A maker of heavy lifting equipment, this company builds crawler, tower, and mobile hydraulic cranes under well-known brands like Grove, Potain, and Manitowoc, used in construction, energy, and infrastructure projects worldwide. It began in 1902 as the Manitowoc Dry Dock Company, a Wisconsin shipbuilder, before moving into cranes in 1925 when it agreed to build an early mobile crane called the Speedcrane. Its name comes from an Ojibwe word often translated as "dwelling of the Great Spirit."
Orders rose 56% to $709M and backlog topped $1B, the highest in over three years, as an $11.8M tariff refund lifted gross margin to 20.7%.
Orders and rose to multi-year highs, signaling a demand inflection. rose 10.3% to $594.9 million and expanded 2.3 points to 20.7%, driven by an $11.8 million IEEPA tariff refund benefit and higher new machine sales in EURAF and MEAP. The company enters the second half with a $1.05 billion backlog and a recovering European business, but the Americas continues to shrink.
Key takeaways
Orders rose 56.1% to $708.7 million, the highest quarterly intake since at least Q4 2022, lifting 44.0% to $1,050.1 million — the first time backlog has exceeded $1 billion since early 2023.
expanded 2.3 points to 20.7%, the highest quarterly margin in the table's history, primarily due to an $11.8 million net benefit from IEEPA tariff refunds; without it, would have been roughly flat with the prior year.
Section summaries
Management's Discussion and Analysis
Q2 2026 net sales rose 10.3% to $594.9M, gross margin expanded to 20.7%, aided by an $11.8M IEEPA tariff refund benefit.
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Consolidated Q2 grew 10.3% to $594.9M, driven by higher new machine sales in EURAF and MEAP, partially offset by a 6.6% decline in the Americas.
increased 24.3% to $123.1M, with improving to 20.7% from 18.4%, primarily due to an $11.8M net benefit from IEEPA tariff refunds.
The EURAF 's operating loss narrowed to $2.7 million from $14.6 million a year ago, as rose on higher tower crane and new machine shipments, marking a second consecutive quarter of revenue recovery after the segment posted a $46.6 million full-year loss in 2024.
Americas fell 6.6% , the first decline since Q1 2025, and the 's was pressured by lower new machine volume and unfavorable product mix, continuing the erosion flagged in prior quarters.
turned positive at $35.4 million for the first half of 2026, compared to a $54.8 million use a year ago, helped by $26.2 million in IEEPA tariff refunds and the absence of the $42.6 million EPA settlement payment made in the prior-year period.
Total liquidity rose to $304.1 million, with cash and equivalents at $95.8 million, up from $32.9 million a year ago, as declined from the $144.6 million drawn at year-end 2025.
What changed
The EURAF recovery flagged in Q3 2025 and Q1 2026 extended into Q2 2026, with the 's operating loss narrowing to $2.7 million — the smallest quarterly loss since Q1 2024 — suggesting the tower crane demand recovery is sustaining rather than proving seasonal.
The Americas 's 6.6% decline and continued pressure answer the question raised in Q1 2026: pricing actions and non-new machine sales have not yet offset tariff costs and unfavorable mix, and the segment's profit engine continues to erode.
The $11.8 million IEEPA tariff refund benefit that drove the expansion was not flagged in any prior filing; the company had disclosed voluntary reporting of potential tariff calculation errors and a $25 million IEEPA refund claim in Q1 2026, and this quarter's benefit represents a partial realization of that claim.
remained negative at -$6.1 million for the quarter despite the tariff refunds, as consumed the operating cash generated, keeping the question of whether free cash flow can turn materially positive in 2026 unresolved.
What to watch
Whether the $1.05 billion converts to quarterly above $600 million in Q3 2026, sustaining the 10% growth rate, or whether the Americas decline offsets gains in EURAF and MEAP.
Whether the EURAF can reach operating breakeven in Q3 2026 after narrowing its loss to $2.7 million, or whether the tower crane recovery stalls before the segment turns profitable for the first time since early 2023.
Whether the remaining IEEPA tariff refund claim and the $18 million Section 232 voluntary disclosure produce additional cash recoveries or, alternatively, liabilities — and whether the company records them in Q3 2026.
Whether Americas stabilize or return to growth in Q3 2026 as the order increase flows into shipments, or whether the 6.6% decline in Q2 signals that the 's rebuild is not yet translating to revenue.
Orders surged 56.1% to $708.7M in Q2, and reached $1,050.1M as of June 30, 2026, up 44.0% from the prior year.
EURAF operating loss narrowed to $2.7M from $14.6M on higher sales and better mix; MEAP rose 42.9% to $14.0M.
turned positive at $35.4M for H1 2026 versus a $54.8M use in H1 2025, helped by a $42.6M EPA settlement payment in the prior year and $26.2M in IEEPA tariff refunds.
Total stood at $304.1M as of June 30, 2026; management believes cash and available credit are sufficient to meet near-term needs.
Quantitative and Qualitative Disclosures About Market Risk
The Company’s market risk disclosures have not materially changed since the 2025 Annual Report on Form 10-K was filed. The Company’s quantitative and qualitative disclosures about market risk are incorporated by reference from Part II, Item 7A of the Company’s Annual Report on F…
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The Company’s market risk disclosures have not materially changed since the 2025 Annual Report on Form 10-K was filed. The Company’s quantitative and qualitative disclosures about market risk are incorporated by reference from Part II, Item 7A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.
Tariff and trade policy risks, including a new voluntary customs disclosure, could materially raise costs and disrupt operations.
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Newly disclosed: the Company voluntarily reported potential tariff calculation errors on steel imports from April 2021–April 2026, with $18.0M in paid over that period.
The voluntary disclosure aims to mitigate penalties, but final resolution could bring material incremental tariffs, refunds, interest, or legal costs.
Imported steel and steel derivatives face heightened uncertainty from evolving U.S. trade policy, including tariff modifications, exclusions, and potential customer reimbursement claims.
Tariff-related cost increases, supply disruptions, and retaliatory measures could materially pressure margins, financial condition, and cash flows.
Mitigation efforts such as pricing actions and sourcing adjustments are underway, but there is no assurance they will offset tariff impacts.