The Manitowoc Company Provides Updated 2015 Full-Year Outlook for Foodservice
16 Aprile 2015 - 10:29PM
Business Wire
Company also provides preliminary first-quarter
2015 results
The Manitowoc Company, Inc. (NYSE: MTW) today announced updated
full-year 2015 Foodservice guidance and provided preliminary
first-quarter 2015 results.
For the full year, the company now anticipates Foodservice
segment revenues to be approximately flat compared to 2014
revenues, while it continues to expect segment operating margins
for the full-year 2015 to improve from 2014 in the mid-teen
percentage range.
The company is reaffirming the remainder of its full-year 2015
outlook:
- Crane revenue – mid single-digit
percentage decline
- Crane operating margins – high
single-digit percentage
- Capital expenditures – approximately
$85 million
- Depreciation & amortization –
approximately $110 million
- Interest expense – approximately $80
million
- Amortization of deferred financing fees
– approximately $4 million
- Total leverage – below 3x
debt-to-EBITDA
- Effective tax rate – mid-to-high 20
percent range
“During the first quarter, we saw pockets of improvement within
our Crane business, despite the ongoing macroeconomic headwinds
that have stifled global growth. However, our Foodservice results
continued to be negatively impacted by reduced capex spending by
large chains, as well as ongoing cost issues related to the launch
of our KitchenCare operations,” commented Glen E. Tellock,
Manitowoc’s chairman and chief executive officer. “While we are
modestly revising our full-year 2015 Foodservice business outlook,
we anticipate improving results as we move through the year.”
For the first-quarter 2015, enterprise net sales are expected to
be approximately $752 million versus $850 million in the first
quarter of 2014. The company also expects a first-quarter 2015 loss
from continuing operations, before tax, of $9.5 million versus
earnings from continuing operations, before tax, of $8.6 million in
the first quarter of 2014. First-quarter 2014 earnings were net of
$25.3 million of costs associated with refinancing the company’s
credit agreement. The year-over-year declines resulted from two
strong product rollouts that benefited Foodservice in 2014, reduced
capex spending by large restaurant chains, lower boom truck and
rough-terrain revenues, and unfavorable foreign exchange impacts in
both segments.
Manitowoc remains on track regarding the separation of its
Cranes and Foodservice businesses, which is anticipated to occur
during the first quarter of 2016.
About The Manitowoc Company, Inc.
Founded in 1902, The Manitowoc Company, Inc. is a
multi-industry, capital goods manufacturer with 92 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. Manitowoc is also one of the
world's leading innovators and manufacturers of commercial
foodservice equipment, which includes 24 market-leading brands of
hot- and cold-focused equipment. In addition, both segments are
complemented by a slate of industry-leading product support
services. In 2014, Manitowoc’s revenues totaled $3.9 billion, with
approximately 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;
- the ability to significantly improve
profitability;
- the ability to direct resources to
those areas that will deliver the highest returns;
- uncertainties associated with new
product introductions, the successful development and market
acceptance of new and innovative products that drive growth;
- the ability to focus on the customer,
new technologies, and innovation;
- the ability to focus and capitalize on
product quality and reliability;
- 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 and the ability to implement Manitowoc’s
long-term initiatives;
- the ability to generate cash and manage
working capital consistent with Manitowoc’s stated goals;
- the ability to convert order and order
activity into sales and the timing of those sales;
- 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 conditions and 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;
- unexpected issues and costs related to
the launch and ongoing operations of KitchenCare;
- changes in capital expenditures and
growth plans by large foodservice chains;
- 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 relating to the ability to
timely and effectively execute on manufacturing strategies,
including issues relating to new plant start-ups, plant closings,
and/or consolidations of existing facilities and operations;
- issues related to workforce reductions
and subsequent rehiring;
- work stoppages, labor negotiations,
labor rates, and temporary labor costs;
- government approval and funding of
projects and the effect of government-related issues or
developments;
- the ability to complete and
appropriately integrate restructurings, consolidations,
acquisitions, divestitures, strategic alliances, joint ventures,
and other strategic alternatives;
- realization of anticipated earnings
enhancements, cost savings, strategic options and other synergies,
and the anticipated timing to realize those savings, synergies, and
options;
- unanticipated issues affecting the
effective tax rate for the year;
- unanticipated changes in the capital
and financial markets;
- risks related to actions of activist
shareholders;
- changes in laws throughout the
world;
- natural disasters disrupting commerce
in one or more regions of the world;
- risks associated with data security and
technological systems and protections;
- acts of terrorism; 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, 2014.
The Manitowoc Company, Inc.Carl J. Laurino, 920-652-1720Senior
Vice President & Chief Financial Officer
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