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Good first quarter good luck to longs.
The Manitowoc Company Reports Financial Results for 2012
Thursday , January 31, 2013 18:16ET
Strong margin performance across Cranes and Foodservice;
2013 outlook for modest growth, continued margin expansion
MANITOWOC, Wis.--(BUSINESS WIRE)-- The Manitowoc Company, Inc. (NYSE: MTW) today reported sales of $1.1 billion for the fourth quarter of 2012, an increase of 10.0 percent compared to sales of $1.0 billion in the fourth quarter of 2011. The sales increase was driven by an 11.6 percent increase in Crane segment sales, coupled with a 6.7 percent increase in Foodservice segment sales.
On a GAAP basis, the company reported net earnings of $34.5 million, or $0.26 per diluted share, in the fourth quarter versus earnings of $14.9 million, or $0.11 per diluted share, in the fourth quarter of 2011. Both periods included special items. Excluding special items, the adjusted earnings from continuing operations were $35.4 million, or $0.27 per diluted share, in the fourth quarter of 2012, versus adjusted earnings of $18.9 million, or $0.14 per diluted share, in the fourth quarter of 2011. GAAP earnings per share in the quarter benefited from the release of an $11.6-million reserve as a result of a favorable tax audit outcome, which contributed to a full-year effective tax rate of 29 percent. A reconciliation of GAAP net earnings to net earnings before special items for the quarter and full-year periods is provided later in this press release.
For the full-year 2012, sales were $3.9 billion, an 8.5 percent increase from $3.6 billion in 2011. GAAP net income in 2012 was $101.7 million, or $0.76 per share, versus a GAAP net loss of $11.2 million, or $0.08 per share, in the prior year. Excluding the special items described in the reconciliation below, net earnings from continuing operations in 2012 were $103.7 million, or $0.78 per share, versus earnings of $49.8 million, or $0.37 per share, in 2011.
"We finished 2012 on a strong note. The steadfast execution against our strategic initiatives drove another quarter of positive sales growth and margin improvement, while our full-year results matched our revenue and earnings expectations. These results also demonstrated our ability to effectively manage our global businesses despite macroeconomic challenges," commented Glen E. Tellock, Manitowoc's chairman and chief executive officer. "Despite this prolonged and often volatile operating environment, we continue to believe we have the right strategy to continue expanding profitability across the entire Manitowoc enterprise as we look to 2013. In addition, we will continue to invest prudently in our strategies to leverage and enhance our market leadership positions."
Crane Segment Results
Fourth-quarter 2012 net sales in the Crane segment were $767.2 million, up 11.6 percent from $687.6 million in the fourth quarter of 2011, driven primarily by continued strong activity in the Americas region, as well as higher demand in emerging markets. The 11.6 percent sales growth includes a negative $11.6 million impact from currency exchange.
Crane segment operating earnings for the fourth quarter of 2012 were $56.3 million, compared to $38.8 million in the same period last year. This resulted in an operating margin of 7.3 percent for the fourth quarter of 2012, up from 5.6 percent in the same period in 2011. Fourth-quarter 2012 earnings were spurred by higher sales volume and operational efficiencies. Crane segment backlog totaled $756 million as of December 31, 2012, a slight decrease from $761 million in the prior-year quarter. Fourth-quarter 2012 orders of $544 million were 19 percent lower than the fourth quarter of 2011. However, second-half 2012 orders were essentially flat in comparison with second-half 2011.
"During the quarter we saw continued strength in the Americas region, coupled with positive performance in several emerging markets, including Brazil, Greater Asia/Pacific, and Africa. Our initiatives to drive meaningful margin expansion and take advantage of expected growth trends globally continue to take shape. We expect operational excellence to be a primary driver for Cranes in 2013 as our sustained focus on efficiency will not only enhance our competitive position, but also drive long-term profitability," Tellock continued.
Foodservice Segment Results
Fourth-quarter 2012 net sales in the Foodservice segment were $363.2 million, up 6.7 percent from $340.3 million in the fourth quarter of 2011. The year-over-year increase was driven by balanced growth across all geographies, continued traction with new products, and engaged channel partners.
Foodservice operating earnings for the fourth quarter of 2012 were $50.3 million, up 12.0 percent from $44.9 million for the fourth quarter of 2011. This resulted in a Foodservice segment operating margin of 13.9 percent for the fourth quarter of 2012, compared to an operating margin of 13.2 percent for the prior-year period. The year-over-year increase in margin was highlighted by product cost reductions and lean manufacturing initiatives that generated improved operating efficiencies across the segment.
"We expect a modest growth environment in 2013, which should produce continuing mid-teens margins given our ongoing investments in new technologies, operational improvements, and Lean initiatives. We remain true to the multiple strategies we have identified for Manitowoc Foodservice, and will continue to drive future performance through market share gains, greater innovation around our core brands, and improving operational efficiencies across our global footprint," Tellock explained.
Cash Flow & Credit Statistics
Cash flow from operating activities in the fourth quarter of 2012 was $233.2 million, compared to $197.9 million in the fourth quarter of 2011. The increase was primarily generated by cash from profitability and reduced working capital levels. Debt reduction during the fourth quarter was $204 million, resulting in full-year debt reduction of approximately $80 million. Full-year 2012 earnings before interest, taxes, depreciation, and amortization (EBITDA) were $408.1 million, an increase of 16.9 percent over $349.2 million for full-year 2011. The combination of 2012 debt reduction and improving EBITDA resulted in a greater than one turn reduction in total leverage to 4.8 times at year-end. "I am pleased that we met our objective for more than one turn of leverage reduction in 2012. While our 2012 total debt reduction fell short of our full-year target, this metric was negatively impacted by a high volume of crane shipments occurring very late in the fourth quarter. As a result, our cash collections during the quarter were lower than anticipated, but are reflected in our accounts receivable. The realization of that cash will have a positive impact on our cash flow during the first quarter of 2013," Tellock explained.
2013 Guidance
For the full-year 2013, Manitowoc expects:
Crane revenue - high single-digit percentage growth
Crane operating margins - high single-digit percentage
Foodservice revenue - mid single-digit percentage growth
Foodservice operating margins - continuing mid-teens percentage
Capital expenditures - approximately $100 million
Depreciation & amortization - approximately $115 million
Interest expense - approximately $125 million
Amortization of deferred financing fees - approximately $10 million
Debt reduction - to exceed $200 million
Full-year effective tax rate in mid 30-percent range
Continued at:
http://www.knobias.com/story.htm?eid=3.1.bb1df65a4c7ecba4153dba76cf03f16ab247f8476d2086255cabb7c9cf58b328
Open Gaps 15.75 & 13.35
Direction Date range
up Jan-02-2013 15.75 to 16.2
up Nov-19-2012 13.35 to 13.52
Read more at http://www.stockta.com/cgi-bin/analysis.pl?symb=MTW&cobrand=&mode=stock#ZyYEOOwauoxBz8mT.99
The Manitowoc Company Reports Third-quarter Financial Results
Monday , November 05, 2012 06:52ET
Crane order intake posts 22% gain; Foodservice margins jump to 18%
MANITOWOC, Wis.--(BUSINESS WIRE)-- The Manitowoc Company, Inc. (NYSE: MTW) today reported sales of $955.7 million for the third quarter of 2012, an increase of 2.2 percent compared to sales of $935.4 million in the third quarter of 2011. The sales increase was primarily driven by a 4.9 percent increase in Crane segment sales (10.4 percent at consistent foreign currency translation rates).
On a GAAP basis, the company reported net earnings of $22.2 million, or $0.17 per diluted share, in the third quarter versus earnings of $23.7 million, or $0.18 per diluted share, in the third quarter of 2011. Both periods included special items. A reconciliation of GAAP net earnings to net earnings before special items for the quarter and year-to-date periods is provided later in this press release.
"While third-quarter results fell short of our expectations in some key areas, we also had several notable positives despite lingering uncertainty and continued pressure in the global macroeconomic environment. We are focused on positioning the company for long-term improvement in profitability, even in the face of modest growth. This includes enhancing our global manufacturing network, improving operational efficiency across the organization, and driving continuous product innovation," commented Glen E. Tellock, Manitowoc's chairman and chief executive officer. "Looking to the fourth quarter, we expect to see a sequential improvement over our third-quarter results and remain committed to achieving our full-year 2012 objectives."
Crane Segment Results
Third-quarter 2012 net sales in the Crane segment were $555.1 million, up from $529.4 million in the third quarter of 2011, driven primarily by continued growth in the Americas region, which was offset by lower demand in Europe and Asia. The 4.9 percent sales growth was achieved in spite of a negative $29.4 million impact from currency exchange, coupled with supply chain disruptions. Correction of the latter issue is expected in the fourth quarter.
Crane segment operating earnings for the third quarter of 2012 were $26.5 million, compared to $26.1 million in the same period last year. This resulted in an operating margin of 4.8 percent for the third quarter of 2012, down from 4.9 percent in the same period in 2011. Third-quarter 2012 earnings were affected by lower sales in EMEA and China, customer financing reserves in Asia, plus ongoing investments in new product engineering, Brazil ramp-up efforts, and ERP implementation.
Crane segment backlog totaled $976 million as of September 30, 2012, a 25.9 percent increase from $775 million in the prior-year quarter. Third-quarter 2012 orders of $582 million were 22.3 percent higher than the third quarter of 2011. "The Crane order increase was particularly noteworthy, given that the third quarter is typically seasonally soft. Orders were driven by demand across multiple product categories, including rough-terrain cranes and all-terrain cranes, as well as strengthening demand in smaller-capacity crawler cranes. However, the unfavorable macroeconomic environment continues to impact many of our European and Asian markets, as well as our tower crane and large crawler crane product lines," Tellock explained.
Foodservice Segment Results
Third-quarter 2012 net sales in the Foodservice segment were $400.6 million, down slightly from $406.0 million in the third quarter of 2011. The decrease was driven by pressure in Europe and a negative $4.9 million impact from currency exchange, which was partially offset by continued penetration in certain emerging markets.
Foodservice operating earnings for the third quarter of 2012 were $72.2 million, up 7.0 percent versus $67.5 million for the third quarter of 2011. This resulted in a Foodservice segment operating margin of 18.0 percent for the third quarter of 2012, compared to an operating margin of 16.6 percent for the prior-year period. The year-over-year increase in margin was due to a favorable product sales mix, particularly in our Manitowoc and Frymaster brands, coupled with improved operating efficiencies across the segment.
"While we experienced positive growth in several Foodservice categories as well as select emerging markets during the third quarter, we did see ongoing softness in Europe given the economic pressures prevalent in that region. However, our continued margin expansion within Foodservice is a testament to our ability to improve operational efficiencies and diligently manage our cost structure. While a challenging environment persists across the globe, we are well positioned for the long-term as we leverage growth opportunities from new and existing products in Foodservice," Tellock concluded.
Cash Flow
Cash flow from operating activities in the third quarter of 2012 was $50.9 million, compared to $5.0 million in the third quarter of 2011. The increase was primarily generated by cash from profitability and reduced working capital needs. The company decreased total debt in the third quarter of 2012 by $39.2 million.
2012 Guidance
Based on year-to-date results and its outlook for the fourth quarter, the company is narrowing its Crane and Foodservice revenue guidance and is tightening its debt reduction expectations, while reaffirming earnings guidance and all other key full-year financial metrics. As a result, Manitowoc now expects:
Crane revenue - 10 to 12% year-over-year percentage growth
Crane operating earnings - 30 to 40% year-over-year percentage increase
Foodservice revenue - low single-digit percentage growth
Foodservice operating earnings - 10 to 15% year-over-year percentage increase
Capital expenditures - approximately $80 million
Depreciation & amortization - approximately $120 million
Interest expense - Range of $125 to $130 million
Amortization of deferred financing fees - approximately $10 million
Debt reduction - target at least $150 million, which is expected to reduce total leverage by more than one turn
Continued at: http://www.knobias.com/story.htm?eid=3.1.48c6d4ff1d888ea9792814e7d461a739182db2f61d532b79686d679f8d4af73d
MTW: Q3 EPS 17c vs 18c Misses 29c Est
Monday , November 05, 2012 07:37ET
QUARTER RESULTS
Manitowoc Company, Inc. (MTW) reported Q3 results ended September 2012. Q3 Revenues were $955.70M; +2.17% vs yr-ago; MISSING revenue consensus by -8.97%. Q3 EPS was 17c; -5.56% vs yr-ago; MISSING earnings consensus by -41.38%.
Q3 RESULTS Reported Year-Ago Y/Y Chg Estimate SURPRISE
---------- ------------ ------------ ---------- ------------ ----------
Revenues: $955.70M $935.40M +2.17% $1,049.86M -8.97%
---------- ------------ ------------ ---------- ------------ ----------
EPS: 17c 18c -5.56% 29c -41.38%
---------- ------------ ------------ ---------- ------------ ----------
Taking a hit today. Waiting for momo to change to the upside, then I'm back in. Another Q, I think.
Need this election to be over.
Does The Street Have Manitowoc Figured Out?
By Seth Jayson | More Articles
October 31, 2012 | Comments (0)
http://www.fool.com/investing/general/2012/10/31/does-the-street-have-manitowoc-figured-out.aspx
Manitowoc (NYSE: MTW ) is expected to report Q3 earnings on Nov. 5. Here's what Wall Street wants to see:
The 10-second takeaway
Comparing the upcoming quarter to the prior-year quarter, average analyst estimates predict Manitowoc's revenues will expand 12.2% and EPS will expand 61.1%.
The average estimate for revenue is $1.05 billion. On the bottom line, the average EPS estimate is $0.29.
Revenue details
Last quarter, Manitowoc reported revenue of $1.01 billion. GAAP reported sales were 5.9% higher than the prior-year quarter's $949.8 million.
Source: S&P Capital IQ. Quarterly periods. Dollar amounts in millions. Non-GAAP figures may vary to maintain comparability with estimates.
EPS details
Last quarter, EPS came in at $0.32. GAAP EPS of $0.32 for Q2 were much higher than the prior-year quarter's $0.02 per share.
Source: S&P Capital IQ. Quarterly periods. Non-GAAP figures may vary to maintain comparability with estimates.
Recent performance
For the preceding quarter, gross margin was 24.8%, 110 basis points better than the prior-year quarter. Operating margin was 8.8%, 140 basis points better than the prior-year quarter. Net margin was 4.2%, 390 basis points better than the prior-year quarter.
Looking ahead
The full year's average estimate for revenue is $3.98 billion. The average EPS estimate is $0.83.
Investor sentiment
The stock has a four-star rating (out of five) at Motley Fool CAPS, with 1,720 members out of 1,772 rating the stock outperform, and 52 members rating it underperform. Among 412 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 409 give Manitowoc a green thumbs-up, and three give it a red thumbs-down.
Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on Manitowoc is outperform, with an average price target of $16.73.
The Manitowoc Company, Inc. Board of Directors Approves 8-Cent Per Share Annual Dividend
Press Release: The Manitowoc Company, Inc. – 23 hours ago.. .
MANITOWOC, Wis.--(BUSINESS WIRE)--
At its meeting today, the Board of Directors of The Manitowoc Company, Inc. (MTW), declared a cash dividend of 8 cents per share of common stock, payable on December 10, 2012, to shareholders of record on November 30, 2012.
MTW 3Q earnings 11-05-12 BMO
The Manitowoc Company Schedules Third-quarter 2012 Earnings Announcement and Conference Call
Today : Tuesday 30 October 2012
The Manitowoc Company, Inc. (NYSE: MTW) announced today that it will release its third-quarter 2012 financial results on Monday, November 5, prior to market opening. The third-quarter results will also be discussed by Manitowoc’s management team during a live conference call for security analysts and institutional investors which will be held at 10:00 a.m., Eastern Time, that same morning.
Investors, media, and the general public may listen to a live Internet webcast of the conference call at www.manitowoc.com. To access the call, click “Investor Relations” at the top of the home page, then click the microphone link which is located in the “Upcoming Events” section of the Investor Relations page. All participants are encouraged to access the webcast 10 minutes prior to the starting time. A webcast replay of the conference call will also be available on the company’s web site shortly after the live webcast is completed.
come to papa. BO/Fed economic reality kicking in.
This still has room to move. I expect a pull back, then another run.
AWESOME JOB! ;)
That was a nice trade! Good luck!
From what I've read about golden crosses, this is a good one - the 200 and 50 are both rising, which is supposed to be a very strong indicator of bullish mode (and also the reason it is taking so long). The cross before this possible cross, had the 200 decreasing as the 50 was rising.
I guess we'll see......any day now......
Just glanced at etrade, but they are usually not accurate (current).
The site I tend to look at is this one:
But I don't know how often it updates.
What do you use?
http://shortsqueeze.com/?symbol=mtw&submit=Short+Quote%99
S & P has a 12 month target of $19 now (as of 9/8).....that's a lot of dog biscuits!
Golden cross next week - inevitable - freight train -
Looking for a target upgrade.....16 looks easy
Of course. LOLOL
I'd like to take credit, but mu Aussie saw it first..
Chart looks strong. 50 ma is catching up. Looking like a freight train.
50 day changed direction - heading for another cross? at this point, looks promising, IMO.
Kewl! S & P 12 month target of $19 (as of 8/4/2012).
Room to move.
Think it has a chance?
Thats a lot of dog biscuits!
Manitowoc 2nd-qtr profit beats Street
Mon Aug 6, 2012 6:06pm EDT
Aug 6 (Reuters) - Diversified industrial manufacturer Manitowoc Co Inc reported a better-than-expected quarterly profit as demand in the Americas boosted its crane segment revenue by 10 percent.
Manitowoc, known for its crawler cranes and boom trucks, reported net earnings of $42.5 million, or 32 cents per share, compared with earnings of $3.0 million, or 2 cents per share a year ago.
Excluding items, it earned 32 cents per share from continuing operations.
Revenue rose 6 percent to $1.0 billion, including about $610.7 million from its crane segment.
Analysts on average were expecting earnings of 25 cents per share, before one-time items, on revenue of $1.04 billion, according to Thomson Reuters I/B/E/S.
Manitowoc shares closed at $12.46 on Monday on the New York Stock Exchange.
MTW: Q2 EPS 32c vs 2c Beats 25c Est
Monday , August 06, 2012 17:08ET
QUARTER RESULTS
Manitowoc Company, Inc. (MTW) reported Q2 results ended June 2012. Q2 Revenues were $1,005.90M; +5.91% vs yr-ago; MISSING revenue consensus by -3.64%. Q2 EPS was 32c; +1,500.00% vs yr-ago; BEATING earnings consensus by +28.00%.
Q2 RESULTS Reported Year-Ago Y/Y Chg Estimate SURPRISE
---------- ------------ ------------ ---------- ------------ ----------
Revenues: $1,005.90M $949.80M +5.91% $1,043.92M -3.64%
---------- ------------ ------------ ---------- ------------ ----------
EPS: 32c 2c +1,500.00% 25c +28.00%
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http://ih.advfn.com/p.php?pid=nmona&article=53726774&symbol=MTW
stock was up in after hours then some low ball numbers. will be interesting to see if the good news is met with selling on the news. the stock should be at 15, imo.
The Manitowoc Company Reports Second-quarter Financial Results
Strong execution in Cranes and Foodservice drives margin improvement in both segments; EPS more than doubles year-over-year
The Manitowoc Company, Inc. (NYSE: MTW) today reported sales of $1.0 billion for the second quarter of 2012, an increase of 5.9 percent compared to sales of $949.8 million in the second quarter of 2011. The sales increase was driven by a 10.1 percent increase in Crane segment sales (15.8 percent at consistent currency translation rates), coupled with a slight increase in Foodservice segment sales.
On a GAAP basis, the company reported net earnings of $42.5 million, or $0.32 per diluted share, in the second quarter versus earnings of $3.0 million, or $0.02 per diluted share, in the second quarter of 2011. Both periods included special items. Excluding special items in both quarters, the adjusted earnings from continuing operations were $42.8 million, or $0.32 per diluted share, in the second quarter of 2012, versus earnings of $20.5 million, or $0.15 per diluted share, in the second quarter of 2011. A reconciliation of GAAP net earnings to net earnings before special items for the quarter is provided later in this press release.
“Strong operating leverage drove further margin expansion during the second quarter as initiatives to drive operational efficiency continued to bear fruit. Moreover, year-over-year sales growth of 10 percent in Cranes coupled with the successful reception of new and existing Foodservice products at the National Restaurant Show validate the strength of our offerings and underscore the significant competitive advantage created by delivering high-quality, innovative products,” Glen E. Tellock, Manitowoc’s chairman and chief executive officer commented. “Despite the slowing global growth environment and some market-specific headwinds, we remain confident in our updated 2012 outlook and will continue to support our strategic initiatives to position the business for long-term growth and success.”
Crane Segment Results
Second-quarter 2012 net sales in the Crane segment were $610.7 million, up from $554.8 million in the second quarter of 2011, driven primarily by continued growth in the Americas region, as well as sustained demand in most emerging markets. The 10.1 percent sales growth was achieved in spite of a negative $32 million impact from currency exchange.
Crane segment operating earnings for the second quarter of 2012 were $48.0 million, up 47.7 percent compared to $32.5 million in the same period last year. This resulted in an operating margin of 7.9 percent for the second quarter of 2012, up from 5.9 percent in the same period in 2011. The year-over-year increase in margin was due to leverage of the higher sales volume and operational efficiencies that were partially offset by material cost increases, incremental engineering expense, plus costs associated with the startup of the new manufacturing facility in Brazil and ERP deployments in France, Brazil, and Crane Care. Crane segment backlog totaled $944 million as of June 30, 2012, a 13 percent increase from $839 million in the prior-year quarter. Second-quarter 2012 orders of $629 million were 7.0 percent higher than the second quarter of 2011.
“We maintained solid momentum during the second quarter in our Crane segment, experiencing strong order intake, a growing backlog, and further margin expansion. Similar to the previous quarter, the Americas and most emerging markets demonstrated positive momentum, while demand in Europe and China remained challenging,” Tellock explained. “In addition, we saw varied demand levels across our product categories, with large rough-terrain cranes, all-terrain cranes, and boom trucks contributing positively to the second-quarter performance, while crawlers and tower cranes experienced modest demand. Overall, the level of activity we have experienced in the first half of this year supports our assertion that 2012 will be a year of sustained growth.”
Foodservice Segment Results
Second-quarter 2012 net sales in the Foodservice segment were $395.2 million, up slightly from $395.0 million in the second quarter of 2011. The increase was driven by a sustained focus on innovation and continued penetration in certain emerging markets, which was offset by pressure in Europe, slower growth in various hot-side equipment categories in North America, and a negative $5.1 million impact from currency exchange.
Foodservice operating earnings for the second quarter of 2012 were $67.1 million, up 7.2 percent versus $62.6 million for the second quarter of 2011. This resulted in a Foodservice segment operating margin of 17.0 percent for the second quarter of 2012, compared to an operating margin of 15.8 percent for the prior-year period. The year-over-year increase in margin was due to a favorable product sales mix and improved operating efficiencies.
“During the second quarter, we experienced solid growth in several cold product categories coupled with increasing strength in the Asia/Pacific region. We continue to focus on operational efficiencies across the segment, which once again drove improved margins during the quarter. For the second half of 2012, we see ongoing growth opportunities for Foodservice as we continue to enhance our global leadership position,” Tellock added.
Cash Flow
Cash flow provided from operating activities of continuing operations in the second quarter of 2012 was $8.3 million, driven by cash used for working capital to support the seasonal growth in both segments. Use of cash in the first semester of the year is consistent with the normal seasonal pattern for the company. Cash flow used for capital expenditures during the quarter was $20.6 million.
2012 Guidance
The company is updating its full-year guidance for 2012 related to Foodservice revenue and interest expense.
For the full-year 2012, Manitowoc expects:
¦ Crane revenue – 10 to 15% year-over-year growth
¦ Crane operating earnings – 30 to 40% year-over-year increase
¦ Foodservice revenue – mid single-digit percentage growth, (previously high single digits)
¦ Foodservice operating earnings – 10 to 15% year-over-year increase
¦ Capital expenditures – approximately $80 million
¦ Depreciation & amortization – approximately $120 million
¦ Interest expense – range of $125 to $130 million, (previously $116 to $121 million)
¦ Amortization of deferred financing fees – approximately $10 million
¦ Debt reduction – target of $150 to $200 million, which is expected to reduce total leverage by more than one turn
Investor Conference Call
On August 7 at 10:00 a.m. ET (9:00 a.m. CT), Manitowoc's senior management will discuss its second-quarter results during an investor conference call. All interested parties may listen to the live conference call via the Internet by going to the Investor Relations area of Manitowoc's Web site at http://www.manitowoc.com. A replay of the conference call will also be available at the same location on the Web site.
About The Manitowoc Company, Inc.
Founded in 1902, The Manitowoc Company, Inc. is a multi-industry, capital goods manufacturer with over 115 manufacturing, distribution, and service facilities in 25 countries. The company is recognized globally as one of the premier innovators and providers of crawler cranes, tower cranes, and mobile cranes for the heavy construction industry, which are complemented by a slate of industry-leading product support services. In addition, Manitowoc is one of the world's leading innovators and manufacturers of commercial foodservice equipment, which includes 25 market-leading brands of hot- and cold-focused equipment. In 2011, Manitowoc’s revenues totaled $3.7 billion, with more than half of these revenues generated outside of the United States.
Forward-looking Statements
This press release includes "forward-looking statements" intended to qualify for the safe harbor from liability under the Private Securities Litigation Reform Act of 1995. Any statements contained in this press release that are not historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the current expectations of the management of the company and are subject to uncertainty and changes in circumstances. Forward-looking statements include, without limitation, statements typically containing words such as "intends," "expects," "anticipates," "targets," "estimates," and words of similar import. By their nature, forward-looking statements are not guarantees of future performance or results and involve risks and uncertainties because they relate to events and depend on circumstances that will occur in the future. There are a number of factors that could cause actual results and developments to differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results and developments to differ materially include, among others:
unanticipated changes in revenues, margins, costs, and capital expenditures;
unanticipated issues affecting the effective tax rate for the year;
uncertainties associated with new product introductions, the successful development and market acceptance of new and innovative products that drive growth;
the ability to increase operational efficiencies across each of Manitowoc’s business segments and to capitalize on those efficiencies;
the ability to capitalize on key strategic opportunities;
the ability to generate cash and manage working capital consistent with Manitowoc’s stated goals;
pressure of financing leverage;
matters impacting the successful and timely implementation of ERP systems;
foreign currency fluctuations and their impact on reported results and hedges in place with Manitowoc;
changes in raw material and commodity prices;
unexpected issues associated with the quality of materials and components sourced from third parties and the resolution of those issues;
unexpected issues associated with the availability and viability of suppliers;
the risks associated with growth;
geographic factors and political and economic risks;
actions of competitors;
changes in economic or industry conditions generally or in the markets served by Manitowoc;
unanticipated changes in customer demand, including changes in global demand for high-capacity lifting equipment; changes in demand for lifting equipment and foodservice equipment in emerging economies, and changes in demand for used lifting equipment and foodservice equipment;
global expansion of customers;
the replacement cycle of technologically obsolete cranes;
the ability of Manitowoc's customers to receive financing;
foodservice equipment replacement cycles in national accounts and global chains, including unanticipated issues associated with refresh/renovation plans by national restaurant accounts and global chains;
efficiencies and capacity utilization of facilities;
issues related to new plant start-ups;
issues related to plant closings and/or consolidation of existing facilities;
issues related to workforce reductions and subsequent rehiring;
work stoppages, labor negotiations, labor rates, and temporary labor costs;
government approval and funding of projects;
the ability to complete and appropriately integrate restructurings, consolidations, acquisitions, divestitures, strategic alliances, and joint ventures;
realization of anticipated earnings enhancements, cost savings, strategic options and other synergies, and the anticipated timing to realize those savings, synergies, and options;
changes in laws throughout the world;
natural disasters disrupting commerce in one or more regions of the world; and
risks and other factors cited in Manitowoc's filings with the United States Securities and Exchange Commission.
Manitowoc undertakes no obligation to update or revise forward-looking statements, whether as a result of new information, future events, or otherwise. Forward-looking statements only speak as of the date on which they are made. Information on the potential factors that could affect the company's actual results of operations is included in its filings with the Securities and Exchange Commission, including but not limited to its Annual Report on Form 10-K for the fiscal year ended December 31, 2011.
THE MANITOWOC COMPANY, INC.
Unaudited Consolidated Financial Information
For the Three and Six Months Ended June 30, 2012 and 2011
(In millions, except share data)
INCOME STATEMENT
Three Months Ended Six Months Ended
June 30, June 30,
2012 2011 2012 2011
Net sales $ 1,005.9 $ 949.8 $ 1,866.0 $ 1,682.0
Cost of sales 756.2 724.8 1,410.1 1,276.5
Gross profit 249.7 225.0 455.9 405.5
Engineering, selling and administrative expenses 151.1 145.4 299.5 285.6
Restructuring expense 0.2 2.0 0.9 2.9
Amortization expense 9.5 9.6 19.1 19.3
Other 0.1 0.1 0.1 0.1
Operating earnings (loss) 88.8 67.9 136.3 97.6
Amortization of deferred financing fees (2.1 ) (2.7 ) (4.1 ) (6.0 )
Interest expense (33.8 ) (38.3 ) (66.8 ) (77.7 )
Loss on debt extinguishment - (24.2 ) - (27.8 )
Other income - net 1.9 0.3 0.3 1.1
Earnings (loss) from continuing operations before taxes on income 54.8 3.0 65.7 (12.8 )
Provision (benefit) for taxes on income 14.4 0.6 26.8 2.0
Earnings (loss) from continuing operations 40.4 2.4 38.9 (14.8 )
Discontinued operations:
Earnings (loss) from discontinued operations, net of income taxes (0.2 ) (0.3 ) (0.5 ) (3.0 )
Loss on sale of discontinued operations, net of income taxes - (0.2 ) - (33.6 )
Net earnings (loss) 40.2 1.9 38.4 (51.4 )
Less net loss attributable to noncontrolling interests (2.3 ) (1.1 ) (4.2 ) (2.0 )
Net earnings (loss) attributable to Manitowoc $ 42.5 $ 3.0 $ 42.6 $ (49.4 )
Amounts attributable to the Manitowoc common shareholders:
Earnings (loss) from continuing operations $ 42.7 $ 3.5 $ 43.1 $ (12.8 )
Earnings (loss) from discontinued operations, net of income taxes (0.2 ) (0.3 ) (0.5 ) (3.0 )
Loss on sale of discontinued operations, net of income taxes - (0.2 ) - (33.6 )
Net earnings (loss) attributable to Manitowoc $ 42.5 $ 3.0 $ 42.6 $ (49.4 )
BASIC EARNINGS (LOSS) PER SHARE:
Earnings (loss) from continuing operations attributable to the Manitowoc $ 0.33 $ 0.03 $ 0.33 $ (0.10 )
common shareholders, net of income taxes
Earnings (loss) from discontinued operations attributable to the Manitowoc (0.00 ) (0.00 ) (0.00 ) (0.02 )
common shareholders, net of income taxes
Loss on sale of discontinued operations attributable to the Manitowoc - (0.00 ) - (0.26 )
common shareholders, net of income taxes
BASIC EARNINGS (LOSS) PER SHARE: $ 0.33 $ 0.02 $ 0.33 $ (0.38 )
DILUTED EARNINGS (LOSS) PER SHARE:
Earnings (loss) from continuing operations attributable to the Manitowoc $ 0.32 $ 0.03 $ 0.32 $ (0.10 )
common shareholders, net of income taxes
Earnings (loss) from discontinued operations attributable to the Manitowoc (0.00 ) (0.00 ) (0.00 ) (0.02 )
common shareholders, net of income taxes
Loss on sale of discontinued operations attributable to the Manitowoc - (0.00 ) - (0.26 )
common shareholders, net of income taxes
DILUTED EARNINGS (LOSS) PER SHARE $ 0.32 $ 0.02 $ 0.32 $ (0.38 )
AVERAGE SHARES OUTSTANDING:
Average Shares Outstanding - Basic 130,575,165 130,457,059 130,562,923 130,440,221
Average Shares Outstanding - Diluted 133,392,079 133,822,522 133,552,797 130,440,221
SEGMENT SUMMARY
Three Months Ended Six Months Ended
June 30, June 30,
2012 2011 2012 2011
Net sales from continuing operations:
Cranes and related products
$ 610.7 $ 554.8 $ 1,118.6 $ 947.6
Foodservice equipment 395.2 395.0 747.4 734.4
Total $ 1,005.9 $ 949.8 $ 1,866.0 $ 1,682.0
Operating earnings (loss) from continuing operations:
Cranes and related products $ 48.0 $ 32.5 $ 70.4 $ 44.9
Foodservice equipment 67.1 62.6 118.5 103.9
General corporate expense (16.5 ) (15.5 ) (32.5 ) (28.9 )
Restructuring expense (0.2 ) (2.0 ) (0.9 ) (2.9 )
Amortization (9.5 ) (9.6 ) (19.1 ) (19.3 )
Other (0.1 ) (0.1 ) (0.1 ) (0.1 )
Total $ 88.8 $ 67.9 $ 136.3 $ 97.6
THE MANITOWOC COMPANY, INC.
Unaudited Consolidated Financial Information
For the Three and Six Months Ended June 30, 2012 and 2011
(In millions)
BALANCE SHEET
June 30, December 31,
ASSETS 2012 2011
Current assets:
Cash and temporary investments $ 59.4 $ 71.3
Restricted cash 10.1 7.2
Accounts receivable - net 326.3 297.0
Inventories - net 808.6 668.7
Deferred income taxes 120.0 117.8
Other current assets 98.2 77.8
Total current assets 1,422.6 1,239.8
Property, plant and equipment - net 555.8 568.2
Intangible assets - net 1,984.2 2,016.6
Other long-term assets 149.1 140.6
TOTAL ASSETS $ 4,111.7 $ 3,965.2
LIABILITIES & STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued expenses $ 847.3 $ 869.8
Short-term borrowings 116.6 79.1
Customer advances 23.6 35.1
Product warranties 92.4 93.8
Product liabilities 27.0 26.8
Total current liabilities 1,106.9 1,104.6
Long-term debt 1,946.2 1,810.9
Other non-current liabilities 560.2 576.2
Stockholders' equity 498.4 473.5
TOTAL LIABILITIES &
STOCKHOLDERS' EQUITY $ 4,111.7 $ 3,965.2
CASH FLOW SUMMARY
Three Months Ended Six Months Ended
June 30, June 30,
2012 2011 2012 2011
Net earnings (loss) attributable to Manitowoc $ 42.5 $ 3.0 $ 42.6 $ (49.4 )
Non-cash adjustments 31.6 59.6 63.9 134.7
Changes in operating assets and liabilities (65.8 ) (95.3 ) (227.8 ) (254.1 )
Net cash provided from (used for) operating activities of continuing operations 8.3 (32.7 ) (121.3 ) (168.8 )
Net cash provided from (used for) operating activities of discontinued operations (0.2 ) (0.3 ) (0.5 ) (18.5 )
Net cash provided from (used for) operating activities 8.1 (33.0 ) (121.8 ) (187.3 )
Capital expenditures (20.6 ) (11.0 ) (34.8 ) (18.6 )
Restricted cash (3.1 ) 0.3 (3.0 ) (0.1 )
Proceeds from sale of business - - - 143.6
Proceeds from sale of fixed assets 0.2 2.1 0.2 2.9
Proceeds from (payments on) borrowings - net 10.0 63.5 165.4 69.5
Proceeds from (payments on) receivable financing - net (7.2 ) (0.7 ) (18.7 ) (1.4 )
Stock options exercised 0.4 0.8 1.6 1.5
Debt issuance costs 0.1 (13.6 ) - (13.6 )
Effect of exchange rate changes on cash (1.9 ) 0.3 (0.7 ) 0.9
Net increase (decrease) in cash & temporary investments $ (14.0 ) $ 8.7 $ (11.8 ) $ (2.6 )
Adjusted EBITDA
The company defines Adjusted EBITDA as earnings before interest, taxes, depreciation, and amortization, plus certain items such as pro-forma acquisition results and the addback of certain restructuring charges, that are adjustments per the credit agreement definition. The company's trailing twelve-month Adjusted EBITDA for covenant compliance purposes as of June 30, 2012 was $381.1 million. The reconciliation of net income attributable to Manitowoc to Adjusted EBITDA is as follows (in millions):
Net income attributable to Manitowoc $ 81.6
Loss from discontinued operations 1.1
Loss on sale of discontinued operations 1.0
Depreciation and amortization 114.0
Interest expense and amortization of deferred financing fees 144.3
Costs due to early extinguishment of debt 1.9
Restructuring charges 3.8
Income taxes 40.6
Other (7.2 )
Adjusted EBITDA $ 381.1
GAAP Reconciliation
In this release, the company refers to various non-GAAP measures. We believe that these measures are helpful to investors in assessing the company's ongoing performance of its underlying businesses before the impact of special items. In addition, these non-GAAP measures provide a comparison to commonly used financial metrics within the professional investing community which do not include special items. Earnings and earnings per share before special items reconcile to earnings presented according to GAAP as follows (in millions, except per share data):
Three Months Ended Six Months Ended
June 30, June 30,
2012 2011 2012 2011
Net earnings (loss) attributable to Manitowoc $ 42.5 $ 3.0 $ 42.6 $ (49.4 )
Special items, net of tax:
(Earnings) loss from discontinued operations 0.2 0.3 0.5 3.0
(Gain) loss on sale of discontinued operations - 0.2 - 33.6
Early extinguishment of debt - 15.7 - 18.1
Restructuring expense 0.1 1.3 0.6 1.9
Net earnings before special items $ 42.8 $ 20.5 $ 43.7 $ 7.2
Diluted earnings (loss) per share $ 0.32 $ 0.02 $ 0.32 $ (0.38 )
Special items, net of tax:
(Earnings) loss from discontinued operations 0.00 0.00 0.00 0.02
(Gain) loss on sale of discontinued operations - 0.00 - 0.26
Early extinguishment of debt - 0.12 - 0.14
Restructuring expense 0.00 0.01 0.00 0.01
Diluted earnings per share before special items $ 0.32 $ 0.15 $ 0.33 $ 0.06
The Manitowoc Company, Inc.
Carl J. Laurino
Senior Vice President and Chief Financial Officer
920-652-1720
MTW 2Q earnings 8-6-12 AMC
The Manitowoc Company Schedules Second-quarter 2012 Earnings Announcement and Conference Call
Today : Thursday 2 August 2012
The Manitowoc Company, Inc. (NYSE: MTW) announced today that it will release its second-quarter 2012 financial results on Monday, August 6, after the market closes. The second-quarter results will also be discussed by Manitowoc’s management team during a live conference call for security analysts and institutional investors which will be held at 10:00 a.m., Eastern Time, on Tuesday, August 7.
Investors, media, and the general public may listen to a live Internet webcast of the conference call at www.manitowoc.com. To access the call, click “Investor Relations” at the top of the home page, then click the microphone link which is located in the “Upcoming Events” section of the Investor Relations page. All participants are encouraged to access the webcast 10 minutes prior to the starting time. A webcast replay of the conference call will also be available on the company’s web site shortly after the live webcast is completed.
Nice to know.
The other day, I was sitting outside a hospital in Denver watching two of their cranes get some busy work done.
It was intriguing to watch.
was watching a piece on the WI recall last night and they were at MTW. apparently, the sales of the cranes are up 8% according to the report and all business up for the company. fyi.
I feel comfortable with this stock (so far). No big surprises.
bought more at the low.
I like the opportunity and normal strong upward volatility of this stock.
MARKET TALK: Manitowoc Rebounds Some After Bloody 2 Weeks
May 22, 2012 13:13:58 (ET)
1:13 (Dow Jones) After losing more than 40% of its value the past 3 months to nearly reverse an early-2012 stock surge, Goldman Sachs upgrades crane company Manitowoc (MTW) to buy while lowering its price target to $15 from $17. "The stock's compelling trough valuation and the emerging US crane recovery trump our preference for high returns and recurring revenue businesses at this point in the cycle." MTW also has a sizable foodservice-equipment business, which Goldman says "provides a solid earnings base and further margin-expansion potential." MTW is up 3.1% today at $10.97, cutting May's decline to 21% and putting this week's gain at 13%. (kevin.kingsbury@dowjones.com)
Call us at (212) 416-2354 or email kevin.kingsbury@dowjones.com
(END) Dow Jones Newswires
May 22, 2012 13:13 ET (17:13 GMT)
This is setting up real nice...
OT: I just noticed your dog pic....is that an Aussie? Black tri? I just got a red tri! 12 weeks old now. Best dog I ever had! So smart!
Well, here I am again, watching for an change in direction......tempting....
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