Fourth-Quarter 2022
Highlights
- Net sales of $621.6 million, up 24.9% year-over-year
- Adjusted EBITDA(1) of $51.5 million, up 50.6%
year-over-year
- Diluted loss per share of $(4.10) which includes a non-cash
impairment charge of $(4.89), $0.74 on an adjusted basis(1)
- Net cash provided by operating activities of $80.2 million,
free cash flows(1) of $50.2 million
Full-Year 2022
Highlights
- Net sales of $2,032.5 million, up 18.2% year-over-year
- Adjusted EBITDA(1) of $143.1 million, up 23.4%
year-over-year
- Diluted net loss per share of $(3.51), $1.06 on an adjusted
basis(1)
The Manitowoc Company, Inc. (NYSE: MTW) (the “Company” or
“Manitowoc”) today reported a fourth-quarter net loss of $144.1
million, or $(4.10) per diluted share, which included non-cash
asset impairment charges of $171.9 million. Fourth-quarter adjusted
net income(1) was $26.0 million or $0.74 per diluted share, an
increase of $16.6 million or $0.48 per diluted share from the prior
year.
Net sales in the fourth quarter increased 24.9% year-over-year
to $621.6 million and were unfavorably impacted by $31.3 million
from changes in foreign currency exchange rates. Fourth-quarter
adjusted EBITDA(1) was $51.5 million, an increase of $17.3 million
or 50.6% from the prior year. Fourth-quarter net cash provided by
operating activities were $80.2 million and fourth-quarter free
cash flows(1) were $50.2 million, an increase of $72.0 million and
$60.1 million from the prior year, respectively.
Fourth-quarter orders were $708.0 million, a 15.1% increase from
the prior year. Orders were unfavorably impacted by $30.6 million
from changes in foreign currency exchange rates. Backlog ended the
fourth quarter at $1,056.0 million and was unfavorably impacted by
$24.5 million from changes in foreign currency exchange rates.
Full-year 2022 net sales increased 18.2% year-over-year to
$2,032.5 million and were unfavorably impacted by $106.5 million
from changes in foreign currency exchange rates. Full-year 2022
adjusted net income(1) was $37.8 million, or $1.06 per diluted
share, an increase of $7.2 million or $0.20 per diluted share from
the prior year.
“The fourth quarter was a great end to a challenging year. The
Manitowoc team delivered fourth-quarter revenue of over $600
million, contributing to full-year adjusted EBITDA margin of 7.0%.
I am proud of the team for these exceptional results and thank them
for their hard work,” commented Aaron H. Ravenscroft, President and
Chief Executive Officer of The Manitowoc Company, Inc.
“We have made significant progress in our CRANES+50 strategy,
delivering non-new machine sales growth of over 20% year-over-year.
We remain focused on our four breakthrough initiatives to unlock
long-term shareholder value," concluded Ravenscroft.
Our full-year 2023 guidance is as follows:
- Net sales - approximately $2.0 billion to $2.1 billion
- Adjusted EBITDA - approximately $130 million to $160
million
- Depreciation and amortization - approximately $60 million to
$65 million
- Interest expense - approximately $31 million to $33
million
- Provision for income taxes, excluding discrete items -
approximately $13 million to $17 million
- Adjusted diluted earnings per share - approximately $0.35 to
$1.15
- Capital expenditures - approximately $65 million to $75
million, of which approximately $20 million to $25 million is for
rental fleet growth and $20 million to $25 million will be funded
from sales of the existing rental fleet
Investor Conference Call
The Manitowoc Company will host a conference call for security
analysts and institutional investors to discuss its fourth-quarter
and full-year 2022 earnings results on Tuesday, February 21, 2023,
at 10:00 a.m. ET (9:00 a.m. CT). A live audio webcast of the call,
along with the related presentation, published in conjunction with
this press release, 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.
The Manitowoc Company was founded in 1902 and has over a
120-year tradition of providing high-quality, customer-focused
products and support services to its markets. Headquartered in
Milwaukee, Wisconsin, United States, Manitowoc is one of the
world's leading providers of engineered lifting solutions.
Manitowoc, through its wholly-owned subsidiaries, designs,
manufactures, markets, distributes and supports comprehensive
product lines of mobile hydraulic cranes, lattice-boom crawler
cranes, boom trucks, and tower cranes under the Aspen Equipment,
Grove, Manitowoc, MGX Equipment Services, National Crane, Potain,
and Shuttlelift brand names.
Footnote
(1)Adjusted net income, Adjusted diluted net income per share
(“Adjusted DEPS”), EBITDA, adjusted EBITDA, adjusted operating
income, and free cash flows are financial measures that are not in
accordance with U.S. GAAP. For definitions and a reconciliation to
the most comparable U.S. GAAP numbers, please see the schedule of
“Non-GAAP Financial Measures” at the end of this press release.
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:
- Macroeconomic conditions, including inflation, rising interest
rates, recessionary concerns and distress in global credit markets,
as well as ongoing global supply chain constraints, labor
availability and cost pressures such as changes in raw material and
commodity costs, and logistics constraints, have had, and may
continue to have, a negative impact on Manitowoc’s business,
financial condition, cash flows and results of operations
(including future uncertain impacts);
- actions of competitors;
- changes in economic or industry conditions generally or in the
markets served by Manitowoc;
- geopolitical events, including the ongoing conflict between
Russia and Ukraine, other political and economic conditions and
risks and other geographic factors, has had and may continue to
lead to market disruptions, including volatility in commodity
prices (including oil and gas), energy prices, inflation, consumer
behavior, supply chain, and credit and capital markets, and could
result in the impairment of assets and result in higher than
expected charges to curtail the Company's operations in
Russia;
- 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 including changes in government approval and
funding of projects;
- failure to comply with regulatory requirements related to the
products the Company sells;
- the ability to capitalize on key strategic opportunities and
the ability to implement Manitowoc’s long-term initiatives;
- impairment of goodwill and/or intangible assets;
- changes in revenues, margins and costs;
- the ability to increase operational efficiencies across
Manitowoc and to capitalize on those efficiencies;
- the ability to generate cash and manage working capital
consistent with Manitowoc’s stated goals;
- work stoppages, labor negotiations, labor rates and labor
costs;
- risks and factors detailed in Manitowoc's 2021 Annual Report on
Form 10-K, its to be filed 2022 Annual Report on From 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 years ended December 31, 2022 and
2021.
THE MANITOWOC COMPANY,
INC.
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS
(In millions, except per share
and share amounts)
Three Months Ended December
31,
Year Ended December
31,
2022
2021
2022
2021
Net sales
$
621.6
$
497.8
$
2,032.5
$
1,720.2
Cost of sales
505.1
418.4
1,668.0
1,413.0
Gross profit
116.5
79.4
364.5
307.2
Operating costs and expenses:
Engineering, selling and administrative
expenses
79.4
77.5
281.0
258.5
Asset impairment expense
171.9
—
171.9
1.9
Amortization of intangible assets
0.7
0.7
3.1
1.4
Restructuring (income) expense
1.0
(0.6
)
1.5
(1.1
)
Total operating costs and expenses
253.0
77.6
457.5
260.7
Operating income (loss)
(136.5
)
1.8
(93.0
)
46.5
Other income (expense):
Interest expense
(8.3
)
(7.4
)
(31.6
)
(28.9
)
Amortization of deferred financing
fees
(0.4
)
(0.4
)
(1.4
)
(1.5
)
Other income - net
5.4
1.2
5.8
1.0
Total other expense
(3.3
)
(6.6
)
(27.2
)
(29.4
)
Income (loss) before income taxes
(139.8
)
(4.8
)
(120.2
)
17.1
Provision (benefit) for income taxes
4.3
(1.2
)
3.4
6.1
Net income (loss)
$
(144.1
)
$
(3.6
)
$
(123.6
)
$
11.0
Per Share Data
Basic income (loss) per common share
$
(4.10
)
$
(0.10
)
$
(3.51
)
$
0.32
Diluted income (loss) per common share
$
(4.10
)
$
(0.10
)
$
(3.51
)
$
0.31
Weighted average shares outstanding -
Basic
35,140,166
35,049,388
35,184,336
34,903,189
Weighted average shares outstanding -
Diluted
35,140,166
35,049,388
35,184,336
35,452,555
THE MANITOWOC COMPANY,
INC.
CONDENSED CONSOLIDATED BALANCE
SHEETS
(In millions, except par value
and share amounts)
As of December 31,
As of December 31,
2022
2021
Assets
Current Assets:
Cash and cash equivalents
$
64.4
$
75.4
Accounts receivable, less allowances of
$5.3 and $7.3, respectively
266.3
236.1
Inventories — net
611.9
576.8
Notes receivable — net
10.6
16.7
Other current assets
45.3
36.8
Total current assets
998.5
941.8
Property, plant and equipment — net
335.3
358.8
Operating lease right-of-use assets
45.2
40.6
Goodwill
80.1
249.7
Other intangible assets — net
126.7
139.6
Other non-current assets
29.7
44.7
Total assets
$
1,615.5
$
1,775.2
Liabilities and Stockholders'
Equity
Current Liabilities:
Accounts payable and accrued expenses
$
446.4
$
413.4
Short-term borrowings and current portion
of long-term debt
6.1
7.3
Product warranties
48.8
49.0
Customer advances
21.9
28.7
Other liabilities
24.6
22.6
Total current liabilities
547.8
521.0
Non-Current Liabilities:
Long-term debt
379.5
399.9
Operating lease liabilities
34.3
29.2
Deferred income taxes
4.9
6.5
Pension obligations
51.7
69.4
Postretirement health and other benefit
obligations
8.2
12.1
Long-term deferred revenue
15.6
22.9
Other non-current liabilities
35.7
51.8
Total non-current liabilities
529.9
591.8
Total stockholders' equity:
Preferred stock (3,500,000 shares
authorized of $.01 par value; none outstanding)
—
—
Common stock (75,000,000 shares
authorized, 40,793,983 shares issued, 35,085,008 and 35,056,252
shares outstanding, respectively)
0.4
0.4
Additional paid-in capital
606.7
602.4
Accumulated other comprehensive loss
(107.9
)
(102.4
)
Retained earnings
104.3
227.9
Treasury stock, at cost (5,708,975 and
5,737,731 shares, respectively)
(65.7
)
(65.9
)
Total stockholders’ equity
537.8
662.4
Total liabilities and stockholders'
equity
$
1,615.5
$
1,775.2
THE MANITOWOC COMPANY,
INC.
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
(In millions)
Three Months Ended December
31,
Year Ended December
31,
2022
2021
2022
2021
Cash Flows From Operating
Activities:
Net income (loss)
$
(144.1
)
$
(3.6
)
$
(123.6
)
$
11.0
Adjustments to reconcile net income (loss)
to cash provided by operating activities:
Asset impairment expense
171.9
—
171.9
1.9
Depreciation expense
14.4
16.0
60.6
45.5
Amortization of intangible assets
0.7
0.7
3.1
1.4
Stock-based compensation expense
2.9
0.7
8.5
7.1
Amortization of deferred financing
fees
0.4
0.4
1.4
1.5
Loss (gain) on sale of property, plant and
equipment
—
0.3
(0.9
)
0.2
Net unrealized foreign currency
transaction losses (gains)
(6.8
)
(0.4
)
(3.2
)
0.7
Income tax benefit from change in reserve
of uncertain tax positions
0.7
—
(11.0
)
—
Deferred income tax - net
3.5
(0.3
)
4.4
0.6
Other
—
(0.4
)
0.9
3.2
Changes in operating assets and
liabilities
Accounts receivable
(47.1
)
(18.2
)
(36.4
)
(5.2
)
Inventories
94.1
26.1
(42.0
)
(68.3
)
Notes receivable
1.2
2.0
8.3
1.0
Other assets
6.4
2.8
5.8
(7.6
)
Accounts payable
0.6
(14.2
)
40.4
62.9
Accrued expenses and other liabilities
(18.6
)
(3.7
)
(11.3
)
20.3
Net cash provided by operating
activities
80.2
8.2
76.9
76.2
Cash Flows From Investing
Activities:
Capital expenditures
(30.0
)
(18.1
)
(61.8
)
(40.4
)
Proceeds from sale of property, plant and
equipment
—
0.2
1.5
0.3
Acquisition of business
—
(135.3
)
2.3
(186.2
)
Net cash used for investing activities
(30.0
)
(153.2
)
(58.0
)
(226.3
)
Cash Flows From Financing
Activities:
Proceeds from (payments) on revolving
credit facility - net
(24.0
)
—
(20.0
)
100.0
Other debt - net
(1.1
)
(1.5
)
(5.1
)
(4.9
)
Debt issuance costs
—
—
(1.9
)
—
Exercises of stock options
—
—
0.1
5.8
Common stock repurchases
(1.1
)
—
(3.0
)
—
Net cash provided by (used for) financing
activities
(26.2
)
(1.5
)
(29.9
)
100.9
Effect of exchange rate changes on cash
and cash equivalents
(2.2
)
(0.4
)
—
(4.1
)
Net increase (decrease) in cash and cash
equivalents
21.8
(146.9
)
(11.0
)
(53.3
)
Cash and cash equivalents at beginning of
period
42.6
222.3
75.4
128.7
Cash and cash equivalents at end of
period
$
64.4
$
75.4
$
64.4
$
75.4
Non-GAAP Financial Measures
Adjusted net income, Adjusted DEPS, EBITDA, adjusted EBITDA,
adjusted operating income, and free cash flows are financial
measures that are not in accordance with U.S. 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.
Adjusted Net Income and Adjusted DEPS
The Company defines adjusted net income as net income (loss)
plus the addback or subtraction of restructuring and certain other
charges. Adjusted DEPS is defined as adjusted net income divided by
diluted weighted average shares outstanding. Diluted weighted
average common shares outstanding are adjusted for the effect of
dilutive stock awards when there is net income on an adjusted
basis, as applicable. The reconciliation of net income (loss) and
diluted net income (loss) per share to adjusted net income and
Adjusted DEPS for the three months ended and year ended December
31, 2022 and 2021 are summarized as follows. All dollar amounts are
in millions, except per share data and share amounts.
Three Months Ended December
31,
2022
2021
As Reported
Adjustments
Adjusted
As Reported
Adjustments
Adjusted
Gross profit (1)
$
116.5
$
—
$
116.5
$
79.4
$
2.3
$
81.7
Engineering, selling and administrative
expenses (2)
(79.4
)
—
(79.4
)
(77.5
)
14.0
(63.5
)
Asset impairment expense (3)
(171.9
)
171.9
—
—
—
—
Amortization of intangible assets
(0.7
)
—
(0.7
)
(0.7
)
—
(0.7
)
Restructuring income (expense) (4)
(1.0
)
1.0
—
0.6
(0.6
)
—
Operating income (loss)
(136.5
)
172.9
36.4
1.8
15.7
17.5
Interest expense
(8.3
)
—
(8.3
)
(7.4
)
—
(7.4
)
Amortization of deferred financing
fees
(0.4
)
—
(0.4
)
(0.4
)
—
(0.4
)
Other income - net
5.4
—
5.4
1.2
—
1.2
Income (loss) before income
taxes
(139.8
)
172.9
33.1
(4.8
)
15.7
10.9
Benefit (provision) for income taxes
(5)
(4.3
)
(2.8
)
(7.1
)
1.2
(2.7
)
(1.5
)
Net income (loss)
$
(144.1
)
$
170.1
$
26.0
$
(3.6
)
$
13.0
$
9.4
Diluted weighted average common shares
outstanding
35,140,166
35,361,029
35,049,388
35,605,618
Diluted income (loss) per common share
$
(4.10
)
$
0.74
$
(0.10
)
$
0.26
(1)
The adjustment in 2021 represents the add
back of certain purchase accounting impacts from the
acquisitions.
(2)
The adjustment in 2021 represents one-time
acquisition related costs and costs associated with a legal matter
with the U.S. Environmental Protection Agency ("U.S. EPA").
(3)
The adjustment in 2022 represents non-cash
asset impairment charges.
(4)
Represents adjustments for restructuring
income (expense).
(5)
The adjustment in 2022 represents the net
income tax impacts of items (3) and (4) and the removal of an
income tax benefit from the partial release of a valuation
allowance. The adjustment in 2021 represents the net income tax
impacts of (1), (2), and (4), and the removal of a benefit from
income tax related to the partial release of a valuation
allowance.
Year Ended December
31,
2022
2021
As Reported
Adjustments
Adjusted
As Reported
Adjustments
Adjusted
Gross profit (1)
$
364.5
$
3.3
$
367.8
$
307.2
$
2.3
$
309.5
Engineering, selling and administrative
expenses (2)
(281.0
)
(4.3
)
(285.3
)
(258.5
)
19.5
(239.0
)
Asset impairment expense (3)
(171.9
)
171.9
—
(1.9
)
1.9
—
Amortization of intangible assets
(3.1
)
—
(3.1
)
(1.4
)
—
(1.4
)
Restructuring income (expense) (4)
(1.5
)
1.5
—
1.1
(1.1
)
—
Operating income (loss)
(93.0
)
172.4
79.4
46.5
22.6
69.1
Interest expense
(31.6
)
—
(31.6
)
(28.9
)
—
(28.9
)
Amortization of deferred financing
fees
(1.4
)
—
(1.4
)
(1.5
)
—
(1.5
)
Other income - net (5)
5.8
0.5
6.3
1.0
0.6
1.6
Income (loss) before income
taxes
(120.2
)
172.9
52.7
17.1
23.2
40.3
Provision for income taxes (6)
(3.4
)
(11.5
)
(14.9
)
(6.1
)
(3.6
)
(9.7
)
Net income (loss)
$
(123.6
)
$
161.4
$
37.8
$
11.0
$
19.6
$
30.6
Diluted weighted average common shares
outstanding
35,184,336
35,496,471
35,452,555
35,452,555
Diluted income (loss) per common share
$
(3.51
)
$
1.06
$
0.31
$
0.86
(1)
The adjustment in 2022 represents the fair
value step up of rental fleet assets sold during the period that
were expensed within cost of sales and other one-time costs
associated with the acquired businesses. The adjustment in 2021
represents the add back of certain purchase accounting impacts from
the acquisitions.
(2)
The adjustment in 2022 represents one-time
costs associated with the acquired businesses, the partial recovery
of the previously written off long-term note receivable from the
2014 divestiture of the Company's Chinese joint venture, and other
one-time charges. The adjustment in 2021 represents the addback of
a loss from the write-off of a long-term note receivable from the
2014 divestiture of the Company's Chinese joint venture, one-time
acquisition related costs, and costs associated with a legal matter
with the U.S. EPA.
(3)
The adjustment in 2022 represents non-cash
asset impairment charges. The adjustment in 2021 represents a
write-down of one of the Company’s Brazilian entities to its
expected sale price.
(4)
Represents adjustments for restructuring
income (expense).
(5)
The adjustment in 2022 represents the
write-off of other debt related costs. The adjustment in 2021
represents costs associated with a legal matter.
(6)
The adjustment in 2022 represents the net
income tax impacts of items (1), (2), (3), (4), and (5), the
removal of income tax benefits from the release of a U.S. Federal
uncertain tax position and partial release of a valuation
allowance, and establishment of a valuation allowance due to the
Company's curtailment of operations in Russia. The adjustment in
2021 represents the net income tax impacts of items (1), (2), (3),
(4), and (5), and the removal of a benefit from income tax related
to the partial release of a valuation allowance.
Free Cash Flows
The Company defines free cash flows as net cash provided by
operating activities less cash flow from investment in capital
expenditures. The reconciliation of net cash provided by operating
activities to free cash flows for the three months ended and year
ended December 31, 2022 and 2021 are summarized as follows. All
dollar amounts are in millions.
Three Months Ended December
31,
Year Ended December
31,
2022
2021
2022
2021
Net cash provided by operating
activities
$
80.2
$
8.2
$
76.9
$
76.2
Capital expenditures
(30.0
)
(18.1
)
(61.8
)
(40.4
)
Free cash flows
$
50.2
$
(9.9
)
$
15.1
$
35.8
EBITDA, Adjusted EBITDA, and Adjusted Operating
Income
The Company defines EBITDA as net income (loss) before interest,
taxes, depreciation, and amortization. The Company defines adjusted
EBITDA as EBITDA plus the addback or subtraction of restructuring,
other income, and certain other charges. The Company defines
adjusted operating income as operating income (loss) plus the
addback or subtraction of restructuring and certain other charges.
The reconciliation of net income (loss) to EBITDA, and further to
adjusted EBITDA and to adjusted operating income and operating
income (loss) for the three months ended and year ended December
31, 2022 and 2021, are summarized as follows. All dollar amounts
are in millions.
Three Months Ended December
31,
Year Ended December
31,
2022
2021
2022
2021
Net income (loss)
$
(144.1
)
$
(3.6
)
$
(123.6
)
$
11.0
Interest expense and amortization of
deferred financing fees
8.7
7.8
33.0
30.4
Provision (benefit) for income taxes
4.3
(1.2
)
3.4
6.1
Depreciation expense
14.4
16.0
60.6
45.5
Amortization of intangible assets
0.7
0.7
3.1
1.4
EBITDA
(116.0
)
19.7
(23.5
)
94.4
Restructuring (income) expense
1.0
(0.6
)
1.5
(1.1
)
Asset impairment expense(1)
171.9
—
171.9
1.9
Other non-recurring charges (2)
—
16.3
(1.0
)
21.8
Other income - net (3)
(5.4
)
(1.2
)
(5.8
)
(1.0
)
Adjusted EBITDA
51.5
34.2
143.1
116.0
Depreciation expense
(14.4
)
(16.0
)
(60.6
)
(45.5
)
Amortization of intangible assets
(0.7
)
(0.7
)
(3.1
)
(1.4
)
Adjusted operating income
36.4
17.5
79.4
69.1
Restructuring income (expense)
(1.0
)
0.6
(1.5
)
1.1
Asset impairment expense
(171.9
)
—
(171.9
)
(1.9
)
Other non-recurring charges (2)
—
(16.3
)
1.0
(21.8
)
Operating income (loss)
$
(136.5
)
$
1.8
$
(93.0
)
$
46.5
Adjusted EBITDA margin percentage
8.3
%
6.9
%
7.0
%
6.7
%
Adjusted operating income margin
percentage
5.9
%
3.5
%
3.9
%
4.0
%
(1)
The asset impairment expense in 2022
represents non-cash goodwill and indefinite-lived intangible asset
impairment charges. The asset impairment expense in 2021 represents
a write-down of one of the Company’s Brazilian entities to its
expected sale price.
(2)
Other non-recurring charges for the year
ended December 31, 2022 relate to the fair value step up on rental
fleet assets sold during the period that was expensed within cost
of sales, one-time costs associated with the acquired businesses,
income from the partial recovery of the previously written off
long-term note receivable from the 2014 divestiture of the
Company's Chinese joint venture, and other one-time charges. Other
non-recurring charges for the three months ended December 31, 2021,
relate to acquisition costs, certain purchase accounting impacts
from the acquisitions, and costs associated with a legal matter
with the U.S. EPA. Other non-recurring charges for the year ended
December 31, 2021 relate to acquisition costs, certain purchase
accounting impacts from the acquisitions, a write off of a
long-term note receivable from the 2014 divestiture of the
Company's Chinese joint venture, and costs associated with the U.S.
EPA. Costs are included in engineering, selling and administrative
expenses or cost of sales in the Condensed Consolidated Statement
of Operations.
(3)
Other income - net includes net foreign
currency (gains) losses, other components of net periodic pension
costs, costs associated with legal matters, and other items in the
three months ended December 31, 2022 and 2021 and the years ended
December 31, 2022 and 2021.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230217005359/en/
Ion Warner SVP, Marketing and Investor Relations +1
414-760-4805
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