Orders Grow 10% year-over-year to $536
million; Increases 2018 EBITDA guidance
The Manitowoc Company, Inc. (NYSE: MTW), a leading global
manufacturer of cranes and lifting solutions, today reported
first-quarter net sales of $386.1 million and diluted EPS (“DEPS”)
on a GAAP basis of $(0.28) and $(0.12) on an adjusted basis.
First-quarter orders of $536.0 million were up 10% from the
comparable period in 2017. Backlog totaled $756.6 million at
March 31, 2018, up 49% from the first-quarter 2017.
First-quarter 2018 net sales were $386.1 million versus $305.8
million in the comparable period in 2017; a year-over-year increase
of 26%. The increase was attributable to improved crane shipments
across all regions, with the U.S. and European markets generating
the majority of the increase.
The Company reported a net loss of $(10.0) million, or $(0.28)
per diluted share, in the first-quarter 2018 versus a net loss of
$(36.0) million, or $(1.03) per diluted share, in the first-quarter
2017. Adjusted net loss(1) was $(4.1) million, or $(0.12) per
diluted share, in the first-quarter 2018 versus an adjusted net
loss of $(24.2) million, or $(0.69) per diluted share, in the
comparable period of 2017. Adjusted EBITDA(1) for the first-quarter
2018 was $17.1 million compared to $1.1 million in the same period
last year.
“We began 2018 by delivering another quarter of solid financial
results using the principles of The Manitowoc Way. This marked our
fourth consecutive quarter of year-over-year improvement in
financial performance, culminating in a 400 basis-point improvement
in adjusted EBITDA percentage over the comparable period. Our
enhanced product portfolio is delivering new levels of
differentiation and value demonstrated by increases in customer
demand for our extensive range of products,” commented Barry L.
Pennypacker, President and Chief Executive Officer of The Manitowoc
Company, Inc.
“The global crane market is reaching an inflection point, and it
shows in our order rates year-to-date. However, like many capital
goods companies, we are beginning to see headwinds in terms of
materials inflation and supply chain challenges. Also, foreign
currency exchange rates are putting pressure on our margins, most
notably on European produced cranes that we sell in the U.S. We are
actively managing these challenges and aggressively taking pricing
actions to ensure that we deliver our full-year EBITDA guidance of
$100 to $120 million.
“We are clearly making meaningful progress in transforming
Manitowoc into a leaner, more profitable crane company. In June we
will be showcasing our transformation to customers, dealers and
investors at our Crane Days event in Shady Grove. This event will
highlight our industry-leading products and service solutions,
including the introduction of five new innovative cranes,” added
Pennypacker.
Full-Year 2018 Guidance
Manitowoc updates its’ full-year 2018 financial guidance as
follows:
- Revenue - approximately $1.775 to
$1.850 billion;
- Adjusted EBITDA - approximately $100 to
$120 million;
- Depreciation - approximately $39
million;
- Restructuring expense - approximately
$13 to $15 million;
- Capital expenditures - approximately
$25 to $30 million; and
- Income tax expense - approximately $14
to $20 million, excluding discrete items.
Investor Conference Call
On Tuesday, May 8th, 2018, at 10:00 a.m. ET (9:00 a.m. CT), The
Manitowoc Company’s senior management will discuss its
first-quarter 2018 earnings results during a live conference call
for security analysts and institutional investors. A live audio
webcast of the call, along with the related presentation, can be
accessed in the Investor Relations section of Manitowoc’s website
at www.manitowoc.com. A replay of the conference call will also be
available at the same location on the website.
About The Manitowoc Company, Inc.
Founded in 1902, The Manitowoc Company, Inc. is a leading global
manufacturer of cranes and lifting solutions with manufacturing,
distribution, and service facilities in 20 countries. Manitowoc is
recognized 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 aftermarket product support services. In 2017,
Manitowoc’s net sales totaled $1.6 billion, with over half
generated outside the United States.
Footnote
(1) Non-GAAP adjusted net income (loss) (“adjusted net income
(loss)”) and non-GAAP adjusted EBITDA (“adjusted EBITDA”) are
financial measures that are not in accordance with GAAP. For a
reconciliation to the comparable GAAP numbers please see schedule
of “Non-GAAP Financial Measures” at the end of this press release.
Manitowoc believes these non-GAAP financial measures provide
important supplemental information to both management and investors
regarding financial and business trends used in assessing its
results of operations. Manitowoc believes excluding specified items
provides a more meaningful comparison to the corresponding
reporting periods and internal budgets and forecasts, assists
investors in performing analysis that is consistent with financial
models developed by investors and research analysts, provides
management with a more relevant measure of operating performance
and is more useful in assessing management performance.
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:
• 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 in emerging economies, and changes in
demand for used lifting equipment;
• unanticipated changes in revenues, margins, costs, and capital
expenditures;
• the ability to increase operational efficiencies across
Manitowoc’s businesses and to capitalize on those efficiencies;
• the ability to significantly improve profitability;
• the risks associated with growth or contraction;
• changes in raw material and commodity prices;
• foreign currency fluctuation and its impact on reported
results and hedges in place with Manitowoc;
• the ability to focus on customers, new technologies, and
innovation;
• uncertainties associated with new product introductions, the
successful development and market acceptance of new and innovative
products that drive growth; and
• risks and factors detailed in Manitowoc's 2017 Annual Report
on Form 10-K and its other 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, 2017.
THE MANITOWOC
COMPANY, INC.
Unaudited Consolidated Financial
Information
For the three months ended March 31,
2018 and 2017
($ in millions, except share data)
CONDENSED CONSOLIDATED STATEMENT OF
OPERATIONS
Three Months Ended
March 31,
2018 2017 Net sales $ 386.1 $ 305.8
Cost of sales 317.7 253.9 Gross profit
68.4 51.9 Operating costs and expenses:
Engineering, selling and administrative expenses 60.4 61.4
Amortization of intangible assets 0.1 0.4 Restructuring expense 6.2
11.7 Other operating (income) expense - net —
0.2 Total operating costs and expenses 66.7
73.7 Operating income (loss) 1.7 (21.8 ) Other income
(expense): Interest expense (10.0 ) (10.1 ) Amortization of
deferred financing fees (0.5 ) (0.5 ) Other income (expense) - net
2.7 (2.1 ) Total other expense (7.8 )
(12.7 ) Income (loss) before taxes (6.1 ) (34.5 ) Provision
for taxes on income 3.9 1.5 Net income
(loss) $ (10.0 ) $ (36.0 ) BASIC INCOME (LOSS) PER COMMON
SHARE $ (0.28 ) $ (1.03 ) DILUTED INCOME (LOSS) PER COMMON
SHARE $ (0.28 ) $ (1.03 ) Weighted average shares
outstanding - Basic 35,367,340 35,020,428 Weighted average shares
outstanding - Diluted 35,367,340 35,020,428
In the first-quarter of 2018, the Company adopted Accounting
Standards Update(“ASU”) 2017-07 “Compensation-Retirement Benefits
(Topic 715): Improving the Presentation of Net Periodic Pension
Cost and Net Periodic Postretirement Benefit Cost.” Under ASU
2017-07 the service component of pension costs is included in
Engineering, Selling and Administrative expenses while the other
components of pension costs are included in Other Income (Expense)
– Net on the income statement. This ASU was applied retrospectively
by adjusting the prior period financial statements.
MANITOWOC COMPANY, INC.
Unaudited Consolidated Financial
Information
As of March 31, 2018 and
December 31, 2017
($ in millions)
CONDENSED CONSOLIDATED BALANCE
SHEETS
March 31, 2018 December 31, 2017 ASSETS
Current assets: Cash, cash equivalents and restricted cash $ 99.4 $
123.0 Accounts receivable - net 168.6 179.2 Inventories - net 471.5
400.6 Notes receivable - net 28.9 31.1 Other current assets
49.6 56.5 Total current assets 818.0 790.4 Property, plant
and equipment - net 306.1 303.7 Intangible assets - net 447.6 443.4
Other long-term assets 72.2 70.3 TOTAL ASSETS $
1,643.9 $ 1,607.8
LIABILITIES & STOCKHOLDERS’ EQUITY
Current liabilities: Accounts payable and accrued expenses $ 403.1
$ 375.8 Short-term borrowings and current portion of long-term debt
7.6 8.2 Product warranties 36.8 35.5 Customer advances 14.4 12.7
Product liabilities 22.4 20.8 Total current
liabilities 484.3 453.0 Non-current liabilities: Long-term debt
266.1 266.7 Other non-current liabilities 210.2 210.6
Total non-current liabilities 476.3 477.3 Stockholders’ equity
683.3 677.5 TOTAL LIABILITIES & STOCKHOLDERS’
EQUITY $ 1,643.9 $ 1,607.8
MANITOWOC COMPANY, INC.
Unaudited Consolidated Financial
Information
For the three months ended March 31,
2018 and 2017
($ in millions)
CONDENSED CONSOLIDATED STATEMENT OF
CASH FLOWS
Three Months Ended
March 31,
2018 2017 Cash flows from operations:
Net income (loss) $ (10.0 ) $ (36.0 ) Depreciation 9.1 10.6 Other
non-cash adjustments - net 2.3 7.6 Accounts receivable (135.4 )
(78.6 ) Inventories (71.5 ) (33.3 ) Notes receivable 4.1 5.7 Other
assets 8.8 0.7 Accounts payable 46.6 37.2 Accrued expenses and
other liabilities (27.0 ) (23.2 ) Net cash used for
operating activities (173.0 ) (109.3 ) Cash flows
from investing: Capital expenditures (6.4 ) (3.8 ) Proceeds from
fixed assets 6.3 1.7 Cash receipts on sold accounts receivable
148.6 76.8 Net cash provided by
investing activities 148.5 74.7 Cash
flows from financing: Proceeds from (payments on) long-term debt-
net (2.1 ) (1.3 ) Payments on notes financing - net — (2.2 )
Exercise of stock options 1.3 2.7 Net
cash used for financing activities (0.8 ) (0.8 )
Effect of exchange rate changes on cash 1.7
0.6 Net decrease in cash, cash equivalents and restricted
cash $ (23.6 ) $ (34.8 )
In the first-quarter of 2018, the Company adopted ASU No.
2016-15 - “Statement of Cash Flows (Topic 230): Classification of
Certain Cash Receipts and Cash Payments.” Under ASU 2016-15 cash
collections related to the deferred purchase price from the
Company’s accounts receivable securitization program are recorded
as cash flows from investing. Previously, cash collections related
to the deferred purchase price were recorded as cash flows from
operating activities. This ASU was applied retrospectively by
adjusting the prior period financial statements.
Non-GAAP Financial Measures
Non-GAAP Items
Non-GAAP adjusted net income (loss), non-GAAP adjusted EBITDA
and non-GAAP adjusted operating cash flows are financial measures
that are not in accordance with GAAP. Manitowoc believes these
non-GAAP financial measures provide important supplemental
information to both management and investors regarding financial
and business trends used in assessing its results of
operations. Manitowoc believes excluding specified items
provides a more meaningful comparison to the corresponding
reporting periods and internal budgets and forecasts, assists
investors in performing analysis that is consistent with financial
models developed by investors and research analysts, provides
management with a more relevant measure of operating performance
and is more useful in assessing management performance.
Non-GAAP Adjusted Net Income (Loss) and Income (Loss) Per
Share ($ in millions, except share data)
Three
Months Ended
March 31,
2018 2017 Net income (loss) $ (10.0 ) $ (36.0 )
Special items: Restructuring expense 6.2 11.7 Separation equity
awards — 0.1 Tax on special items (0.3 ) —
Non-GAAP adjusted net income (loss) $ (4.1 ) $ (24.2 )
Diluted income (loss) per share $ (0.28 ) $ (1.03 ) Special items,
net of tax: Restructuring expense 0.17 0.34 Separation equity
awards — — Tax valuation allowance and one time tax items
(0.01 ) — Diluted non-GAAP adjusted net income (loss)
per share $ (0.12 ) $ (0.69 )
Non-GAAP Adjusted Operating
Cash Flows ($ in millions, except share data)
Three Months Ended
March 31,
2018 2017 Net cash used for operating activities: $
(173.0 ) $ (109.3 ) Cash receipts on sold accounts receivable 148.6
76.8 Non-GAAP adjusted operating cash flows:
(24.4 ) (32.5 )
Adjusted EBITDA and Non-GAAP Adjusted Operating Income
(loss)
The company defines adjusted EBITDA as earnings before interest,
taxes, depreciation and amortization, plus an addback of certain
restructuring charges. The reconciliation of GAAP net income (loss)
to adjusted EBITDA and adjusted operating income (loss) for the
current and previous four quarters, as well as the trailing twelve
months is as follows ($ in millions):
Trailing
Twelve 3/31/2018
12/31/2017 9/30/2017
6/30/2017 Months Net income (loss) from
continuing operations $ (10.0 ) $ 35.6 $ 9.7 $ 0.7 $ 36.0 Interest
expense and amortization of deferred
financing fees
10.5 10.3 10.1 10.1 41.0 Provision (benefit) for taxes 3.9 (40.2 )
(13.1 ) 2.3 (47.1 ) Depreciation expense 9.1 9.0 9.2 9.3 36.6
Amortization of intangible assets 0.1
0.1 0.0 0.3
0.5 EBITDA 13.6 14.8 15.9 22.7 67.0 Restructuring
expense 6.2 5.9 3.7 5.9 21.7 Asset impairment expense — 0.1 — — 0.1
Other (income) expense - net (1) (2.7 ) 2.9
3.0 (1.5 ) 1.7 Adjusted EBITDA
17.1 23.7 22.6 27.1 90.5 Depreciation expense (9.1 )
(9.0 ) (9.2 ) (9.3 ) (36.6 ) Non-GAAP adjusted
operating income 8.0 14.7 13.4 17.8 53.9 Restructuring expense (6.2
) (5.9 ) (3.7 ) (5.9 ) (21.7 ) Asset impairment expense — (0.1 ) —
— (0.1 ) Amortization of intangible assets (0.1 ) (0.1 ) — (0.3 )
(0.5 ) Other operating income (expense) - net —
(0.1 ) — 0.2 0.1
GAAP operating income $ 1.7 $ 8.5 $ 9.7 $ 11.8
$ 31.7 Adjusted EBITDA margin percentage 4.4 %
4.9 % 5.7 % 6.9 % 5.4 % Non-GAAP adjusted operating income (loss)
margin percentage
2.1 % 3.1 % 3.4 % 4.5 % 3.2 %
(1) Other (income) expense - net includes foreign currency
translation adjustments, other components of net periodic pension
costs and other miscellaneous items.
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version on businesswire.com: https://www.businesswire.com/news/home/20180507006088/en/
The Manitowoc Company, Inc.Ion WarnerVP, Marketing and Investor
Relations717-593-5266
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