Manitowoc Company Inc (MTW) 2026 Q1 法說會逐字稿

Good day, and welcome to the Manitowoc Company, Inc., first quarter 2026 earnings conference call. (Operator Instructions) Please note this event is being recorded.

大家好，歡迎參加 Manitowoc Company, Inc. 2026 年第一季財報電話會議。(接線員指示) 請注意，本活動將被錄音。

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

現在我想把會議交給行銷與投資人關係資深副總裁 Ion Warner。請開始。

Good morning, everyone, and welcome to our earnings call to review the company's first quarter 2026 financial performance and business update as outlined in last evening's press release.

各位早安，歡迎參加我們的財報電話會議，依照昨晚新聞稿所述，回顧公司 2026 年第一季財務表現與業務更新。

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.

今天早上與我一同進行事先準備發言的有：我們的總裁兼執行長 Aaron Ravenscroft，以及我們的執行副總裁兼財務長 Brian Regan。

Earlier this morning, we posted our slide presentation to the Investor Relations section of our website, www.manitowoc.com, which you can use to follow along with our prepared remarks.

今天稍早，我們已將簡報投影片上傳至公司網站 www.manitowoc.com 的投資人關係專區，您可用來搭配我們的事先準備發言內容。

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.

請翻到第 2 頁投影片。在開始之前，請留意本次電話會議所提供資料中的「安全港」聲明。在今天的電話會議中，我們將依據 1995 年《私人證券訴訟改革法》之定義，基於公司對其市場及其他影響業務因素的目前評估，提出前瞻性陳述。然而，由於公司最新向 SEC 提交之文件中所述的一項或多項因素（以及其他因素），實際結果可能與任何明示或暗示的預測存在重大差異。Manitowoc 公司不承擔更新或修訂任何前瞻性陳述之義務，無論係因新資訊、未來事件或其他情況所致。

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

那麼，接下來我把電話會議交給 Aaron。

Thank you, Ion, and good morning, everyone. I'd like to take a moment to thank the Manitowoc team for their unwavering commitment to serving our stakeholders. Over the last 12 months, the team has continued to execute our CRANES+50 strategy, enabling us to weather the downturn in the crane cycle and be better positioned for the next leg up.

謝謝你，Ion，各位早安。我想先花點時間感謝 Manitowoc 團隊始終如一地致力於服務我們的利害關係人。在過去 12 個月中，團隊持續推動我們的 CRANES+50 策略，使我們得以挺過起重機景氣循環的下行，並為下一波上行做好更佳準備。

Although there is a great deal of uncertainty in the Middle East, Ukraine, and even in the United States with respect to tariffs, the overall market has been resilient. Our orders during the first quarter were almost $650 million, and our backlog ended the period at $940 million. In addition, order rates in April remained strong.

儘管中東、烏克蘭，甚至美國在關稅方面都存在高度不確定性，整體市場仍展現韌性。我們第一季接單接近 6.5 億美元，期末在手訂單為 9.4 億美元。此外，4 月的接單速度仍維持強勁。

Please turn to slide 3. Starting with the Manitowoc Way, I recently challenged our organization to eliminate hammers, similar to what we did with ladders a few years ago. We are simply too reliant on hammers that create quality problems and are a major source for safety risk. In the Shady Grove plant alone, we had over 1,200 hammers in use. Thus far, we've eliminated 264.

請翻到第 3 頁投影片。先從「Manitowoc Way」談起，我最近要求組織淘汰鐵鎚，類似我們幾年前淘汰梯子的做法。我們對鐵鎚的依賴程度過高，這會造成品質問題，且是重大安全風險來源。僅在 Shady Grove 工廠，我們就有超過 1,200 把鐵鎚在使用。截至目前，我們已淘汰 264 把。

As you can see on the slide, the organization has quickly developed a variety of improvements ranging from simple to ingenious solutions. Eliminating hammers not only helps create a safer workplace, but also supports the Manitowoc Way culture as we consistently drive for continuous improvement and innovation. Ultimately, our goal is to have zero injuries.

如投影片所示，組織已迅速提出各式各樣的改善方案，從簡單到巧妙的解決方案都有。淘汰鐵鎚不僅有助於打造更安全的工作環境，也支持 Manitowoc Way 的文化，因為我們持續推動持續改善與創新。最終，我們的目標是零傷害。

In terms of new product development, in March, we unveiled an 80-ton boom truck and an 800-ton 8-axle all-terrain crane at CONEXPO, both received outstanding feedback from customers and crane operators. The 8-axle crane was a real headturner at the show, and I really look forward to getting the first units into the field in 2027.

在新產品開發方面，3 月我們在 CONEXPO 發表了一款 80 噸吊臂卡車，以及一款 800 噸、8 軸全地形起重機，兩者都獲得客戶與起重機操作員極佳的回饋。這款 8 軸起重機在展會上非常吸睛，我也非常期待在 2027 年將首批機台交付到現場投入使用。

Please move to slide 4. Turning to our CRANES+50. Our non-new machine sales for the quarter grew 3% year over year. On a trailing 12-month basis, we improved 8% to $696 million. Growing this part of our business, which is less impacted by economic cycles and produces higher returns, is a key part of our strategic plan and is working well.

請移至第 4 頁投影片。接著談我們的 CRANES+50。本季我們的非新機銷售年增 3%。以過去 12 個月滾動基礎計算，我們提升 8% 至 6.96 億美元。擴大這一部分業務（較不受景氣循環影響且能帶來更高報酬）是我們策略計畫的關鍵一環，而且運作良好。

As I preach to our teams, for us to continuously grow our non-new machine sales, we have to focus on four major buckets. Number one, we are adding more service locations. For example, in Australia, we doubled the capacity of our Sydney facility, and we recently approved new service centers in Brisbane and Melbourne. Brisbane will host the 2032 Olympics, and we're preparing for a lot of activity in the region.

我常對團隊強調，若要持續成長我們的非新機銷售，就必須聚焦四大面向。第一，我們正在增加更多服務據點。例如在澳洲，我們將雪梨據點的產能提升一倍，並且近期核准在布里斯本與墨爾本設立新的服務中心。布里斯本將主辦 2032 年奧運，我們正為該區域大量的活動做準備。

Number two, we are adding more aftermarket sales representatives and field service techs. We ended the first quarter with 567 field service techs, up 50 techs in just three months. The growth was driven by two major actions. First, we reorganized our approach to talent acquisition in North America by enhancing our recruiting team. And second, in India, we transitioned from a dealer model to a direct model in order to better service our customers.

第二，我們正在增加更多售後市場業務代表與外勤服務技師。第一季結束時，我們共有 567 名外勤服務技師，僅三個月就增加了 50 名。這項成長主要由兩項重大行動所帶動。第一，我們透過強化招募團隊，重新調整北美的人才招募方式。第二，在印度，我們為了更好地服務客戶，已從經銷商模式轉為直營模式。

The third bucket, we are increasing sales of complementary lifting accessories. In Europe, our tower crane team has introduced anti-intrusion panels to reduce theft and to discourage curious social media influencers during the off hours.

第三個面向是，我們正在提升互補性吊裝配件的銷售。在歐洲，我們的塔式起重機團隊推出防入侵面板，以降低失竊並在非工作時段嚇阻好奇的社群媒體網紅。

In addition, the team has introduced journals to replace the less than desirable traditional bucket system. In the UK, our mobile team has started selling outrigger pads and a rear-mounted storage compartment, which they designed in-house. Our goal is straightforward. We want to make our customers' lives easier so they can focus on executing lifts.

此外，團隊也導入 journals 以取代不太理想的傳統桶式系統。在英國，我們的移動式起重機團隊開始銷售支腿墊板以及後置式收納艙，這些都是由他們內部自行設計。我們的目標很明確。我們希望讓客戶的工作更輕鬆，讓他們能專注於執行吊裝作業。

And the fourth bucket is the fact that we are leveraging technology. I've mentioned our implementation of ServiceMax a few times. This tool has several different modules to help us better track machines and more effectively fix and build crane repairs. In April, we completed the implementation of ServiceMax asset management system. We are now under the development of the dispatching and work order module, which increases our visibility to service work and enables us to capture more incremental revenue opportunities.

第四個面向是，我們正在運用科技。我已多次提到我們導入 ServiceMax。這項工具包含多個不同模組，協助我們更好地追蹤設備，並更有效率地進行起重機維修與修復建置。4 月，我們完成了 ServiceMax 資產管理系統的導入。目前我們正在開發派工與工單模組，這將提升我們對服務作業的可視性，並使我們能掌握更多增量營收機會。

Please move to slide 5. For my regional update, let's start with the Americas. First and foremost, overall customer sentiment at CONEXPO was very positive. Crane rental houses were quite optimistic throughout the market outlook. While everyone is unhappy with tariffs, customers told us project work is abundant.

請翻到第 5 頁。就我的區域更新而言，我們先從美洲開始。首先也是最重要的，CONEXPO 展會上整體客戶情緒非常正面。起重機租賃業者對整體市場前景相當樂觀。雖然大家都對關稅感到不滿，但客戶告訴我們專案工作量很充足。

In addition, dealer inventory levels declined during the first quarter, which is a great sign that folks are buying again. For example, all-terrain crane inventory levels are at a 10-year low.

此外，經銷商庫存水準在第一季下降，這是個很好的跡象，表示大家又開始買了。例如，全地形起重機的庫存水準處於 10 年來低點。

In Europe, the crane business feels pretty good. Demand for tower cranes continues to grow, with new machine orders up 76% year over year, and mobile demand has remained relatively steady.

在歐洲，起重機業務感覺相當不錯。塔式起重機需求持續成長，新機訂單年增 76%，而移動式起重機需求則相對維持穩定。

In the Middle East, many big projects like the new Dubai Airport continue to move forward. Not surprisingly, Saudi Arabia has pulled back on NEOM and Trojena, but considerable development activity remains underway in Riyadh. Given the circumstances around the Iran conflict, we find ourselves in a wait-and-see mode as we monitor the situation, and I am very encouraged by the level of optimism in the region with construction companies eager to get back to business.

在中東，許多大型專案（例如新杜拜機場）持續推進。不意外地，沙烏地阿拉伯已縮減 NEOM 與 Trojena，但利雅德仍有相當可觀的開發活動在進行中。鑑於伊朗衝突相關情勢，我們目前採取觀望態度並持續監測；同時，看到該區域的樂觀程度讓我非常受鼓舞，建築公司也迫切希望回到正常營運。

Finally, Asia Pacific continues to gain momentum with increasing demand in Hong Kong, Vietnam, Australia, and South Korea. I recently visited the new SK hynix and Samsung semiconductor projects where roughly 100 tower cranes are currently operating. Korean construction companies continue to leave me in awe of their scale and speed. The Samsung site alone will reach 70,000 workers at its peak. I left South Korea very optimistic about demand in the coming quarters.

最後，亞太地區持續增溫，在香港、越南、澳洲與南韓的需求增加。我最近造訪了 SK 海力士與三星新的半導體專案，目前約有 100 台塔式起重機在運作。南韓建築公司的規模與速度持續讓我驚嘆。僅三星工地在高峰期就將達到 70,000 名工人。我離開南韓時，對未來幾季的需求非常樂觀。

With that, I'll hand it over to Brian to walk you through the financials before I make a few closing remarks.

接下來我把時間交給 Brian，在我做幾點結語之前，請他帶各位看一下財務表現。

Thanks, Aaron, and good morning, everyone. Please turn to slide 6. Our financial performance for the quarter tracked largely in line with expectations, which supports reaffirming our previously issued guidance. We anticipated difficult comps as tariffs were a headwind to the quarter versus the prior year. The tariffs introduced in 2025 didn't fully impact us until the second half of the year.

謝謝你，Aaron，各位早安。請翻到第 6 頁。本季的財務表現大致符合預期，因此我們支持重申先前發布的財測指引。我們預期比較基期會較具挑戰，因為相較去年，關稅對本季形成逆風。2025 年導入的關稅直到下半年才對我們造成全面影響。

Moving to the numbers. We had orders of $646 million in the first quarter, relatively flat from a year ago on a currency-neutral basis. Order activity was solid and broadly consistent with recent trends. Keep in mind, order comps were difficult in Q1 due to the post-election bump in 2025 and the large stocking orders we received at the end of the year.

接著看數字。第一季訂單為 6.46 億美元，以固定匯率基礎計算，與去年同期大致持平。接單活動穩健，且整體與近期趨勢大致一致。請記得，由於 2025 年選後帶動的成長，以及我們在年底收到的大額備貨訂單，第一季的訂單比較基期較為艱難。

Backlog ended the quarter at a strong $940 million, up $146 million from where we exited 2025 and up $142 million year over year. This supports our revenue expectations for the full year.

本季期末在手訂單（Backlog）維持強勁，達 9.40 億美元，較 2025 年底增加 1.46 億美元，年增 1.42 億美元。這支持我們對全年營收的預期。

Net sales in the quarter were $495 million, essentially flat on a currency-neutral basis. Non-new machine sales in the quarter were $166 million and on a trailing 12-month basis reached a record $696 million, up 8% from the prior year. While growth lagged our expectations in the first quarter, mainly due to used sales, the overall mix of non-new machine sales favored our higher margin categories.

本季淨銷售額為 4.95 億美元，以固定匯率基礎計算基本持平。本季非新機銷售額為 1.66 億美元；以過去 12 個月（TTM）計算達到創紀錄的 6.96 億美元，較去年成長 8%。雖然第一季成長落後於我們的預期，主要是因為二手機銷售，但非新機銷售的整體組合更偏向我們毛利較高的品類。

SG&A expenses were $91 million in the quarter. On an adjusted basis, SG&A was up $7 million, with foreign currency accounting for $3 million of the increase. The remaining increase was driven primarily by the CONEXPO trade show and inflation from other employee-related costs.

本季 SG&A 費用為 9,100 萬美元。以調整後口徑計算，SG&A 增加 700 萬美元，其中外幣因素占增加額的 300 萬美元。其餘增幅主要來自 CONEXPO 展會，以及其他員工相關成本的通膨。

Adjusted EBITDA in the quarter was $20 million, down $2 million or 10% year over year. As expected, tariffs impacted our results by $2 million.

本季調整後 EBITDA 為 2,000 萬美元，年減 200 萬美元或 10%。如預期所示，關稅使我們的結果受到 200 萬美元的影響。

Please turn to slide 7. Net working capital ended the quarter at $536 million, an increase of $47 million year over year, driven primarily by inventory. The higher year-over-year inventory was driven by $26 million from foreign currency, $15 million from tariffs, and $10 million in prototypes and was partially offset by operational improvements.

請翻到第 7 頁。本季期末淨營運資金為 5.36 億美元，年增 4,700 萬美元，主要由庫存帶動。庫存年增主要來自外幣因素 2,600 萬美元、關稅 1,500 萬美元，以及原型機 1,000 萬美元，並部分被營運改善所抵銷。

Moving to cash flow. Operating activities provided $27 million of cash during the quarter. Capital expenditures were $8 million, including $6 million for our rental fleet, resulting in free cash flow of $19 million. This was a $17 million improvement year over year, driven by increased collections on accounts receivables.

接著看現金流。本季營業活動提供現金 2,700 萬美元。資本支出為 800 萬美元，其中包含 600 萬美元用於我們的租賃機隊，因此自由現金流為 1,900 萬美元。這較去年同期改善 1,700 萬美元，主要由應收帳款回收增加所帶動。

We ended the quarter with $316 million in liquidity, and our net leverage ratio was 3.1 times. In April, S&P upgraded our corporate credit rating from B to B+. This upgrade underscores the progress we are making in strengthening our financial profile through the cycle while investing in long-term growth through our CRANES+50 strategy.

本季期末我們的流動性為 3.16 億美元，淨槓桿比率為 3.1 倍。4 月，標普（S&P）將我們的公司信用評等由 B 調升至 B+。這次調升凸顯我們在景氣循環中持續強化財務體質的進展，同時也透過 CRANES+50 策略投資長期成長。

Looking ahead, first-quarter results didn't change our expectations for the full year, and as such, we are affirming our previously issued guidance of net sales of $2.25 billion to $2.35 billion and adjusted EBITDA of $125 million to $150 million.

展望未來，第一季結果並未改變我們對全年的預期，因此我們重申先前發布的指引：淨銷售額 22.5 億至 23.5 億美元，調整後 EBITDA 1.25 億至 1.50 億美元。

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

接下來我把電話會議交回給 Aaron。

Thank you, Brian. Please turn to slide 8. Standing back and looking at the forest through the trees, I think there are many reasons to be optimistic.

謝謝你，Brian。請翻到第 8 頁。退一步從整體來看，我認為有很多理由可以保持樂觀。

Number one, Europe is on the rebound. For sure, towers has rebounded more aggressively than mobiles, and there's still a big need for residential housing and power generation.

第一，歐洲正在回升。確實，塔式起重機的反彈比移動式更為明顯，而住宅住房與發電領域仍有很大的需求。

Number two, in the Middle East, all things considered, folks are pretty optimistic to get back on track. In normal times, all construction would have dried up overnight with such regional conflict.

第二，在中東，綜合各項因素來看，大家對重回正軌相當樂觀。在正常情況下，遇到這樣的區域衝突，所有建設活動可能一夜之間就會停擺。

Number three, in Asia, our strongest markets are pumping even in the face of weaker currencies.

第三，在亞洲，即使面臨較弱的貨幣，我們最強勁的市場仍然表現火熱。

Number four, in LatAm, copper is traded above $6 per pound. With several new governments in the region, I believe we'll start to see more investments in brownfield and greenfield mining projects.

第四，在拉丁美洲，銅的交易價格高於每磅6美元。隨著該地區出現數個新政府，我相信我們將開始看到對既有礦區（brownfield）與新建礦區（greenfield）採礦專案的投資增加。

Number five, in the US, although fleet ages continue to increase, customers are begrudgingly making purchases. Data centers continue to expand rapidly, and there is a strong need for additional power generation and transmission infrastructure.

第五，在美國，儘管車隊平均使用年限持續上升，客戶仍勉為其難地進行採購。資料中心持續快速擴張，對額外的發電與輸電基礎設施有強勁需求。

And finally, number six, the success of our CRANES+50 strategy is increasingly helping us weather this economic cycle and positioning us for a higher margin profile in the long-term.

最後，第六，我們CRANES+50策略的成功，正日益幫助我們度過這一輪經濟循環，並在長期為我們奠定更高毛利率的定位。

Of course, there is still a lot of uncertainty in the market, but I believe that we are starting to see light at the end of the tunnel. Keep in mind, we've been living in this mode essentially since 2020. There is plenty of pent-up ambition from folks to renew and expand their businesses, which is why I believe that the markets have held up steady.

當然，市場仍存在許多不確定性，但我相信我們開始看到隧道盡頭的曙光。請記住，自2020年以來我們基本上一直處於這種模式。許多人對於更新與擴張其業務有大量被壓抑的企圖心，這也是我相信市場能夠保持穩健的原因。

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

接下來，接線員，請開放提問。

(Operator Instructions) Jerry Revich, Wells Fargo.

(接線員指示) Jerry Revich，富國銀行。

This is Kevin on for Jerry. Just had a question on the changing tariff dynamics as it relates to your outlook. Would be helpful to get more color on that, maybe bifurcating between impacts from the IEEPA overturn and the new Section 232 ruling?

我是Kevin，代Jerry提問。我有一個關於關稅動態變化、以及其與你們展望之關聯的問題。如果能提供更多細節會很有幫助，或許可以區分IEEPA推翻所帶來的影響，以及新的《232條款》裁定的影響？

Yes. So thanks, Kevin. So a lot is going on with the tariff landscape, as you can imagine. I'll start by saying that the net go-forward impact of what is in place today is in line with what we thought coming into the year. So no real changes to our expectations based on those changes. With that said, there's still uncertainty regarding what the Section 301 country-by-country tariffs will be and what net effect they'll have on us versus the Section 122 current tariffs.

好的。謝謝你，Kevin。如你所想像的，關稅環境有很多事情正在發生。我先說明，目前已實施措施在未來的淨影響，與我們年初的預期一致。因此，基於這些變化，我們的預期沒有實質改變。不過，關於《301條款》按國別課徵的關稅會是什麼、以及相較於目前《122條款》關稅對我們的淨影響為何，仍存在不確定性。

Related to IEEPA, so we did file our refund through the K process. So we did pay approximately $25 million in IEEPA. So we're in a wait-and-see mode as far as that process goes. But additionally, you'll see in our Q, we voluntarily submitted a prior disclosure to customs related to potential errors in our methodology in calculating the 232 steel and steel derivative tariffs. This will allow us to review our calculation to determine if we had any adjustments required. To give some perspective, we paid approximately $18 million prior to the April change in the 232 tariffs.

就IEEPA而言，我們已透過K流程提出退稅申請。我們在IEEPA項下約支付了2,500萬美元。因此，就該流程而言，我們目前採取觀望態度。此外，你會在我們的Q（問答/揭露）中看到，我們就計算232鋼材及鋼材衍生品關稅的方法可能存在錯誤，主動向海關提交了先前揭露（prior disclosure）。這將使我們得以檢視計算方式，以判斷是否需要任何調整。提供一些背景，在4月232關稅變更之前，我們約支付了1,800萬美元。

Got it. Very helpful. And then given that 2Q is typically a seasonally strong quarter for both net sales and margin perspective, how should we think about performance versus normal seasonality? Any one-time impacts we should be thinking about from 1Q?

了解。非常有幫助。另外，鑑於第二季通常在淨銷售與毛利率角度都是季節性較強的季度，我們應如何看待相對於正常季節性的表現？第一季是否有任何一次性影響需要我們納入考量？

Yeah. And I said in the prepared remarks that we still -- from a comp standpoint, the second half is going to look better just because of the impact of the tariffs. They really hit us for more in the second half than the first half.

是的。我在事先準備的發言中提到，從同比（comp）的角度來看，下半年仍會看起來更好，主要是因為關稅的影響。關稅對我們的衝擊在下半年其實比上半年更大。

With that said, I think we talked about restructuring in our plan, and that's still in place. Again, that's going to affect us more favorably in the second half. So I think Q2 will be better than Q1, but I think the second half is going to be better than the first half.

話雖如此，我想我們也談到計畫中的重整（restructuring），而那仍在進行中。同樣地，這將在下半年對我們帶來更有利的影響。因此，我認為第二季會比第一季好，但我也認為下半年會比上半年更好。

Understood. Thank you. That's all I have for questions.

明白。謝謝。我沒有其他問題了。

We received several calls this morning -- for this morning, and I'd like to read them to you. The first question that I received online was, could you provide more color on these lifting accessories as part of your CRANES+50 strategy?

我們今天早上收到幾通來電——是今天早上的，我想念給各位聽。我在線上收到的第一個問題是：能否就你們CRANES+50策略中的這些起重配件（lifting accessories）提供更多說明？

Yes. So the analogy that I use with our team internally is that the crane business is a lot like a restaurant. When you think about the restaurant, it's the steak that brings us all to the restaurant. It's that main platter, but the reality is the restaurant is living off of the appetizers, the desserts, and the wines. And I think that the crane business is exactly the same as that. I mean, obviously, you have to have a crate grain to be in the lifting business. There's a lot of accessories that go around that product and really add value to our business and to our customers. And I think what really brings it all home is great service.

可以。我在內部對團隊常用的比喻是：起重機業務很像餐廳。想到餐廳時，牛排是吸引大家上門的主菜。它是主盤，但現實是餐廳其實靠開胃菜、甜點和葡萄酒在賺錢。我認為起重機業務也是完全一樣。我的意思是，很明顯地，你必須要有起重機才能進入吊裝業務。圍繞著該產品有許多配件，能真正為我們的業務與客戶創造價值。而我認為真正把一切串起來的，是優質的服務。

And a great example of that recently, we got an order in France for seven tower cranes. That was for EUR6.5 million. But on the back of that, the sales team was able to add the commissioning and dismantling services for [EUR900,000]. And then several accessories for a total of [EUR300,000]. So on top of your normal crane order, they added anti-intrusion panels, lighting, cameras, anti-collision software, aircraft warning systems, and lifts.

最近有一個很好的例子：我們在法國拿到一筆七台塔式起重機的訂單。金額為650萬歐元。但在此基礎上，銷售團隊還成功加上了安裝調試（commissioning）與拆除（dismantling）服務，金額為[90萬歐元]。另外還加售了數項配件，合計[30萬歐元]。因此，在一般的起重機訂單之外，他們又加上了防入侵面板、照明、攝影機、防碰撞軟體、航空警示系統，以及升降設備。

So I think to me that's a great example of what the team can add when they really start to think outside of the box and have a bigger view of the customer and how we service those customers. So hopefully, that's a little color that helps.

所以對我而言，這是團隊在真正開始跳脫框架思考、並以更宏觀的角度看待客戶以及我們如何服務客戶時，所能帶來價值的一個很好的例子。希望這些補充說明能有所幫助。

We received another e-mail. What are your orders in April?

我們又收到另一封電子郵件。你們4月的訂單情況如何？

Yeah. So Aaron mentioned that the orders were strong. We're still rolling up the numbers, but we expect between $225 million and $250 million of orders in April, which is good, a little bit higher than the run rate we saw in Q1.

是的。所以 Aaron 提到訂單表現強勁。我們仍在彙總數字，但我們預期 4 月的訂單金額介於 2.25 億至 2.50 億美元之間，這很不錯，略高於我們在第一季看到的運行水準。

Okay. I just received this e-mail. You seem more optimistic on this call. How do we think about the full year guidance?

好的。我剛收到這封電子郵件。你在這通電話中看起來更樂觀。我們該如何看待全年指引？

Yes. So we reaffirmed our guidance, but you look at it, orders have been strong. April, as Brian just said, is looking good. Backlog is strong. Dealer inventory is on the low end in the United States and really starting to see some momentum in places like South Korea.

是的。所以我們重申了指引，但你看看，訂單一直很強勁。如 Brian 剛才所說，4 月看起來不錯。在手訂單很強。在美國，經銷商庫存處於偏低水位，而且在像南韓這樣的地區也真的開始看到一些動能。

So I think there's a lot of optimism out there, a lot of opportunity. I think the big question mark is just how the Strait of Hormuz situation plays out because we still have plenty of orders that need to make their way into the Middle East through that Strait. And as of right now, it's shut down. So I think there's some good opportunities, but still there's some uncertainty there in terms of our ability to execute within the year, depending on how that situation plays out.

所以我認為外界有很多樂觀情緒、也有很多機會。我認為最大的問號只是荷姆茲海峽的情勢會如何發展，因為我們仍有不少訂單需要經由該海峽進入中東。而截至目前，它是關閉的。所以我認為有一些不錯的機會，但在我們能否於年度內執行到位方面仍存在一些不確定性，取決於該情勢如何演變。

I received another e-mail, and I'll just read it to you. How's the implementation of the Manitowoc Way lean practices impacting the aftermarket business?

我又收到另一封電子郵件，我直接念給你聽。Manitowoc Way 精實實務的導入，對售後市場業務有何影響？

Yeah. So I mean, traditionally, we're manufacturing folks. So we're still sort of figuring it out. And I think we're in the early innings, but we're starting to see some good gains. I think when you look at what we did in terms of our new hires of field service folks during the quarter, that's a good example of how we're gaining.

是的。所以我的意思是，傳統上我們是製造業出身。所以我們仍在摸索。我認為我們還在早期階段，但已開始看到一些不錯的改善成果。我認為，看看我們本季在現場服務人員的新聘用上所做的事情，就是我們正在取得進展的一個好例子。

So we continue to sort of tweak how our approach to recruiting and how we manage the organization. I think it looks like we found the right formula. I think that's a real success of us trying to continuously do a better job and be more effective at it.

因此我們持續微調我們的招募方式以及我們如何管理組織。我認為看起來我們找到了正確的公式。我認為這是我們努力持續把事情做得更好、並更有效率的一個真正成功案例。

We've got some good kaizens going this year that are more than just sort of the weak kaizen. It will take us a few weeks to work through those. We do predelivery inspections at our dealerships. We've never really gotten good feedback. There's a lot of fixes that happen that people just don't report. So we built a system around that to start to get feedback closer to our -- to the assemblers and shading. I think that's going to yield good results for us.

今年我們有一些不錯的改善（kaizen）專案在推進，不只是那種比較薄弱的 kaizen。我們需要幾週時間把這些專案推進完成。我們在經銷商端會做交車前檢查。我們過去其實很少收到好的回饋。有很多修正其實發生了，但大家並不會回報。所以我們建立了一套系統，開始把回饋更貼近地傳回我們的——傳回組裝人員與噴塗（shading）端。我認為這會為我們帶來不錯的成果。

In our Jeffersonville distribution center, this is where we typically ship out parts, but there's a lot of kits that go with oncore work and upfit and some bigger projects. I can best describe that as a terrible IKEA project at the moment.

在我們 Jeffersonville 的配送中心，這裡通常是我們出貨零件的地方，但也有很多套件（kits）會用於 oncore 作業、改裝（upfit）以及一些更大型的專案。我能最貼切的形容是：目前這就像一個糟糕的 IKEA 專案。

So a lot of work for us to do and improve in terms of kitting because when we do that, there's going to be a significant productivity gain at our service centers when they're doing that work because it's hard to figure out all the different nuts and bolts and parts that are in some of these boxes. So I think that's great. And a big shout out to our team in Chesapeake, and Meghan Gowder, she's done a fantastic job. She was a Manitowoc Way winner last year for improvements. And in the first quarter, she put forward improvement around using QR codes to manage TPM on forklift.

所以我們在套件化（kitting）方面還有很多工作要做、要改善；因為一旦我們把這件事做好，服務中心在執行這些工作時，生產力會有顯著提升，因為要搞清楚某些箱子裡各種不同的螺帽、螺栓與零件真的很難。所以我認為這很棒。也要特別感謝我們 Chesapeake 的團隊，以及 Meghan Gowder，她做得非常出色。她去年因改善而獲得 Manitowoc Way 的獎項。而在第一季，她提出了改善方案，透過 QR code 來管理堆高機的 TPM（全員生產保全）。

So I just love the amount of creativity we have in those locations. To me, the big challenge and why I see we're in the early innings is just around how we collaborate and we share all these lessons learned. So it's a lot of cats to herd in all these different locations, but we're gaining speed. So I'm really looking forward to what we're able to do as we move forward.

所以我非常喜歡我們在那些據點展現出的創意量能。對我而言，最大的挑戰、也是我認為我們仍在早期階段的原因，是我們如何協作並分享這些經驗教訓。所以在這麼多不同據點要把大家整合起來並不容易，但我們正在加速。因此我非常期待我們接下來能做到的事情。

Thank you. Those are the questions that we received in the queue. Operator, any other questions in the queue?

謝謝。以上是我們在佇列中收到的問題。接線員，佇列中還有其他問題嗎？

No, sir. There is nothing at present.

沒有，先生。目前沒有任何問題。

Okay. Very well. Please note that our replay of our first quarter 2026 earnings call will be available later this morning by accessing the Investor Relations section of our website at manitowoc.com.

好的。很好。請注意，我們 2026 年第一季財報電話會議的重播將於今天稍晚提供，您可至 manitowoc.com 我們網站的投資人關係（Investor Relations）專區收聽。

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.

感謝各位今天加入我們，也感謝各位持續關注 The Manitowoc Company。我們期待在下個季度再次與各位交流。

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

謝謝。本次電話會議到此結束。感謝各位參加今天的簡報。您現在可以掛斷電話線。