The Manitowoc Company, Inc. (NYSE:MTW) Q3 2023 Earnings Call Transcript

Aaron Ravenscroft: May be out, particularly in the second half.

Brian Regan: Where do we end the year with our dealer inventory and it’s, in particular, on the all-terrain side. But yes, that’s exactly our concern.

Mig Dobre: Okay. Well, I appreciate that. But I mean, is the fourth quarter implied margins sort of indicative of the kind of run rate that we should be thinking for the front half of ’24, if mix remains similar?

Aaron Ravenscroft: No, I don’t think that’s fair. And I’d also add that we’re right in the middle of the budget process. So it’s not possible for us to really give you an answer that you’re looking for, I think.

Mig Dobre: Okay. And then I guess my final question is on kind of a general question on pricing. You already touched a little bit on what’s happening from an FX standpoint. That’s something that we’ve been wondering about quite a bit given the weakness in the yen. As you look at model year 2024 cranes, is there some sort of color that you can provide as to how you see pricing?

Aaron Ravenscroft: Every year we’re in a normal year, we’re going after a couple of points in pricing and I don’t think this year will be different. I do think though, when you look at where the yen is that — I don’t know if it’s JPY150 or JPY151 today and that’s a major advantage for our competition. So it’s a tough fight.

Brian Regan: And the euro has bounced around as well. So we do buy from ourselves from our plants in Europe to the U.S. but we’re — so I think we’ve got competitors, though that are shipping product that they’re building in Europe that we build in the U.S. So it’s the euro as well as the yen that’s playing into that.

Operator: There are no further questions at this time. I will now turn the call over to Ion Warner for closing remarks.

Ion Warner: Thank you. Before we conclude today’s call, please note that a replay of our third quarter 2023 conference call will be available later this morning by accessing the Investor Relations section of our website at manitowoc.com. Thank you, everyone, for joining us today and for your continuing interest in The Manitowoc Company. We look forward to speaking with you again next quarter.

Operator: This concludes today’s conference call. You may now disconnect.