Manitowoc Company Inc (MTW) 2025 Q2 法說會逐字稿

Good day, and welcome to the Manitowoc Company second quarter of 2025 earnings conference call. Please note that today's event is being recorded. (Operator Instructions)

大家好，歡迎參加馬尼托瓦克公司 2025 年第二季財報電話會議。請注意，今天的活動正在記錄。（操作員指示）

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

現在我想將電話轉給行銷和投資者關係副總裁 Ion Warner。請繼續。

Good morning, everyone, and welcome to our earnings call to review the company's second quarter 2025 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, our 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，歡迎參加我們的收益電話會議，回顧公司昨晚新聞稿中概述的 2025 年第二季度財務業績和業務更新。今天早上與我一起發表準備好的演講的還有我們的總裁兼執行長 Aaron Ravenscroft 和我們的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 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. 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 the result of new information, future events or other circumstances.

請翻到投影片 2。在我們開始之前，請注意本次通話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》所定義的前瞻性陳述是根據公司對其市場和其他影響其業務的因素的當前評估而做出的。然而，由於公司最新提交給美國證券交易委員會的文件中所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，無論其是否由於新資訊、未來事件或其他情況而產生。

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

現在，我將把發言權交給 Aaron。

Thank you, Ion, and good morning, everyone. Please turn to slide 3. To start, I'd like to express my deep appreciation for the hard work of the Manitowoc team. While the great trade reset continues, I'm really proud of how our teams continuously reacts to the ever-changing tariff landscape and focuses on finding solutions to service our customers. During the second quarter, we generated $540 million in revenue and $26 million in adjusted EBITDA. Orders were $454 million and backlog ended the period at $729 million. Our non-new machine sales were $162 million, up 10% year-over-year.

謝謝你，Ion，大家早安。請翻到幻燈片 3。首先，我要對馬尼托瓦克團隊的辛勤工作表示深深的感謝。雖然貿易大重置仍在繼續，但我對我們的團隊如何不斷應對不斷變化的關稅情況並專注於尋找解決方案來服務我們的客戶感到非常自豪。第二季度，我們的營收為 5.4 億美元，調整後 EBITDA 為 2,600 萬美元。訂單金額為 4.54 億美元，期末積壓訂單金額為 7.29 億美元。我們的非新機器銷售額為 1.62 億美元，年增 10%。

In terms of tariffs, during our first quarter call, we were modeling $60 million in incremental tariffs for the year with plans to mitigate 80% to 90% of these costs. Today, we believe the full year gross impact of tariffs is $35 million. The change in our assumption is due to a combination of lower purchases and a different mix of various tariffs. We expect to mitigate 90% of these costs. Given the fluid nature of the situation and the price elasticity of cranes in the short term, we see a drag on demand in the United States.

在關稅方面，在第一季電話會議上，我們預測今年的增量關稅將達到 6,000 萬美元，並計劃將其中的成本降低 80% 至 90%。今天，我們認為關稅的全年總影響為 3500 萬美元。我們的假設改變是由於購買量降低和各種關稅組合不同所造成的。我們預計將減少 90% 的成本。鑑於情勢的不確定性以及短期內起重機的價格彈性，我們認為美國的需求將受到拖累。

Moving to the Manitowoc Way. We recently held our annual corporate kaizen at Niella, Italy. For this kaizen, we organized four dedicated teams to focus on enhancing the information and material flow essential to building rough terrain cranes. As always, a good kaizen is a humbling experience. It reminds us that running a production line smoothly is only possible if all of the necessary parts are available exactly when needed. And sometimes that's a big if.

移至馬尼托沃克路。我們最近在義大利尼埃拉舉辦了年度企業改善活動。為了實現這一改善，我們組織了四個專門團隊，致力於加強製造越野起重機所需的資訊和物料流。一如既往，良好的改善是一種謙卑的體驗。它提醒我們，只有在需要時所有必要的零件都可用，生產線才能順利運作。有時候，這是一個很大的如果。

Team walked away with a year's worth of action items, but what stood out most was the continued growth in collaboration and teamwork across the organization. It's inspiring to see how we keep getting better together. Also, I'd like to thank Ransom Research and Front Street Capital Management for their valuable participation in the event.

團隊帶著一年的行動項目離開了，但最引人注目的是整個組織的協作和團隊合作的持續成長。看到我們一起不斷進步，真是令人鼓舞。此外，我還要感謝 Ransom Research 和 Front Street Capital Management 對此活動的寶貴參與。

Quickly touching on safety, I'd like to recognize our team's steadfast efforts to improve our working environment. For the first half of the year, we achieved recordable injury rate, or RIR of 0.67, which is another newer safety record. Our goal is zero, but I'm proud that we continue to make progress towards it.

簡單談談安全問題，我想讚揚我們的團隊為改善工作環境所做的不懈努力。今年上半年，我們的可記錄傷害率（RIR）達到了0.67，這又創下了新的安全記錄。我們的目標是零，但我很自豪我們繼續朝著這個目標前進。

Please move to slide 4 for my market update. Starting with Europe, we're seeing two distinct market dynamics depending on the country. In the UK, Netherlands and France, demand has been slow. In contrast, customers in Spain, Italy and Germany are showing signs of optimism, and we sense that business is starting to rebound.

請移至投影片 4 查看我的市場更新。從歐洲開始，我們看到不同國家有兩種不同的市場動態。在英國、荷蘭和法國，需求一直很緩慢。相較之下，西班牙、義大利和德國的客戶表現出樂觀的跡象，我們感覺到業務開始反彈。

Across Europe, we've recently seen three encouraging data points. Number one, the UK launched a GBP39 billion housing program for the next 10 years with a goal of building 300,000 homes. Number two, last month in Germany, the government passed a new accelerated depreciation scheme, which complements the EUR500 billion infrastructure fund that was recently created.

在整個歐洲，我們最近看到了三個令人鼓舞的數據點。第一，英國啟動未來10年390億英鎊的住房計劃，目標是建造30萬套房屋。第二，德國政府上個月通過了一項新的加速折舊計劃，該計劃是對最近設立的5000億歐元基礎設施基金的補充。

And number three, in France, we saw May housing permits turn favorable, up 20% year-over-year. On a product line basis, despite great excitement following the April Bauma trade show, momentum in the mobile crane market moderated during the quarter. At this point, we need to wait until after the summer holiday to get a clear picture on demand.

第三，法國五月住房許可情況轉好，較去年成長20%。從產品線來看，儘管 4 月份寶馬展之後市場表現十分活躍，但本季移動式起重機市場的發展勢頭有所放緩。目前，我們需要等到暑假結束後才能清楚了解需求狀況。

Conversely, however, the tower crane market has continued to be positive. While the market hasn't fully recovered, we still have easy comparisons, which is always the birth of a rebound. During the quarter, our new tower crane orders were up 104% versus the same period a year ago. This is the fourth quarter in a row that we have seen orders improve on a year-over-year basis.

但相反的是，塔吊市場卻持續保持積極態勢。儘管市場尚未完全復甦，但我們仍然可以輕鬆進行比較，這始終是反彈的誕生。本季度，我們的新塔式起重機訂單比去年同期成長了 104%。這是我們連續第四個季度看到訂單年增。

Turning to the Middle East. The market continues its dynamic growth with especially strong activity in Saudi Arabia and UAE. During my recent visit to the Middle East, I was struck by the remarkable pace at which infrastructure projects move in this region. Major luxury residential developers like Soba and Binghatti are reshaping the skylines of Dubai.

轉向中東。市場持續保持強勁成長，沙烏地阿拉伯和阿聯酋的活動尤為強勁。在我最近訪問中東期間，我對該地區基礎設施項目進展的驚人速度感到震驚。Soba 和 Binghatti 等大型豪華住宅開發商正在重塑杜拜的天際線。

In addition, the Stargate UAE data center project was kicked off outside of Abu Dhabi, starting with a 200-megawatt data center where we won an order for 16 large capacity tower cranes. Upon completion, the campus will span 10 square miles and is expected to host 5 gigawatts of capacity. Likewise, Saudi remains highly active with our local partner playing a key role in several major stadium projects. The overall pipeline remains very strong.

此外，Stargate阿聯酋資料中心計畫在阿布達比郊外啟動，以200兆瓦的資料中心為開端，我們贏得了16台大容量塔式起重機的訂單。建成後，園區佔地 10 平方英里，預計容量為 5 千兆瓦。同樣，沙烏地阿拉伯仍然非常活躍，我們的當地合作夥伴在幾個主要的體育場項目中發揮關鍵作用。整體通路依然非常強勁。

Shifting our focus to Asia. China continues to face economic headwinds, and we don't anticipate a meaningful rebound in the near term. Elsewhere, however, sentiment is improving. During my recent visit to Korea, coinciding with the national election, a common view prevailed. Regardless of political preference, the new President is seen as pragmatic and supportive of pro-business initiatives.

將我們的焦點轉移到亞洲。中國持續面臨經濟逆風，我們預期短期內不會出現顯著反彈。然而，其他地方的情緒正在改善。我最近訪問韓國時正值韓國大選，我發現了一個共同的觀點。無論政治傾向為何，新總統都被視為務實且支持親商措施。

In addition, renewed interest in the Samsung Fab 5 semiconductor project has boosted confidence. We anticipate the Korean market could regain traction within the next six months. In Vietnam, we secured crane orders for multiple projects this quarter, an encouraging signal of the market reawakening.

此外，人們對三星Fab 5半導體專案的重新關注也增強了信心。我們預計韓國市場將在未來六個月內恢復成長動能。在越南，本季我們獲得了多個項目的起重機訂單，這是市場復甦的令人鼓舞的信號。

Meanwhile, in Australia, conditions remain mixed. The Australian dollar has been hovering at 0.56 to the euro, which has hindered the market, but crane activity has been strong with early signs of activity emerging in preparation for the 2032 Brisbane Olympics.

與此同時，澳洲的情況仍然好壞參半。澳元兌歐元匯率一直徘徊在 0.56，這對市場造成了阻礙，但起重機活動一直很強勁，有跡象表明，為了迎接 2032 年布里斯班奧運會，起重機活動已經開始。

Finally, in North America, the market remains in a hold pattern with significant uncertainty around how various tariffs may unfold, both dealers and crane rental houses are delaying purchasing decisions until there is more stability around tariffs and pricing.

最後，在北美，市場仍處於觀望狀態，各種關稅如何發展存在很大的不確定性，經銷商和起重機租賃公司都在推遲購買決定，直到關稅和價格更加穩定。

Overall, crane rental houses remain busy, and we've seen success at some of the bigger players to reduce the age of their fleets. This is encouraging for the health of the overall industry, and I remain cautiously optimistic about long-term demand in the region.

總體而言，起重機租賃公司仍然很繁忙，我們已經看到一些較大的公司成功縮短了其起重機隊的使用年限。這對於整個行業的健康發展來說是令人鼓舞的，我對該地區的長期需求仍然持謹慎樂觀的態度。

Looking at the next 12 months, however, I have two views around US demand depending on the time horizon. For the next six months, it's hard to see a scenario where demand accelerates. Crane buyers can afford to wait. And at the moment, they prefer to buy units that are sitting on the ground at pre-tariff prices.

然而，展望未來 12 個月，根據時間範圍，我對美國需求有兩種看法。未來六個月，很難看到需求加速成長的局面。起重機買家可以等。目前，他們更願意以關稅前的價格購買閒置的設備。

If I consider the European reciprocal tariffs, lots of buyers have been hoping that the tariff would drop below 10%. So we'll have to see how customers react to the 15% tariff. On a $2 million all-terrain crane, that's real money and rental rates would need to increase to financially justify a buying decision. Moreover, dealers are reluctant to place new orders and dealer inventory has been declining.

如果考慮到歐洲的互惠關稅，許多買家一直希望關稅能降至 10% 以下。因此我們必須觀察消費者對 15% 的關稅有何反應。對於價值 200 萬美元的全地形起重機來說，這是一筆真金白銀，而且租賃費率需要提高才能在財務上證明購買決定的合理性。此外，經銷商不願下新訂單，經銷商庫存一直在下降。

Looking beyond the next six months, dealer inventory in the US could reach all-time lows if current trends continue. As a result, of the One Big Beautiful Bill, 100% accelerated depreciation has been reenacted. The previous program stimulated demand in December, and this could drive dealer inventories even lower. Point being, dealer inventory could be exceptionally low, which is a classic signal for the market to accelerate at the beginning of next year.

展望未來六個月，如果目前的趨勢持續下去，美國經銷商庫存可能會達到歷史最低水準。由於《一攬子美麗法案》的實施，100% 加速折舊政策被重新實施。先前的計劃刺激了 12 月的需求，這可能會導致經銷商庫存進一步下降。重點是，經銷商庫存可能異常低，這是明年年初市場加速的典型訊號。

Unfortunately, we cannot turn our manufacturing on a dime, and we have to align our build schedules with current demand. This adjustment will impact our financial performance in the second half of the year, which is why we are guiding to the low end of our EBITDA range.

不幸的是，我們無法立即改變我們的生產計劃，我們必須根據當前的需求調整我們的生產計劃。此次調整將影響我們下半年的財務業績，這就是我們預期 EBITDA 區間低階的原因。

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

有了這些，在我結束我們的策略更新之前，我會把它交給布萊恩，讓他向你們介紹一下財務狀況。

Thanks, Aaron, and good morning, everyone. Please move to Slide 5. During the period, we had orders of $454 million, an increase of 6% from a year ago, resulting in Q2 ending backlog of $729 million. The higher order intake was driven primarily by our European tower crane business, where new machine orders were up 104% year-over-year. In addition, we saw an increase in our non-new machine orders.

謝謝，Aaron，大家早安。請移至投影片 5。在此期間，我們的訂單金額為 4.54 億美元，比去年同期成長 6%，導致第二季末積壓訂單金額為 7.29 億美元。訂單量的增加主要得益於我們歐洲塔式起重機業務，該業務的新機訂單同比增長了 104%。此外，我們的非新機器訂單也有所增加。

As Aaron mentioned, our third-party dealers in the US are reluctant to commit to orders at this time due to the uncertainty around tariffs. For the quarter, this slowdown in demand was more than offset by higher orders in MGX, our wholly owned distribution business as end customers place orders to lock in pricing on in-stock units.

正如 Aaron 所提到的，由於關稅的不確定性，我們在美國的第三方經銷商目前不願意接受訂單。本季度，由於終端客戶下訂單以鎖定庫存單位的價格，我們全資擁有的分銷業務 MGX 的訂單增加足以抵消需求放緩的影響。

Net sales in the quarter were $540 million, a decrease of 4% from a year ago. We missed several deliveries due to supply chain constraints and last-minute commercial delays. Our non-new machine sales were $162 million during the quarter, up 10% year-over-year demonstrating the momentum we continue to build around our Cranes plus 50 strategy.

本季淨銷售額為 5.4 億美元，較去年同期下降 4%。由於供應鏈限制和最後一刻的商業延誤，我們錯過了幾次交貨。本季度，我們的非新機器銷售額為 1.62 億美元，年增 10%，這表明我們繼續圍繞「起重機加 50」策略保持強勁勢頭。

On a trailing 12-month basis, non-new machine sales were $659 million, another record. SG&A was $87 million in the quarter, up $4 million year-over-year. On an adjusted basis, SG&A was up $9 million year-over-year. Foreign currency accounted for $2 million with the balance driven by the Bauma trade show and other employee-related costs.

在過去 12 個月中，非新機器銷售額為 6.59 億美元，再創紀錄。本季銷售、一般及行政費用為 8,700 萬美元，比去年同期增加 400 萬美元。經調整後，銷售、一般及行政費用較上年同期增加 900 萬美元。外幣支出為 200 萬美元，餘額來自 Bauma 貿易展和其他與員工相關的成本。

Our adjusted EBITDA was $26 million, down $10 million year-over-year. This was primarily driven by the lower sales and the higher SG&A. The net headwinds from tariffs in the quarter was approximately $1 million. Our GAAP diluted income per share in the quarter was $0.04. On an adjusted basis, diluted income per share was $0.08, a decrease of $0.17 year-over-year.

我們的調整後 EBITDA 為 2600 萬美元，年減 1000 萬美元。這主要是由於銷售額下降及銷售、一般及行政費用增加所致。本季關稅造成的淨逆差約為 100 萬美元。本季度，我們根據 GAAP 計算的每股攤薄收益為 0.04 美元。調整後，每股攤薄收益為 0.08 美元，年減 0.17 美元。

Please turn to slide 6. Net working capital ended the quarter at $580 million, up $63 million year-over-year, of which $43 million was due to the payment of the EPA matter in April. Additionally, foreign currency accounted for $14 million of the increase.

請翻到幻燈片 6。本季末淨營運資本為 5.8 億美元，較去年同期增加 6,300 萬美元，其中 4,300 萬美元是由於 4 月支付 EPA 事宜所致。此外，外幣增幅達 1,400 萬美元。

Moving to cash flows. We used $68 million of cash in operating activities during the quarter, which includes the $43 million payment to resolve the EPA matter. Capital expenditures were $6 million, of which $3 million was for our rental fleet. Our cash balance was $33 million, and total liquidity was $238 million at the end of the quarter.

轉向現金流。本季度，我們在經營活動中使用了 6,800 萬美元的現金，其中包括為解決 EPA 問題而支付的 4,300 萬美元。資本支出為 600 萬美元，其中 300 萬美元用於我們的租賃車隊。本季末，我們的現金餘額為 3,300 萬美元，總流動資金為 2.38 億美元。

As anticipated, our net leverage ratio increased to approximately 4 times. We are focused on bringing our leverage back below our targeted 3 times by year-end. Looking to the full year, between the tariffs and the build plan reductions mentioned by Aaron, we have line of sight to achieving the low end of our previously issued adjusted EBITDA guidance of $120 million to $145 million.

正如預期的那樣，我們的淨槓桿率增加到約4倍。我們的目標是到年底將槓桿率降至目標 3 倍以下。展望全年，在 Aaron 提到的關稅和建設計劃削減之間，我們預計將實現先前發布的調整後 EBITDA 指引的低端，即 1.2 億美元至 1.45 億美元。

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

說完這些，我現在將電話轉回亞倫。

Thank you, Brian. Please turn to slide 7. While we anxiously wait to see how the global trade reset plays out, we remain steadfast in our Cranes plus 50 strategy. During the quarter, we continued executing our strategy to strengthen our aftermarket business. We opened a new service branch near Warsaw, Poland, and we expanded locations in Sydney, Australia; Nance, France and Nashville.

謝謝你，布萊恩。請翻到幻燈片 7。在我們焦急地等待全球貿易重置如何進行的同時，我們仍然堅定地堅持我們的 Cranes plus 50 策略。本季度，我們持續執行加強售後市場業務的策略。我們在波蘭華沙附近開設了新的服務分支機構，並在澳洲雪梨、法國南斯和納許維爾擴展了業務。

Our culture continues to evolve from being product-focused to customer-oriented. A good example of this is in Australia, where we started to offer aftermarket tires, outrigger pads and rigging hardware to our customers, providing more of a one-stop shop. Every day, we get better at servicing our customers.

我們的文化不斷發展，從以產品為中心轉變為以客戶為中心。一個很好的例子就是在澳大利亞，我們開始向客戶提供售後輪胎、支架墊和索具硬件，提供一站式服務。我們每天都在為客戶提供更好的服務。

In terms of improving our effectiveness as an aftermarket organization, we recently went live with ServiceMax. This system replaces over a dozen different legacy systems. It enhances technician productivity, significantly upgrades our ability to manage service contracts and reduces administrative overhead.

為了提高我們作為售後市場組織的效率，我們最近開始使用 ServiceMax。該系統取代了十幾個不同的遺留系統。它提高了技術人員的工作效率，顯著提升了我們管理服務合約的能力，並降低了管理費用。

My favorite part of the tool is that it provides us global asset management so we can track every machine we manufacture from cradle to grave. It's a great repository for all of the maintenance and service work on any crane we sell, and it will keep us more closely connected to the iron when it gets traded or sold into the secondary market. Needless to say, ServiceMax is a big leap forward from the legacy ad hoc Excel-based systems our teams previously used.

我最喜歡該工具的部分是它為我們提供了全球資產管理，因此我們可以追蹤我們製造的每台機器從搖籃到墳墓的整個過程。它是我們銷售的任何起重機的所有維護和服務工作的絕佳存儲庫，當起重機在二級市場上交易或出售時，它將使我們與起重機保持更緊密的聯繫。毋庸置疑，ServiceMax 比我們團隊先前使用的基於 Excel 的傳統臨時系統有了很大的飛躍。

Our Cranes plus 50 strategy is driving growth in higher-margin recurring revenue streams and creating long-term value for our business. While the turbulent second quarter was hard on the ROE business, our MGX business in the US posted great results. This is proof that our strategy is working.

我們的「起重機加 50」策略正在推動高利潤經常性收入流的成長，並為我們的業務創造長期價值。儘管動盪的第二季對 ROE 業務造成了不利影響，但我們在美國的 MGX 業務卻取得了出色的業績。這證明我們的策略是有效的。

In closing, while the global political and economic situation remains unpredictable, our focus stays squarely on servicing our customers. The better we serve them, the stronger our partnerships become. When conditions improve, we'll be ready. In the meantime, we remain committed to executing our Cranes plus 50 strategy and creating long-term shareholder value.

最後，儘管全球政治和經濟狀況仍然難以預測，但我們的重點仍然是為客戶提供服務。我們為他們提供的服務越好，我們的合作關係就越牢固。當情況改善時，我們就會做好準備。同時，我們仍致力於執行「起重機+50」策略並創造長期股東價值。

With that, we'll open the line for questions.

接下來，我們將開放問答熱線。

(Operator Instructions)

（操作員指示）

Steven Fisher, UBS.

瑞銀的史蒂文·費雪。

Morning, Steve.

早安，史蒂夫。

Thanks, good morning and it sounds like a very challenging overall backdrop. But just wanted to ask you about the backlog and the cadence of EBITDA for the next couple of quarters. Within the context of that $730 million roughly of backlog, what's the duration of that? Is that all expected to be shipped kind of within this year? Just curious how much coverage you have on your plan for Q3 and then Q4?

謝謝，早上好，這聽起來是一個非常具有挑戰性的整體背景。但我只是想問您有關未來幾季的積壓情況和 EBITDA 節奏的問題。在約 7.3 億美元的積壓訂單背景下，其持續時間是多久？預計所有貨物都會在今年內出貨嗎？只是好奇您的計劃對第三季和第四季的覆蓋範圍有多大？

And then if there's a cadence of the roughly $70 million of EBITDA that you still expect for Q3 versus for Q4?

那麼，您是否仍預計第三季的 EBITDA 會與第四季相比保持約 7,000 萬美元的步調？

Yeah. Steve, it's Brian. We always have seasonality with Q3 and Q4 with Q4 being the better of the two quarters. From a backlog standpoint, I'd say most of that backlog is expected to ship this year. That's pretty normal when you look at our backlog with the vast majority of it being for Q3, and then we've got some good coverage in Q4 as well.

是的。史蒂夫，我是布萊恩。我們總是有第三季和第四季的季節性，而第四季是兩個季度中較好的季度。從積壓訂單的角度來看，我認為大部分積壓訂單預計將於今年出貨。從我們的積壓訂單來看，這很正常，其中絕大多數是針對第三季的，而且我們在第四季也得到了很好的覆蓋。

Okay. That's helpful. And then just want to understand maybe a little bit more about the regional dynamics on the orders. It sounds like, obviously, pretty strong orders in Europe. Just kind of curious how to think about the book-to-bill here in the various regions within your kind of overall 0.8 times-ish, 0.9 times. Like was US like an under 0.5 times and Europe was kind of north of 1 times. How do we think about sort of that regional dynamics on orders?

好的。這很有幫助。然後只是想進一步了解訂單的區域動態。顯然，這聽起來像是歐洲的訂單相當強勁。我只是有點好奇如何看待各地區的訂單出貨比，整體而言是 0.8 倍左右，還是 0.9 倍。例如，美國低於 0.5 倍，歐洲則高於 1 倍。我們如何看待訂單的區域動態？

Yeah. So with respect to the orders, to me, the main area to focus on right now is the Americas, and we sort of live in two worlds because we have the MGX distribution business, which, of course, they had inventory sitting on the ground that's pre-tariffs. So demand there was really good and business was good. On the other side, the I'll call it, legacy Americas portion of the business, which is much more dealer-oriented, that's where we're closely tracking what our orders are and what the challenges is.

是的。因此，就訂單而言，對我來說，目前主要關注的地區是美洲，我們有點像生活在兩個世界，因為我們有 MGX 分銷業務，當然，他們在當地有關稅前的庫存。因此那裡的需求確實很好，生意也很好。另一方面，我稱之為傳統美洲業務部分，該部分更加以經銷商為導向，我們正在密切追蹤我們的訂單和挑戰。

Okay. And then just on the tariffs, it sounds like a lower overall impact, but I guess, lower units. I guess can you talk a little bit about the sort of the per unit tariff impact and kind of price versus cost dynamics you're expecting for both Q3 and Q4?

好的。然後就關稅而言，聽起來整體影響較小，但我想單位數也較低。我想您能否稍微談談您對第三季和第四季每單位關稅影響以及價格與成本動態的預期？

Yeah. So it's -- we can't speak -- we're not going to speak about every single model, but every -- literally every single model varies depending on where the crane is coming from and where the parts are coming from. So that's quite the mix. And likewise, most of our competitors are either in Japan or Germany. So there's a lot to shake out in terms of the way that the tariffs flow through and then actually hit the customer.

是的。所以，我們不能談論——我們不會談論每一個型號，但每一個——實際上每個型號都會有所不同，這取決於起重機的來源地和零件的來源。所以這真是相當混雜。同樣，我們的大多數競爭對手都在日本或德國。因此，在關稅的流動方式以及最終真正影響消費者方面，還有很多事情需要解決。

Okay. And then just lastly for me on the US market. Can you just talk about some of the puts and takes? I mean it seems like general message from the broad value chain we're hearing, public sector is still pretty good in terms of demand on the private side, still lots of structural investment in terms of data centers and various other projects.

好的。最後，我談談美國市場。您能談談其中的一些得失嗎？我的意思是，我們聽到的似乎是來自廣泛價值鏈的普遍訊息，就私營部門的需求而言，公共部門仍然相當良好，在資料中心和其他各種項目方面仍然有大量的結構性投資。

Are you seeing those areas of strength? And is that what's sort of just causing people to buy the units that are pre-tariff, but there's just not enough confidence in that demand going forward to kind of put new orders in without knowing really what kind of the pricing dynamics are going to be? Is that how to think about it?

您看到這些優勢領域了嗎？這是否只是導致人們購買關稅前的產品，但對未來的需求沒有足夠的信心，以至於在不知道定價動態的情況下下新訂單？是這樣想的嗎？

The other element you have to consider is people managing their fleets. And so they can choose to wait and see where pricing ends up. And that's what we're really seeing is folks managing their day-to-day. In terms of actual activity, crane rental houses are busy and positive, and that all looks good. It's just there's so much uncertainty around what the price of a crane is going to be.

您必須考慮的另一個因素是管理車隊的人員。因此他們可以選擇等待，看看最終價格如何。我們真正看到的是人們在管理他們的日常事務。從實際活動來看，起重機租賃公司業務繁忙、積極，一切看起來都很好。只是起重機的價格存在著許多不確定性。

And as I said on the call, if you got a machine, it's $2 million or $3 million and all of a sudden, it's 15%, and you were hoping it's going to be 5%. That's a pretty dramatic change in terms of expectations. So and then likewise in order to financially justify, you're going to have rental rates go up. So the market needs to play out in the next six months before we really get a good feel for where we land.

正如我在電話中所說的那樣，如果你有一台機器，它的價值為 200 萬美元或 300 萬美元，突然之間，它的利率就變成了 15%，而你希望它是 5%。從期望角度來看，這是一個相當巨大的改變。因此，同樣為了財務上合理，租金也會上漲。因此，我們需要觀察未來六個月的市場表現，才能真正了解最終的落腳點。

Okay. Thanks very much for the time.

好的。非常感謝您抽出時間。

Right, Steven.

對的，史蒂文。

(Operator Instructions)

（操作員指示）

Mig Dobre, Baird.

米格·多布雷，貝爾德。

Morning, Mig.

早安，米格。

Hi, Meg.

你好，梅格。

Yeah, good morning. Thank you for the time. So just to pick up where Steve sort of left it here with his questions. So what's interesting to me is that in the US market, right, I mean, if you're talking about this uncertainty around pricing that is impacting customers, wouldn't that create an incentive for customers to actually order ahead of these price increases and try to be a little more proactive at securing whatever units they have at pre-tariff levels.

是的，早安。感謝您抽出時間。所以只是想回答史蒂夫在這裡提出的問題。所以對我來說有趣的是，在美國市場，對吧，我的意思是，如果你談論的是影響客戶的定價不確定性，這是否會激勵客戶在價格上漲之前實際訂購，並嘗試更積極地確保他們在關稅前的水平上擁有任何單位。

To me, it would have seemed like Q2 would have been a quarter in which a bunch of that activity could have occurred so that people can actually lock in prices before you really kind of start making your adjustments as the year progresses?

對我來說，第二季度似乎是發生大量此類活動的季度，以便人們能夠在你真正開始隨著時間的推移做出調整之前鎖定價格？

Well, if you're shipping from Germany, I mean and instance like all-terrain cranes, everyone is -- from my point of view, I think customers were hoping that we would end up with even the 10% tariff, and now it's turned out to be 15%. So people were holding off there. And any time you're shipping something from that far away, that creates more reluctance and concern because you didn't really lock yourself into a price whenever you cut the deal.

嗯，如果你從德國發貨，我的意思是，例如全地面起重機，每個人都是——從我的角度來看，我認為客戶希望我們最終能得到 10% 的關稅，但現在卻變成了 15%。所以人們都在那裡等待。任何時候從那麼遠的地方運送貨物，都會引起更多的不情願和擔憂，因為在達成交易時你並沒有真正鎖定一個價格。

Yeah. And for the vast majority of our orders, they're going to include the price adjustment because we knew during the quarter that there was going to be some level of tariff.

是的。對於我們的絕大多數訂單，它們都將包括價格調整，因為我們在本季就知道會有一定程度的關稅。

Okay. So now we have 15% tariffs. What does that do for demand? Is that -- because your commentary is obviously more cautious than it was three months ago. Are these tariffs -- and within the framework that you provided, you're saying $35 million as opposed to something that was much larger previously. In terms of these offsets, first, I guess, how are you offsetting the tariffs?

好的。所以現在我們有15%的關稅。這對需求有何影響？這是因為——您的評論顯然比三個月前更加謹慎。這些關稅是——在您提供的框架內，您說的是 3500 萬美元，而不是之前的金額大得多。就這些抵消而言，首先，我想，您如何抵消關稅？

And then second, as the customers now know that there's a 15% tariff, does that imply that demand here is going to be curtailed for a prolonged period of time? Or do you think this is just a function of we need a near-term adjustment and eventually, they're going to digest that and we're back to the races in '26?

第二，既然客戶現在知道有 15% 的關稅，這是否意味著這裡的需求將在很長一段時間內受到抑制？或者您認為這只是我們需要的短期調整，最終他們會消化這一點，然後我們會在 26 年重返比賽？

Yeah. Well, I think there's two dynamics here. One is relative to dealer inventory and then one is relative to what the crane rental house is going to buy. So in terms of our dealers, I mean, they've hit the pause button and at a certain point, they're not going to have any inventory, and they're going to have to make some decisions. So from my point of view, this is probably -- I mean, I think it's six months to sort of sort out. I mean, even if I look at July, July was roughly the same as the previous three months.

是的。嗯，我認為這裡有兩種動態。一個與​​經銷商庫存有關，另一個與起重機租賃公司將要購買的商品有關。所以就我們的經銷商而言，我的意思是，他們已經按下了暫停按鈕，在某個時候，他們將沒有任何庫存，他們將不得不做出一些決定。所以從我的角度來看，這可能是——我的意思是，我認為需要六個月的時間才能解決。我的意思是，即使我看七月份，七月的情況也與前三個月大致相同。

So folks are making the purchases that they need to make or have to make. And if they have any more flexibility in terms of timing, which most crane rental houses do, given the nature of cranes, they're being a little more cautious. But don't forget from a pricing standpoint, when you got the end at [150], there's room for folks to eat potentially their tariffs. We don't know exactly how that's going to play out in the long run.

因此人們正在進行他們需要或必須進行的購買。如果他們在時間表上有更多的靈活性（大多數起重機租賃公司都有），考慮到起重機的性質，他們會更加謹慎一些。但請不要忘記，從定價的角度來看，當價格最終達到 [150] 時，人們還有空間承擔關稅。我們不知道從長遠來看這究竟會如何發展。

But how are you offsetting these tariffs, the $35 million? You say you're going to mitigate it at 90%. How are you doing that?

但是你如何抵銷這些關稅，3500 萬美元？你說你要減輕 90%。你是怎麼做到的？

Price increases.

價格上漲。

You're doing that with price increases. Just mathematically, if I'm looking at your Americas revenue and I'm looking at the, call it, $30 million of incremental tariff headwind, that does not appear to be very significant. We're only talking like 2.5%. So I recognize that I'm basically spreading it across the entire business while only certain products are impacted here. But my question to you would be, does it make sense to spread the tariff impact across all your products and try to sort of like minimize the drag on demand? Or are you being sort of very targeted in saying, hey, this model is coming from Europe. We're going to put the full boat tariff pricing on this one as opposed to something that's manufactured domestically.

你們透過提高價格來實現這一點。從數學角度來看，如果我看一下你們在美洲的收入，再看一下 3000 萬美元的增量關稅逆風，這似乎不是很重要。我們談論的只是 2.5%。因此我認識到我基本上將其傳播到整個業務，而這裡只有某些產品受到影響。但我想問您，將關稅影響分攤到所有產品上並儘量減少對需求的拖累是否有意義？或者您是否非常有針對性地說，嘿，這個模型來自歐洲。我們將對這艘船徵收全額船舶關稅，而不是對國內製造的船隻徵收全額船舶關稅。

We're very targeted. You have to remember, we have to go through piles of HTS codes for every component that goes on to the local unit. So -- and we have to go unit by unit.

我們非常有針對性。您必須記住，對於進入本機單元的每個元件，我們都必須仔細檢查大量的 HTS 程式碼。所以－我們必須逐個單元地進行。

And remember, there's different tariffs. We talked about in Q1, you've got the reciprocal tariffs that are coming from whole goods that we produce in Europe that we're bringing to customers in the US. So there's that aspect of it. But then there's also tariffs like the steel tariffs that we're getting that is in our product. So how we're addressing it and the percentage of impact, obviously, the ones that are -- the reciprocal tariff is on -- it's going to be that 15% on those products. So the other stuff, we're it's less of a direct offset of the tariff. It's a price increase.

請記住，有不同的關稅。我們在第一季討論過，我們在歐洲生產並銷售給美國客戶的全部商品都會產生互惠關稅。所以這就是它的這個方面。但是我們的產品也需要繳關稅，例如鋼鐵關稅。那麼我們如何解決這個問題以及影響的百分比，顯然是 - 互惠關稅 - 對這些產品徵收 15% 的關稅。因此，對於其他方面，我們認為它並不是關稅的直接抵消。這是價格上漲。

Okay. Yeah, I guess lastly for me, and I don't know if this is a question, maybe it's a comment and you can comment back. When I'm looking at your updated tariff view, it's less bad than it was three months ago, yet your commentary is more cautious. There's a divergence here that I think is at least to me personally, a little bit surprising. So I guess I'll leave it at that.

好的。是的，我想對我來說這是最後一個問題，我不知道這是否是一個問題，也許這是一個評論，你可以回复。當我看到您更新的關稅觀點時，它比三個月前的情況好多了，但您的評論卻更加謹慎。我認為這裡存在分歧，至少對我個人而言，這有點令人驚訝。所以我想我就到此為止了。

I said on the last call that I was -- I'm always nervous about price elasticity in the crane business. And that's what we're seeing right now is folks are hitting the brakes because the tariffs are 15% on the reciprocal. But of course, we have all the 232 and 301s that are impacting our locally produced stuff. So from my point of view, it's -- yeah, we're in the middle of the -- we're in the eye of the storm, and we're seeing exactly how folks are behaving. And on the last call, it was more of a sort of guess at that point because we didn't have enough data to know exactly how they would respond.

我在上次電話中說過，我總是對起重機業務的價格彈性感到緊張。我們現在看到的是，人們正在踩煞車，因為關稅是 15%。但當然，所有 232 和 301 都會影響我們本地生產的產品。所以從我的角度來看，是的，我們正處於風暴中心，我們正處於風暴眼中，我們清楚地看到人們的行為。在最後一次通話中，這更像是一種猜測，因為我們沒有足夠的數據來確切知道他們會如何回應。

And when we gave the information last quarter, we said, hey, this is our expectation based on current demand. We don't know what it's going to do to demand. And we've seen impact on demand during Q2, which is going to impact our full year.

當我們上個季度提供資訊時，我們說，嘿，這是我們基於當前需求的預期。我們不知道它會做出什麼要求。我們已經看到第二季需求受到影響，這將影響我們的全年。

Fair enough. Appreciate the time.

很公平。珍惜時間。

Cliff Ransom, Ransom Research.

克利夫·蘭瑟姆（Cliff Ransom），蘭瑟姆研究公司（Ransom Research）。

Morning Cliff.

晨崖。

Good morning, folks. Thank you again for the opportunity to work with your folks in Italy. It was very instructive. Look, after 50 years around the damned lift business, the recovery from cycles and going into downstrokes is very difficult. Let me ask a 35,000-foot question. If you look back, say, three to five years at Manitowoc and the institution of the Manitowoc Way, what about lean thinking has enhanced your ability to respond to rapidly changing exterior events? What do you think has happened to your culture?

大家早安。再次感謝您給我與義大利同事合作的機會。這非常有啟發性。你看，在從事該死的升降機業務 50 年後，從週期性衰退中恢復並進入下行階段是非常困難的。讓我問一個高深的問題。如果您回顧一下您在馬尼托沃克和馬尼托沃克之道製定的三到五年，精益思想如何增強了您應對快速變化的外部事件的能力？您認為您的文化發生了什麼變化？

Yeah. I think a big part of what we've done, if you look back historically, we were very, very vertically integrated. And so we didn't have the flexibility to go up or go down, quite frankly, very easily or fast. So we've done a lot of work on our supply chain in order to have more access to more parts to continue to move. So if we go up 10% or 20%, we can react way faster than we could have, say, 5 years ago or 10 years ago.

是的。我認為，如果回顧歷史，我們所做的事情很大一部分都是非常垂直整合的。因此，坦白說，我們沒有靈活性，無法輕鬆或快速地上升或下降。因此，我們在供應鏈上做了大量工作，以便能夠獲得更多零件並繼續運輸。因此，如果我們提高 10% 或 20%，我們的反應速度就會比 5 年前或 10 年前快得多。

I was really thinking more about what happens internally. Maybe I'm asking a mindset question, which is too hard to answer. One of the things about Lean thinking is that the whole what's the right word? The whole review process is so disciplined. You tend to discover trends faster than companies that don't exercise that methodology.

我確實在更多地思考內在發生的事情。也許我問的是一個心態問題，這個問題太難回答了。精實思想的要點之一是，整個正確的字詞是什麼？整個審核過程非常有紀律。您往往比不採用該方法的公司更快發現趨勢。

Am I barking up the wrong tree here? Or is that something real?

我是不是問錯對象了？還是那是真實存在的？

No, I think it's 100% real. And what we talk about a lot of times is the feedback from our customers is almost instant. We're in a lot of industry because we talk to the owners of the people that own the crane rental houses or the CEOs because everyone is so involved in their big purchases. So in terms of how we build our build schedules and start tack times and how they run the lines, I think getting that input, we get it pretty instantly. I mean, even this morning, I was getting feedback from customers.

不，我認為它 100% 是真實的。我們經常談論的是，來自客戶的回饋幾乎是即時的。我們涉足許多行業，因為我們與起重機租賃公司的老闆或執行長交談，因為每個人都參與他們的大宗採購。因此，就我們如何制定建造計劃、開始追蹤時間以及如何運行生產線而言，我認為，獲得這些輸入後，我們就能立即獲得它們。我的意思是，甚至今天早上，我就收到了來自客戶的回饋。

So I think that makes a big difference in terms of how we look out the next six months and how we see the dynamics play out.

因此，我認為這對於我們如何展望未來六個月以及如何看待動態發展有著重大影響。

Got it. And you talked about making adjustments in the second half of the year to, let's call it, protect cash flow. What specific things will you be doing?

知道了。您談到了下半年所做的調整，我們稱之為保護現金流。你們將會做哪些具體的事情？

Yeah. So we took down our build schedules at a couple of different locations. So at Shady Grove and Wilhelmshaven specifically. And it's just dependent on the product line relative. So what we do is we track our backlog, we track the orders, we track the trends and how much dealer inventory is out there, try to guess where we think demand will be six months from now.

是的。因此我們在幾個不同的地點記下了我們的建造計劃。具體來說，是在 Shady Grove 和 Wilhelmshaven。它只是依賴相關的產品線。因此，我們所做的就是追蹤積壓訂單、追蹤訂單、追蹤趨勢以及經銷商的庫存量，並嘗試猜測六個月後的需求。

So based on where current rates are, we need to start to adjust our build schedules now to make sure that our supply chain doesn't get overwhelmed or overheated as we get into the back end of the year.

因此，根據當前的情況，我們現在需要開始調整我們的生產計劃，以確保我們的供應鏈在年底時不會不堪重負或過熱。

And I got cut off the call twice, but I got reconnected. When you talk about getting your net leverage down, did you, at some point, give us an estimate of free cash flow for the year?

我的電話被斷了兩次，但後來又重新接通了。當您談到降低淨槓桿率時，您是否曾向我們提供年度自由現金流的估價？

Yeah. Our free cash flow for the year is expected to be on the low end of our original range. So we're thinking in that $10 million to $15 million for the full year.

是的。我們今年的自由現金流預計將處於原始範圍的低端。因此我們考慮全年的收入為 1000 萬至 1500 萬美元。

Okay. And what was your best expectation in the year for free cash flow?

好的。您對今年自由現金流的最佳預期是什麼？

When we gave our plan, I think it was $45 million.

當我們提出計劃時，我認為金額是 4500 萬美元。

Okay. I got it. That's fine. I remember that number. Thanks. I have one last question, if I may. I just have to find it. No. That'll do it. Thanks guys. Appreciate it.

好的。我得到了它。沒關係。我記得那個號碼。謝謝。如果可以的話，我還有最後一個問題。我只需要找到它。不。那就行了。謝謝大家。非常感謝。

Thanks, Cliff. Have a good day.

謝謝，克里夫。祝你有美好的一天。

And this concludes our question-and-answer session. I'd like to turn the conference back over to Ion Warner for any closing remarks.

我們的問答環節到此結束。我想將會議交還給 Ion Warner 做最後發言。

Thank you. Please note that a replay of our second quarter 2025 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 continued interest in The Manitowoc Company. We look forward to speaking with you again next quarter.

謝謝。請注意，您可在今天上午晚些時候訪問我們網站 manitowoc.com 的「投資者關係」板塊收聽我們 2025 年第二季度收益電話會議的重播。感謝各位今天的參與，也感謝大家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 your lines.

會議現已結束。感謝您參加今天的演講。現在您可以斷開線路了。