regionally? I'm just curious what guidance advancing on a regional basis.

嘿。 （聽不清楚）對於傑瑞來說。首先，指導意味著銷售額在中間點會略有上升。您能否談談從區域來看情況如何保持不變或有所改善？我只是好奇在區域基礎上有何指導進展。

Yeah. I think it's marginally better, I'd say, year over year from a revenue standpoint. We've got to a wide range because there's a handful of possibilities all happened during the year. But I mentioned that we expect Europe to be slightly better particularly on the tower crane side. U.S. slightly better. But Asia continues to be uncertain, in particular, South Korea. I'd say it's a mixed bag, hence, why we've got the large range in the guidance.

是的。我認為從收入角度來看，與去年同期相比，情況略有改善。我們的範圍很廣，因為一年之中會發生很多可能性。但我提到，我們預期歐洲的表現會稍微好一些，特別是在塔式起重機方面。美國稍微好一點。但亞洲仍存在不確定性，尤其是韓國。我想說這是一個混合體，因此，我們的指導範圍才這麼大。

Thanks. And then separately, on the non-new machine sales, can you talk about how used values for cranes have trended throughout the quarter and now as we head into 2025? Thanks.

謝謝。然後，單獨就非新機器銷售而言，您能否談談整個季度以及現在進入 2025 年時起重機的二手價值趨勢如何？謝謝。

Yeah. In terms of values of used cranes, it always depends on the age and the model of the crane. I mean, from my perspective, there's not been much change. Of course, sometimes whenever you go through some of these surveys, Neil at the Ritchie Brothers, usually, those are cranes that are last resort. We're typically doing the deals directly and those are cranes, I think, that have more interesting value or more interesting models to the marketplace. So from my perspective, used prices haven't gone down or up.

是的。就二手起重機的價值而言，它總是取決於起重機的年齡和型號。我的意思是，從我的角度來看，並沒有太大的變化。當然，有時無論何時進行這些調查，里奇兄弟的尼爾 (Neil) 都會說，通常這些都是最後的手段。我們通常直接進行交易，我認為那些起重機對市場來說具有更有趣的價值或更有趣的模型。所以從我的角度來看，二手價格沒有下跌或上漲。

Thanks. (inaudible)

謝謝。（聽不清楚）

(Operator Instructions) This concludes our question-and-answer session. I would like to turn the conference back over to Ion Warner for any closing remarks.

（操作員指示）我們的問答環節到此結束。我想將會議交還給 Ion Warner 並請他作最後發言。

Thank you. Please note that a replay of our fourth-quarter 2024 earnings 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。請注意，您今天早上晚些時候可以透過造訪我們網站 manitowoc.com 的投資者關係部分來重播我們的 2024 年第四季財報電話會議。感謝大家今天的參與以及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。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。