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MTW Manitowoc

Participants
Ion Warner Vice President, Marketing & Investor Relations
Aaron Ravenscroft President & Chief Executive Officer
David Antoniuk Senior Vice President & Chief Financial Officer
Jerry Revich Goldman Sachs
Jacob Parsons Colliers Securities
Stephen Volkmann Jefferies
Shahrokh Moinian JP Morgan
Mig Dobre Baird
Seth Weber RBC Capital Markets
Stanley Elliot Stifel
Jamie Cook Credit Suisse
Call transcript
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Operator

Good day, everyone, and welcome to the Manitowoc Third Quarter 2020 Earnings Conference Call. Today's call is being recorded. At this time, for opening remarks and introductions, I'd like to turn the call over the Ion Warner, Vice President, Marketing and Investor Relations. Please go ahead.

Ion Warner

Thank you and good morning everyone, and welcome to the Manitowoc conference call to review the company's third quarter 2020 financial performance as outlined in last evening's press release. today and Ravenscroft, President Dave Financial call Chief President and the Officer. Officer Executive Antoniuk, on are our Aaron and Chief Participating Executive Vice the which includes Events under be slide webcast Presentations. section presentation, Today's found our a & in Investor website Relations of can

has and limit and reserve will call. everyone your harbor turn their to one a provided follow-up remarks, material questions to ask questions like the to ensure for after our in and statement Please to opportunity We would answers request return questions. queue slide for this the to safe prepared note time to I an that you and our that Please two.

XXXX of statements company's defined Securities call are markets the its forward-looking based today's During on other its current business. as affect the factors Act that assessment in Private made and of Litigation Reform

described or SEC not to actual the there, factors differ projections the any over revise However, that, could undertake results others due statement, result a the from I as any actual company more does of The And future or any now other Manitowoc in new implied company's or one information, materially among will turn obligation filings. whether of events, you with forward-looking to or to Aaron. update circumstances. call latest

Aaron Ravenscroft

Ion, you, and Thank good morning, everyone.

generated three of them the job priorities, I company During that three, and had for our safety the on production the an to This on increase laid of last job had our anticipated. for two, these we report $XX quarter. million long team balance much million deliver quarter Orders and to I'm the pandemic, employees, than which COVID-XX our us million all flow done growth. of during extraordinary priorities frankly, the well through the ended One, facilities of call, for proud all allowed the and has three and factory are: an the delivering position thank quarter managing cash a Manitowoc's aggressive sheet, certain for plan where term to groundwork of I cash and hand. our on $XXX shutdown free outlined done. stronger strengthen for we manage health We key and and strong our $XXX were us with quarter

total the liquidity Our I'll cyclical million and the end Dave close crane color through us nature business With And with with ask I'll Dave? the market us of and initiatives. of financial the $XXX on strategy. results. execute the September our of to at to strategic take details some of well more growth that, the outlook our positions on

David Antoniuk

morning, Thanks, Aaron, good and everyone.

slide three. to move Let's

to by Our crane segment, third year. American product due million, quarter crawler markets. to million lines the of of offset partly increase last XX% improved $XXX $XXX year-over-year an the effect increase orders on was end totaled our driven compared of COVID-XX declines in demand by The orders other continued in

currency orders $X was by exchange In impacted addition, which book year-over-year mobile segment, couple foreign changes a the the to X.X. in on million. contributed year-over-year project the Favorable rates of orders crane we secured large quarter to The bill approximately in increase. MEAP positively our

quarter Net the lower during segments most and foreign the the decline due COVID-XX impact crane backlog up prior in the million shippable or by in to backlog flat $XXX the currency On products exchange favorably the was mobile were sales third quarter rates. U.S. in Americas. sequential X% over offset of Improved basis, the changes of decreased $XXX in neutral on X% ending market impacted million MEAP a attributable from a year-over-year. basis. quarter. in fully a XX% half the a $XX Our resulting by primarily approximately to currency was were X% third in million from essentially first decrease year year decreased sales of a from backlog million Net The year $XX for entering ago. EURAF softness backlog or and

Our the period prior year-over-year, $XX to by of from the quarter over lower year. in revenue basis the lower primarily XXX Americas. profit million levels. declined XXXX, due the the Gross in slightly production impact decreased Gross decreased aftermarket percentage volume the driven Profit to XX% mainly same points in

million and million decreased related engineering, reduced employee quarter The to expenses Third incentive primarily compensation and including spending. administrative $X costs discretionary year-over-year. was decrease by selling, $XX lower cost of approximately due short-term

third million, result, of net quarter $XX sales. As amounted adjusted or X% to EBITA a

Restructuring Our approximately $X was flow-through headcount due totaled performance costs excellent this reflecting managing on in the costs in million environment. in the uncertain mainly quarter decline to were XX%, and year-over-year the reductions and Americas. our sales

year. in lower million was currency million. a per the third sales per quarter. in Our $X.X capital share On inventories basis, per reduce earnings cents adjusted loss income of was quarter, reduced of of of driven In flows, compared $XX share period. adjusted generated in earnings $X.XX GAAP was impact $X.XX working diluted primary during basis, were On a volume. of per we $XX the diluted neutral the approximately earnings prior primarily The million cash to the per of which share share in we share the year $XX an year income by a by quarter diluted driver operating $X.XX of over the reduction versus comparable

currency reduction manage million our levels current on We to capital and demand a to closely remain needs achieve to continue on basis. track $XX to plan neutral working inventory our

quarter, liquidity ABL ended repaid on draw our ABL the from During a on In XX% increased total the facility third the approximately we zero ago. with and million facility. borrowings $XX year quarter, period the our

obligations Our liquidity remained to for the future. our foreseeable meet sufficient

greater compliance to any Additionally, we previous eased maturities us flexibility debt significant and our and have stated XXXX, affording in liquidity. XXXX calls, until debt simplified as do not access our agreement covenant

supply to is Due initiatives. demand for growth for XXXX, sufficient significant chain, ratio our to March us XX and suspended leverage capital uncertainty on deploy debt COVID-XX on would the that the net impact XXXX. Our guidance end X.X, regarding runway with providing we market have

significant $XXX of back revenue continues uncertainty call sight line and markets now results that, and improved. forecast With quarter for turn million between Aaron. million between for have we is the to fourth million in persist serve, $XXX to our adjusted Although $XX EBITDA. I to will Accordingly, $XX and the our million,

Aaron Ravenscroft

slide to Thank you, move Dave. Please four.

at pandemic prices, from was industry that elevated after broad yet. confidence won't woods we experienced inventory. remains third quarter. and a to create uncertainty when headwinds, mid-XXXX has quarter reflecting recovery out cranes not better, until that refreshing business half but election are still the see COVID Demand customers In saw earliest. the The the Americas, dynamics, orders and weak. we dealer quarter is COVID, we first steep was In challenging however, the year, and to in halt of of the decline speaking crawler consensus the grounded a oil Europe, to including a been recovery a face continues The presidential good dealers, bounce we for back the our second the in third during the

to weighing couple describe a strong on if certain in for you sized business would economies countries with States lockdowns. nice would region XXXX, imminent. crane landed the this East. before down structural Although mixed. see I is more are the Korea in that region. us MEAP, than implemented have the recovery customer in And confidence sentiment sentiment, and even cases that sustainable and in in That the already general Middle COVID The Middle give we've we us have China severe improvements in the South as have a hit. most as recall, we concerned been so looking said, heavily recent cycling tower relatively COVID is this East spike forward, projects United In was

India remained very and Southeast slow. Asia

the while we have seen has we Lastly, operating slowdown a unprecedented China are in been with throughout of question evolves. geopolitical no is some signs that as strong the There situation times. Australia summer,

taking market growth to are to business during when action continue we market our challenging accelerate the the While these we also recovers. manage conditions, proactively closely

strategies Please differently a grow investment product tower are remains new give from about how are and slide five. will This This which primarily as crane. developing our think served on Our markets. the business. down beginning to streams on get Historically, derived that customers breaks in business. the slide us insight in new we've to focused new the revenue are cranes we to different we to some to well the of turn sale you development track, closer

We partners. and have strong distributors

tower as take crane. However, don't advantage of sheet of such large are where the top rental fleets of certain Germany territories our selling to balance partners there have some geographic

and fleet addition, help rely of on OEMs In to bundle rent to international they their beginning part to their companies preferences shift crane from manage are rentals as deals. construction large

business opportunity cranes, prior greater share. having down crane obvious benefits to to the Beyond this many acquisition purchase. and revenue we initiative intend to good initiative returns generate to approach trialed XXXX grow this We to have during diversify a use for and model rent actual this a XXXX. helps this price the fleet in We our quietly see as of the to attractive facilitate and in prefer two our service work an success, sales. rental where customers streams Moreover, equipment rent revenue opportunity years to markets expand with

wanted more are to initiative performance closing, company. we as you in share market We will on financial our our we give the created have to standalone we improvement some insight around continue proof a current down changing is crane how but that sustainable it mindset matures, growth. In on this in

significantly the transformed Way. have our implementation Manitowoc with the We cost structure of

five same over five growth and Over need that approach the the quality, safety, to we we will years, rigor the attacked next last cost with years.

growth of that, utilize crane and driving plenty culture. continue organic line for offer our margin With better are that less segments a volatile for will there company business as operator, for questions. believe We our and please platform to in We the of inorganic profile. are Manitowoc open opportunities Way the

Operator

to we'll And Jerry Instructions] Goldman first [Operator you. Thank with Sachs. Revich go

Jerry Revich

you you most everyone, morning, what backhaul order of In potentially the for today? rank order on words, ask next pipeline here. strong see order couple prospects Which the good regions and congratulations over and who growth? at based you Hi, to the can other drive want just the quarter quarters, you to on attracted I were as expect you can look us?

Ion Warner

Yes, beyond - environment, in season is months. current much different visibility seasonality are it's honest, right and but patterns the that get tough way perfectly to couple to so be a there the now orders

help will low Jerry, some think easier, opportunities in look we're you it's at I at comps out Americas, that, would projects a that out. I get the and I there's in answer the a and So say on still detail East, there. tough think us begin good Middle to level if give I to There's

new And most. remarks, the what some us I of of we've the is about worry I would the APAC. China products like think I will help mentioned say business, in out prepared launched that I in Europe

Jerry Revich

Okay, return and what's that Germany? And capital it can you. are the expand thank What you're in that we allocate in seating thinking business thinking as then in that rental and CapEx level of cranes you direction? capital about initiative on level you the on

Ion Warner

say what into the So XXXX, couple budget, the fleet to opportunity to you a sounds to February. and opportunities we'll of just of for for that. into we we Right what little cash With good success roughly on very $X maybe invested the other put fleet look, of CapEx. into our our respect we options list. are returns, of more, units have in January. prioritize our more that our actually million that have of $X that in we're expanding And we build and that for had different go million This high now, on and evaluating the always as just the of that the process in will the with color - all it's I'd opportunities, end are at cranes building a invest

Jerry Revich

you. Thank Okay.

Ion Warner

Thanks, a Jerry, good have day.

Operator

with Michael Colliers to go We'll Shlisky Securities. next

Jacob Parsons

give about Can cranes. you any the confusion really for But on If get sorry Mike, of kind right for talk general to any detail this there's Parsons between could pricing environment of appreciate the kind the call Jacob it. I'll the Hello, nuances is you category, there? for but there.

Ion Warner

the are requests, like been say those a which Southeast downward in are for not or and really paces so haven't large project, we've that always where pressure. Asia, down - markets strongly being Yes, sort negotiated a always time very negotiated long Middle now. East say said, very, there's been and many holding we're has it's That broadly there's think price when let's Those taking seen we I'd they're of reductions, I not

Jacob Parsons

since Got don't Got been regarding a days real But any one or ever chance only And still the have election, had quite it's you. What's sight has quite spot. of teams you. have But attitude here. yet. around? been in there has to guys with you. getting Okay, customers customers election comes couple kind know of post-election? to your talk the I you been a the winner kind you now talked a cranes, question it how yet? when you Thank know whole final I to talk buying to sore any about back

Ion Warner

forth. the I the think a of other side effects And There's about from mean, is I tax what and people could No, debating goes then it back talk infrastructure. it perspective. be

just wait see really and a it's think attitude. I So

Jacob Parsons

you. All That'll you. I all. Thank it. right, got appreciate be

Ion Warner

you. Thank

Operator

Jefferies. Volkmann Stephen to next go We'll with

Stephen Volkmann

Thanks morning, good Hi, for question. my taking guys.

Ion Warner

morning. Good

Stephen Volkmann

could the we if cost you've taken. of some wonder of the little a sort talk bit cadence about of just actions I

guess, Dave, of looks some doing some XXXX I those of back discretionary kind figure coming then mentioned, fourth maybe to those and it your the restructuring quarter. been some on then out, like, coming in benefits And terms comp costs really of start And some think of of incentive I'm guidance, what based look trying short-term perhaps that some I in And savings. like back? you maybe you've as well. the does

question. my that's So Thanks.

Ion Warner

details. directly on I'll Stephen, of and that the to quarter, so items just Okay, of to broadly, in I'll those the raised, terms those ask Dave, speak restructuring fourth current dynamic is COVID the outlook this pandemic. the respect really Every speak then you some around that is other market country, situation say to questions every globe differently. I'd the around affected with being

that out things unfavorable. we the is see of there One

quite the geographic Next, be biggest or we that's product probably, challenge oriented. even whether have, that as it frankly, just

with some normal, as there, to Dave? to a got normal. of look back but like back come such go some with there's now, And out, costs we immune or of market as hit. as to we course, some we version out has these which some things like respect challenges, really COVID costs lower we've that these travel, there. insurance, since definitely And So then been challenges cost took out dynamic are other of like we're not that we'll

David Antoniuk

Yes.

our still SG&A sequentially, down. uptick I'll cost. Steve, will that comment So just But we year-over-year will probably an see be in

than our in incentive of have have QX. short-term the will We less benefit in QX plan in we

adversely recently gone through addition insurance well. our our into In are we XXXX, which going to is, had premiums renewal, that, new and to affect as QX

the some of benefit in QX. So lot a QX, getting there reductions, was we're in that to big cost headwinds

of versus see we'll cost one that QX in an the uptick reasons QX. So, in

Stephen Volkmann

you further. one Maybe great. push I step Okay, can

and benefits year? those how flat Let's coming productivity have my in a that's assume that next improved balance yours that with or restructuring next and assumption year's coming perspective, volume of not might from do I temporary kind costs you sort whatever of back of

David Antoniuk

question. great Yes, Right.

think headwinds I level our - takes, anything. and in at there's more puts of structure a that know, high there's than looked little So, you cost when we

item expenses, when short-term you think term incentive number short one increases, costs. do in any of not have incentive anticipate is we the salary look significant did coming at and step I salary XXXX, back nor expenses, we any compensation amount plan

be a we is at insurance. are and And headwind which to FX going significant. particularly products is for addition, In manufacture the us, the about finally, say Europe what that that talked pretty United those I'd we States, some for in

a hangover manage So to believe as we we pandemic, that bit there'll come we a through. the of out be Stephen of need

Stephen Volkmann

you Thank Understood. guys.

David Antoniuk

Steve. you, Thank

Operator

Duignan JP with next to Morgan. go Ann We'll

Shahrokh Moinian

is Hi, Moinian Shahrokh Ann. thanks. for This

- reduce year your the you inventories Would that in You required before volume be cuts the on still you're to these expect end. further right size track the reductions expect to you to enough XXXX? inventories would to be mentioned or

Ion Warner

I speaking, that cycle. a Generally think have we

inventory the does typically comes our down the cycle year, and So in of of build what we first is the year. in half the inventory second half

So again I exist will, in believe cycle that XXXX. that

to the to I are. year. we'll orders was our used So what beginning tied some be of in that, respects, at And said cash the just

out are. half, effect the and So have if we midpoint will on that our really come build an orders strong of second schedules year, are of what this,

So tightly manage our to continue order rate we'll to it book what is. relative

Shahrokh Moinian

region? then more noticed competitive for by on color market positioning the a spot bright about appreciate a wind been kind Thanks, your in crawler have there. Could we that offering And product elaborate you discuss bit of more and projects this your demand. little

Aaron Ravenscroft

are so, because currencies Yes, respect we market. Several years - emphasis a over XXX that that's serve the cranes, in with There's the main that's wind space opportunity that launched MLC yet. to maintenance. in of these an ago, mean, and and couple developed last the XX that also for years, States, some pace is. cranes, crawler really we axle have XXX; altering a we much we where is units the the that's manufacture I and and cranes haven't where new eight really bigger been we where lattice United But where in - participate

Shahrokh Moinian

the you. Appreciate Thank Thank you. time. Thanks.

Operator

to Baird. next Dobre with Mig go We'll

Mig Dobre

right, gentlemen. All you. a thank congratulations good Good morning, quarter. And on

David Antoniuk

Thanks, good morning.

Mig Dobre

surprised most, me what your guess was order intake. the So I

give demand size on we've to well. metric the in were about is be a understand double-digit we East, you that perhaps in of what the us basis? forward? on this terms talking or called are as And the I'm not for call based should cycle And a some maybe call the commentary, you you going might where growth how don't of out your these what of I we Slide seen on in view here, press know - time, know, I'm are going is, X thinking about one them being release, but trying benefited the and your that the that growth not Middle provided sense growth of us path kind the have projects ahead them, that a terms to to sustainable time. sustainability in quarter, quite expectations as of You can in that first go-forward for to the else you

Aaron Ravenscroft

think, Okay, Mig. so that's, million-dollar the question, I

I we're through quarter contingencies can the orders, with sure in manage very of played toughest make the - - how out to surprised we've were have third obviously could think we I just trying we it. to think terms we what's

the third third look now when about the about in our quarter a did projects Dave coming fourth at happening see would So trying the year, And and them that ask that winter other get cranes from I see action campaign and second talked yet, quarter, lot and is the even I thing there's fewer to if And are say, quarter there quarter, the happen? you some think that the we look I when they've at orders. we didn't none. - people done. for And got tower some the about we pull because there's next visibility, orders they're

core orders take to orders. get lower, they've we because would don't a bigger our in risk want of period, they customers from the typically this that frankly, much been give Some and us

market. they're when let's the with So it's us feedback really respect and then the for look say, operators, see the extremely to numbers situation to difficult would get them, around you get crane and good. turn conservative around extremely, really how on the those our our I hand, they oh, big one it's are from But arms say, because we and talk say - I to larger, at

with good when East, those taking we've there, million $XX us. October and those for would Then big get Middle typically size describe quarter There's expensive, we so when sort are I those we're the crawler cranes the million because now get that really those mentioned. patches, projects $XX projects net small - of pulled So similarly. quarter far, would right chunks you've to two of you happy by say And so to range. respect in the I was it been together team with

the our were, then sort there taking many That's orders operators. a of timing it's It coming of the some projects. how large of They're crane of and smaller handful. interesting, not the these from houses. from of terms currently. are orders where advantage, now big think, are coming Right not I is the In opportunity

Mig Dobre

them, East. North Understood, competitors, and America. Right, if the And you've to follow is related attitudes aware wondering from outside the on you seen then any either you've I'm tough Thank else competitive ground especially of from different changes dynamics, be my or you. especially a anything that pretty got up in think Middle you benefited share that should any standpoint we of?

Aaron Ravenscroft

wouldn't that mean, to mean, East actually of taken, Middle have when at need relevant these that to the took changed some frankly on got I orders name look we I change. order book I units go we that to you important, has especially we to extremely and the put factory. so say gets normally one is I to went would wouldn't wouldn't competitive. been we the the we stay say to them. that's them. in a after went say but we've get the went our fasten has couple a market Yes, price that get. - Nothing that where that, speaking, to I at

any Now, least. that at we haven't yet, seen of

Mig Dobre

Okay, appreciate luck. it. Good

Aaron Ravenscroft

you. Thank

Operator

RBC to Capital next Weber Markets. go Seth We'll with

Seth Weber

addressed of, lot on the look indicator, if my down would right? that guess a but list, aftermarket I Hey, aftermarket at on good Of I the quarter. in you've guess would be we're I kind would business we morning. I a what think was getting of to I leading better, normally, touch assume being guys, up. wanted as

can you for grow it's and - I know to business. big Manitowoc aftermarket the been You a know, initiative

believe was in I the on it can just was of it year. sort it up help understand first part Has So the what's us you of - going there? up?

did business third quarter? push here the to Thanks. the change aftermarket something in So down

Aaron Ravenscroft

were the it, and take sort I'll I look got it of down. second sites pass And hit mean, in difficult the frankly. in they sometimes have always Dave. hard timeframe quarter, to which When months, so we slow at really the of all Maybe and stopped course, comments I'll broad Okay, April then, I Europe, the to hit. we whenever in summer are predict. COVID we quite And

six months, in of you really terms to that? think in of would what numbers. on So see you look hasn't it I period over the go - grow aftermarket that's Dave, the the color been anything sort I best and add last

David Antoniuk

change, think, Seth, when to the we I year speaking, know, Yes, it's aftermarket so a has right? mean, a - start in small business, in to probably look do you range had to decline generally particular significant, - And I start day with at difference. look timeframe. It's we the it's July rates quarter. at X% slow that nothing our we the And when case. just had X% to the I the the slow over in year in that the

point now, the to, maybe the normal this in But have and day it's levels, rates a aftermarket really you are believe bit As at time. what little conditions back that upon we low. market the right know, based market

Seth Weber

north the commentary about the Okay. your And exclusive a to is inventory just market, global dealer or levels, situation? that Americas then that to is

David Antoniuk

that's in environment. bit you we'd markets. like several than when the entirely sit Yes, see, look higher still and to quarters, a get better for continues And But elevated a current little to the been it's it's US what at spot. we especially into

Seth Weber

Thank guys. you much. I very Okay, appreciate,

David Antoniuk

Seth. Thanks,

Operator

Stifel. with Elliot Stanley to next go We'll

Stanley Elliot

showing trying customers. what's well, good - if is the curious Hey, inroads to kind guys, of At this Middle of to taking that. guys for question. thank were up Was the in leave some one Circle new you for back make at it we'll East morning, the And results? you point, orders.

Aaron Ravenscroft

were of customers, to we we've just say. point has customers - - Yes simple discipline. than, longtime Yes, of ago, competitive years been, going had too, quality And said, we of we think we I that a or re-entering a and - more been would is got we've that been really some and in challenges --we've I terms the to years mean, think three of accounts, the are we our answer. market, maintaining okay, let's we it, some been with five be on these ago. I to those some have back got and we the tight price two

Stanley Elliot

trending you have That's fair. material costs And assuming favorable for been I'm that guys.

As the a highlight any result, kind way was solid there decrementals? that of terms of to in what is

Aaron Ravenscroft

No, I know…

David Antoniuk

Stanley, - that's think I in I - the No, driving Yes. don't really a was decrementals. that that big factor -

Stanley Elliot

markets are and the kind globally become And of your vertical where you EU in like position closer then, Okay. move customers? crane the other more to lastly, there can any

Aaron Ravenscroft

Yeah, we think there's take piece. we'll other piece opportunities, by just it but

Stanley Elliot

guys. of time. Best Thanks Great, for luck.

Aaron Ravenscroft

Thank you.

David Antoniuk

Thanks.

Operator

Credit We'll go Jamie Suisse. to Cook next with

Jamie Cook

Good questions have question. But been longer-term sort morning. of guess of I most one just my answered.

us within ago? could you about understand about the length understanding you just do view given Just to thinking a you have market how months sort crane for you. Manitowoc, downturn of And margins new Thank just or normalized things? help you're the complicates the today, and X COVID I things. how of But sales on think relative guess, XX, maybe

Aaron Ravenscroft

said tough cycle. a joined the ago, everything's I'm because answer, not it one when normalized that's five I when Yes, I company years seven-year of everyone five joined sort sure a to was years Even anymore. ago,

say that like what we when that. if relative years believe cycle look now of harder to years, the out look you So it's over come down to XX to is last five, has it. six going before the and it's - do been even right way the I market

come free going that point, some to market dynamic. the the is to at back happens. When So

to anyone's guess, honest with think I you. it's be

Jamie Cook

long consistent? margins fairly Okay, view on Manitowoc still it's for if any change or term

Aaron Ravenscroft

lifting the number, really of of terms the pretty on done heavy to all we've costs. view, of because $XXX worth cost point my million from margins, move it's meaningful that it's in So got numbers when

volume-dependent we is now really last to piece start would where have we be you we between margins. that going huge is a the are grow imagine, just - effect swing were our to how it the on think business. be you even that I last as can So year, And if where would and

I for opportunity margins. talked come better As about in this are to going towers, those with

we and that any make going at, looked any to And So favorable. as all favorable likewise, we acquisitions that's want go after acquisitions us. for new we be sure to are business, grow they -

Jamie Cook

it. again. Okay, Thanks I appreciate

Aaron Ravenscroft

Thanks, Jamie.

Operator

to session. additional today's to for Warner that over I'd the And conference any like turn Ion closing remarks. concludes or back question-and-answer Mr.

Ion Warner

Before relations safe. next a Thank quarter. look accessing interest our morning please and today that replay third conference us today's later continuing call, the for call the your of you conclude website available section everyone speaking for again you be Manitowoc our note joining Please with @www.manitowoc.com. we company. will this We quarter investor be to forward in XXXX of by

Operator

And that concludes today's conference. Thank you your for participation.

disconnect. now may You