New product innovation drives first-quarter orders of $488 million,
an increase of 17% over prior year; financial results in line with
expectations; disciplined cash management drives stable liquidity
position at March 31, 2017
MANITOWOC, Wis.--(BUSINESS WIRE)--
The Manitowoc Company, Inc. (NYSE: MTW) (“Manitowoc”) today reported
first-quarter 2017 net sales of $305.8 million versus $427.4 million in
the comparable period in 2016.
On a GAAP basis, the Company reported a net loss of ($36.0) million, or
($0.26) per diluted share, in the first-quarter 2017 versus a net loss
of ($195.9) million, or ($1.43) per diluted share, in the first-quarter
of 2016. The Company’s loss from continuing operations in the
first-quarter 2017 and 2016 was ($36.0) million and ($192.7) million,
respectively.
Non-GAAP adjusted net loss from continuing operations (1) was
($24.2) million, or ($0.17) per diluted share, in the first-quarter 2017
versus non-GAAP adjusted net loss from continuing operations of ($7.6)
million, or ($0.05) per diluted share, in the first-quarter 2016.
“In the first-quarter, we were pleased by the strong customer reception
of our new products, many of which were highlighted at ConExpo. Nearly
half of our equipment orders in the quarter were for products introduced
since becoming a stand-alone crane company last year, which drove
year-over-year and sequential orders up by 17% and 40%, respectively.
Although the market has not shown signs of a sustained recovery, we are
encouraged by the increased orders we booked in the quarter, and at this
time reiterating our full-year financial guidance,” commented Barry L.
Pennypacker, President and Chief Executive Officer of The Manitowoc
Company, Inc.
“Our first-quarter revenue was negatively impacted by the low level of
backlog entering 2017, mainly due to historically low levels of crawler
crane demand. In addition, our Mobile crane business remains soft in the
Americas and the Middle East as a result of continued low rental rates,
weakness in used equipment prices and low oil prices, notwithstanding
the increased activity in some of the American shale basins. Our Tower
crane business performed in line with our expectations, reflecting
market share gains in key product lines,” said Pennypacker.
“Despite the challenging market conditions, we remain focused on the
things we can control. The relocation of our crawler crane production
continues to proceed as planned; on time and within budget. Through
judicious working capital management, we delivered improved cash flow
from operational activities versus last year and ended the quarter with
no outstanding borrowings on our ABL credit facility. This was mainly
attributable to utilizing the principles of The Manitowoc Way throughout
the organization. Our overall long-term objectives remain unchanged,
that is targeting double-digit operating margins by 2020, and being a
market leader in lifting solutions,” concluded Pennypacker.
Financial Results
First-quarter 2017 net sales were $305.8 million versus $427.4 million
in the first-quarter 2016. Approximately half of the year-over-year
decline was attributable to lower crawler crane shipments, with the
remaining decline primarily due to lower sales in the Americas, partly
offset by increases in Europe from strength in residential and
commercial construction trends and new product introductions. Changes in
foreign currency rates negatively impacted revenue by $6.4 million for
the current quarter.
GAAP operating income (loss) for the first-quarter 2017 was ($23.7)
million, compared to income of $0.8 million in the first-quarter 2016.
The first-quarter 2017 GAAP operating loss includes $11.7 million of
restructuring costs mainly related to plant relocation and severance
expenses. Non-GAAP Adjusted EBITDA for the first-quarter 2017 was ($0.8)
million compared to Non-GAAP Adjusted EBITDA of $19.5 million in the
same period last year.
Backlog totaled $506.3 million at March 31, 2017, up from the
fourth-quarter 2016 backlog of $323.8 million. The first-quarter book to
bill ratio of 1.6 was the first quarter since the first-quarter 2015
with a book to bill ratio in excess of 1.0.
Cash Flow
Net cash used for operating activities of continuing operations in the
first-quarter 2017 was ($32.5) million, compared to ($163.4) million
from first-quarter 2016. First-quarter capital expenditures totaled $3.8
million as compared to $10.9 million in the first-quarter 2016.
The Company’s cash totaled $36.1 million at March 31, 2017, a decrease
of $33.8 million from the end of the fourth-quarter 2016. At the end of
the first-quarter, and consistent with December 31, 2016, the Company
had zero borrowings on its ABL revolver. The decrease of $33.8 million
of cash during the quarter was mainly attributable to restructuring and
other benefit payments, as well as the semi-annual interest payment on
the Company’s long-term debt.
Full-Year 2017 Guidance
Manitowoc’s 2017 financial guidance for the full year remains unchanged,
and the Company is now providing guidance for income tax expense as:
-
Revenue – down approximately 8-10% year-over-year;
-
Adjusted EBITDA – approximately $41 to $59 million;
-
Depreciation – approximately $40 to $45 million;
-
Capital expenditures – approximately $30 million; and
-
Income tax expense – approximately $7 to $10 million.
The Company provides guidance on a non-GAAP basis as there is
uncertainty in the timing and magnitude of future charges that would be
included in the reported GAAP results.
Investor Conference Call
On Tuesday, May 9th, 2017, at 10:00 a.m. ET (9:00 a.m. CT), The
Manitowoc Company’s senior management will discuss its first-quarter
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 lift 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 2016, Manitowoc’s revenues
totaled $1.6 billion, with over half of these revenues generated outside
the United States.
Footnote
(1) Non-GAAP adjusted net loss from continuing operations and non-GAAP
adjusted operating (loss) income 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
from net loss and operating loss 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:
-
unanticipated changes in revenues, margins, costs, and capital
expenditures;
-
the ability to significantly improve profitability;
-
potential delays or failures to implement specific initiatives
within the restructuring program;
-
issues relating to the ability to timely and effectively execute on
manufacturing strategies, including issues relating to plant closings,
new plant start-ups, and/or consolidations of existing facilities and
operations, and its ability to achieve the expected benefits from such
actions;
-
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 Manitowoc’s
business segment 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;
-
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 first parties and the resolution of those
issues;
-
unexpected issues associated with the availability and viability of
suppliers;
-
the risks associated with growth and contraction;
-
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 in emerging economies, and changes in demand for
used lifting equipment;
-
global expansion of customers;
-
the replacement cycle of technologically obsolete cranes;
-
the ability of Manitowoc's customers to receive financing;
-
efficiencies and capacity utilization of 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 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;
-
impairment of goodwill and/or intangible assets;
-
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, 2016.
|
THE MANITOWOC COMPANY, INC.
|
|
Unaudited Consolidated Financial Information
|
|
For the Three Months Ended March 31, 2017 and 2016
|
|
(In millions, except share data)
|
|
|
|
|
|
|
|
INCOME STATEMENT
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
March 31,
|
|
|
|
2017
|
|
2016
|
|
|
|
|
|
|
|
Net sales
|
|
$
|
305.8
|
|
|
$
|
427.4
|
|
|
Cost of sales
|
|
|
253.9
|
|
|
|
347.7
|
|
|
Gross profit
|
|
|
51.9
|
|
|
|
79.7
|
|
|
Operating costs and expenses:
|
|
|
|
|
|
Engineering, selling and administrative expenses
|
|
|
63.3
|
|
|
|
72.4
|
|
|
Amortization of intangible assets
|
|
|
0.4
|
|
|
|
0.7
|
|
|
Restructuring expense
|
|
|
11.7
|
|
|
|
4.4
|
|
|
Other expense
|
|
|
0.2
|
|
|
|
1.4
|
|
|
Total operating costs and expenses
|
|
|
75.6
|
|
|
|
78.9
|
|
|
Operating (loss) income
|
|
|
(23.7
|
)
|
|
|
0.8
|
|
|
Other (expense) income:
|
|
|
|
|
|
Interest expense
|
|
|
(10.1
|
)
|
|
|
(9.7
|
)
|
|
Amortization of deferred financing fees
|
|
|
(0.5
|
)
|
|
|
(0.9
|
)
|
|
Loss on debt extinguishment
|
|
|
-
|
|
|
|
(76.3
|
)
|
|
Other (expense) income - net
|
|
|
(0.2
|
)
|
|
|
1.1
|
|
|
Total other expense
|
|
|
(10.8
|
)
|
|
|
(85.8
|
)
|
|
Loss from continuing operations before taxes
|
|
|
(34.5
|
)
|
|
|
(85.0
|
)
|
|
Provision for taxes on income
|
|
|
1.5
|
|
|
|
107.7
|
|
|
Loss from continuing operations
|
|
|
(36.0
|
)
|
|
|
(192.7
|
)
|
|
Discontinued operations:
|
|
|
|
|
|
Loss from discontinued
|
|
|
|
|
|
operations, net of income taxes
|
|
|
-
|
|
|
|
(3.2
|
)
|
|
Net loss
|
|
$
|
(36.0
|
)
|
|
$
|
(195.9
|
)
|
|
BASIC LOSS PER COMMON SHARE:
|
|
|
|
|
|
Loss from continuing operations
|
|
$
|
(0.26
|
)
|
|
$
|
(1.41
|
)
|
|
Loss from discontinued operations, net of income taxes
|
|
|
-
|
|
|
|
(0.02
|
)
|
|
BASIC LOSS PER COMMON SHARE
|
|
$
|
(0.26
|
)
|
|
$
|
(1.43
|
)
|
|
DILUTED LOSS PER COMMON SHARE:
|
|
|
|
|
|
Loss from continuing operations
|
|
$
|
(0.26
|
)
|
|
$
|
(1.41
|
)
|
|
Loss from discontinued operations, net of income taxes
|
|
|
-
|
|
|
|
(0.02
|
)
|
|
DILUTED LOSS PER COMMON SHARE
|
|
$
|
(0.26
|
)
|
|
$
|
(1.43
|
)
|
|
|
|
|
|
|
|
Weighted average shares outstanding - Basic
|
|
|
140,081,711
|
|
|
|
136,599,912
|
|
|
Weighted average shares outstanding - Diluted
|
|
|
140,081,711
|
|
|
|
136,599,912
|
|
In the fourth-quarter of 2016 the Company changed its method of
inventory costing for certain inventory to the FIFO method from the LIFO
method. The Company applied this change in method of inventory costing
by retrospectively adjusting the prior period financial statements.
|
THE MANITOWOC COMPANY, INC.
|
|
Unaudited Consolidated Financial Information
|
|
As of March 31, 2017 and December 31, 2016
|
|
(In millions)
|
|
BALANCE SHEET
|
|
|
|
|
|
|
|
March 31,
|
|
December 31,
|
|
ASSETS
|
|
2017
|
|
2016
|
|
Current assets:
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
36.1
|
|
$
|
69.9
|
|
Accounts receivable - net
|
|
|
138.1
|
|
|
134.4
|
|
Inventories - net
|
|
|
461.3
|
|
|
429.0
|
|
Notes receivable - net
|
|
|
47.4
|
|
|
62.4
|
|
Other current assets
|
|
|
52.6
|
|
|
54.0
|
|
Total current assets
|
|
|
735.5
|
|
|
749.7
|
|
Property, plant and equipment - net
|
|
|
306.2
|
|
|
308.8
|
|
Intangible assets - net
|
|
|
417.7
|
|
|
413.7
|
|
Other long-term assets
|
|
|
44.6
|
|
|
45.6
|
|
Long-term assets held for sale
|
|
|
1.9
|
|
|
-
|
|
|
|
|
|
|
|
TOTAL ASSETS
|
|
$
|
1,505.9
|
|
$
|
1,517.8
|
|
|
|
|
|
|
|
LIABILITIES & STOCKHOLDERS' EQUITY
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
Accounts payable and accrued expenses
|
|
$
|
336.1
|
|
$
|
321.2
|
|
Short-term borrowings and current portion of long-term debt
|
|
|
12.9
|
|
|
12.4
|
|
Product warranties
|
|
|
32.2
|
|
|
36.5
|
|
Customer advances
|
|
|
22.8
|
|
|
21.0
|
|
Product liabilities
|
|
|
23.7
|
|
|
21.7
|
|
Total current liabilities
|
|
|
427.7
|
|
|
412.8
|
|
Non-current liabilities:
|
|
|
|
|
|
Long-term debt
|
|
|
268.6
|
|
|
269.1
|
|
Other non-current liabilities
|
|
|
238.9
|
|
|
245.4
|
|
Total non-current liabilities
|
|
|
507.5
|
|
|
514.5
|
|
Stockholders' equity
|
|
|
570.7
|
|
|
590.5
|
|
TOTAL LIABILITIES &
|
|
|
|
|
|
STOCKHOLDERS' EQUITY
|
|
$
|
1,505.9
|
|
$
|
1,517.8
|
In the fourth-quarter of 2016 the Company changed its method of
inventory costing for certain inventory to the FIFO method from the LIFO
method. The Company applied this change in method of inventory costing
by retrospectively adjusting the prior period financial statements.
|
THE MANITOWOC COMPANY, INC.
|
|
Unaudited Consolidated Financial Information
|
|
For the Three Months Ended March 31, 2017 and 2016
|
|
(In millions)
|
|
CASH FLOW SUMMARY
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
March 31,
|
|
|
|
2017
|
|
2016
|
|
Cash flows from operations:
|
|
|
|
|
|
Net loss
|
|
$
|
(36.0
|
)
|
|
$
|
(195.9
|
)
|
|
Non-cash adjustments - net
|
|
|
18.2
|
|
|
|
132.5
|
|
|
Accounts receivable
|
|
|
(1.8
|
)
|
|
|
(26.1
|
)
|
|
Inventories
|
|
|
(31.2
|
)
|
|
|
(33.7
|
)
|
|
Notes receivable
|
|
|
5.7
|
|
|
|
1.6
|
|
|
Other assets
|
|
|
(1.4
|
)
|
|
|
(6.4
|
)
|
|
Accounts payable
|
|
|
37.2
|
|
|
|
(11.2
|
)
|
|
Accrued expenses and other liabilities
|
|
|
(23.2
|
)
|
|
|
(24.2
|
)
|
|
Net cash used for operating activities of continuing operations
|
|
|
(32.5
|
)
|
|
|
(163.4
|
)
|
|
Net cash used for operating
|
|
|
|
|
|
activities of discontinued operations
|
|
|
-
|
|
|
|
(46.8
|
)
|
|
Net cash used for operating activities
|
|
|
(32.5
|
)
|
|
|
(210.2
|
)
|
|
Cash flows from investing:
|
|
|
|
|
|
Capital expenditures
|
|
|
(3.8
|
)
|
|
|
(10.9
|
)
|
|
Proceeds from sale of fixed assets
|
|
|
1.7
|
|
|
|
1.2
|
|
|
Other
|
|
|
1.1
|
|
|
|
-
|
|
|
Net cash used for investing activities of continuing operations
|
|
|
(1.0
|
)
|
|
|
(9.7
|
)
|
|
Net cash used for investing activities of discontinued operations
|
|
|
-
|
|
|
|
(2.4
|
)
|
|
Net cash used for investing activities
|
|
|
(1.0
|
)
|
|
|
(12.1
|
)
|
|
Cash flows from financing:
|
|
|
|
|
|
Payments on long-term debt - net
|
|
|
(1.3
|
)
|
|
|
(1,090.0
|
)
|
|
Payments on notes financing - net
|
|
|
(2.2
|
)
|
|
|
(3.7
|
)
|
|
Exercises of stock options
|
|
|
2.7
|
|
|
|
1.9
|
|
|
Debt issuance costs
|
|
|
-
|
|
|
|
(7.9
|
)
|
|
Cash transferred to spun-off subsidiary
|
|
|
-
|
|
|
|
(17.7
|
)
|
|
Dividend from spun-off subsidiary
|
|
|
-
|
|
|
|
1,361.7
|
|
|
Net cash (used for) provided by investing activities
|
|
|
|
|
|
of continuing operations
|
|
|
(0.8
|
)
|
|
|
244.3
|
|
|
Net cash provided by investing activities of discontinued operations
|
|
|
-
|
|
|
|
0.2
|
|
|
Net cash (used for) provided by investing activities
|
|
|
(0.8
|
)
|
|
|
244.5
|
|
|
Effect of exchange rate changes on cash
|
|
|
0.5
|
|
|
|
1.6
|
|
|
Net (decrease) increase in cash and cash equivalents
|
|
$
|
(33.8
|
)
|
|
$
|
23.8
|
|
|
Non-GAAP Financial Measures
|
|
|
|
Non-GAAP Items
|
|
|
|
Non-GAAP adjusted net loss from continuing operations and non-GAAP
adjusted operating (loss) income 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 from net loss and operating (loss) income
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 Loss and Loss Per
Share from Continuing Operations
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
March 31,
|
|
|
|
2017
|
|
2016
|
|
|
|
|
|
|
|
Net loss
|
|
$
|
(36.0
|
)
|
|
$
|
(195.9
|
)
|
|
Special items, net of tax:
|
|
|
|
|
|
Loss from discontinued operations, net of income taxes
|
|
|
-
|
|
|
|
3.2
|
|
|
Loss on debt extinguishment
|
|
|
-
|
|
|
|
76.3
|
|
|
Restructuring expense
|
|
|
11.7
|
|
|
|
4.4
|
|
|
Separation equity awards
|
|
|
0.1
|
|
|
|
1.4
|
|
|
Tax valuation allowance and one time tax items
|
|
|
-
|
|
|
|
103.3
|
|
|
Tax on special items
|
|
|
-
|
|
|
|
(0.3
|
)
|
|
Non-GAAP adjusted net loss from continuing operations
|
|
$
|
(24.2
|
)
|
|
$
|
(7.6
|
)
|
|
|
|
|
|
|
|
Diluted loss per share
|
|
$
|
(0.26
|
)
|
|
$
|
(1.43
|
)
|
|
Special items, net of tax:
|
|
|
|
|
|
Loss from discontinued operations, net of income taxes
|
|
|
-
|
|
|
|
0.02
|
|
|
Loss on debt extinguishment
|
|
|
-
|
|
|
|
0.56
|
|
|
Restructuring expense
|
|
|
0.08
|
|
|
|
0.03
|
|
|
Separation equity awards
|
|
|
0.00
|
|
|
|
0.01
|
|
|
Tax valuation allowance and one time tax items
|
|
|
-
|
|
|
|
0.76
|
|
|
Diluted non-GAAP adjusted net loss
|
|
|
|
|
|
per share from continuing operations
|
|
$
|
(0.17
|
)
|
|
$
|
(0.05
|
)
|
|
|
|
|
|
|
|
Non-GAAP Adjusted Operating (Loss) Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
March 31,
|
|
|
|
2017
|
|
2016
|
|
|
|
|
|
|
|
Operating (loss) income
|
|
$
|
(23.7
|
)
|
|
$
|
0.8
|
|
|
Adjustments:
|
|
|
|
|
|
Restructuring expense
|
|
|
11.7
|
|
|
|
4.4
|
|
|
Amortization of intangible assets
|
|
|
0.4
|
|
|
|
0.7
|
|
|
Other expense
|
|
|
0.2
|
|
|
|
1.4
|
|
|
Non-GAAP adjusted operating (loss) income
|
|
$
|
(11.4
|
)
|
|
$
|
7.3
|
|
|
Margin on non-GAAP adjusted operating (loss) income
|
|
|
-3.7
|
%
|
|
|
1.7
|
%
|
|
Adjusted EBITDA
|
|
|
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 loss to
adjusted EBITDA from continuing operations for the current and
previous four quarters, as well as the trailing twelve months is as
follows ($’s in millions):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trailing
|
|
|
|
|
Three Months Ended
|
|
Twelve
|
|
|
|
|
March 31, 2016
|
|
June 30, 2016
|
|
September 30, 2016
|
|
December 31, 2016
|
|
March 31, 2017
|
|
Months
|
|
|
Net loss
|
|
$
|
(195.9
|
)
|
|
$
|
(5.8
|
)
|
|
$
|
(140.7
|
)
|
|
$
|
(33.4
|
)
|
|
$
|
(36.0
|
)
|
|
$
|
(215.9
|
)
|
|
|
Loss from discontinued operations, net of income taxes
|
|
|
3.2
|
|
|
|
0.8
|
|
|
|
1.8
|
|
|
|
1.4
|
|
|
|
-
|
|
|
|
4.0
|
|
|
|
Interest expense and amortization of deferred financing fees
|
|
|
10.6
|
|
|
|
10.3
|
|
|
|
10.5
|
|
|
|
10.4
|
|
|
|
10.6
|
|
|
|
41.8
|
|
|
|
Provision (benefit) for taxes on income
|
|
|
107.7
|
|
|
|
0.7
|
|
|
|
(5.3
|
)
|
|
|
(2.6
|
)
|
|
|
1.5
|
|
|
|
(5.7
|
)
|
|
|
Depreciation expense
|
|
|
12.2
|
|
|
|
11.4
|
|
|
|
11.3
|
|
|
|
10.7
|
|
|
|
10.6
|
|
|
|
44.0
|
|
|
|
Amortization of intangible assets
|
|
|
0.7
|
|
|
|
0.8
|
|
|
|
0.7
|
|
|
|
0.8
|
|
|
|
0.4
|
|
|
|
2.7
|
|
|
|
EBITDA
|
|
|
(61.5
|
)
|
|
|
18.2
|
|
|
|
(121.7
|
)
|
|
|
(12.7
|
)
|
|
|
(12.9
|
)
|
|
|
(129.1
|
)
|
|
|
Restructuring expense
|
|
|
4.4
|
|
|
|
8.8
|
|
|
|
3.9
|
|
|
|
6.3
|
|
|
|
11.7
|
|
|
|
30.7
|
|
|
|
Asset impairment expense
|
|
|
-
|
|
|
|
-
|
|
|
|
96.9
|
|
|
|
-
|
|
|
|
-
|
|
|
|
96.9
|
|
|
|
Other expense (income) - net (1)
|
|
|
76.6
|
|
|
|
(1.7
|
)
|
|
|
(0.0
|
)
|
|
|
0.7
|
|
|
|
0.4
|
|
|
|
(0.6
|
)
|
|
|
Adjusted EBITDA
|
|
|
19.5
|
|
|
|
25.3
|
|
|
|
(20.9
|
)
|
|
|
(5.7
|
)
|
|
|
(0.8
|
)
|
|
|
(2.1
|
)
|
|
|
Depreciation expense
|
|
|
(12.2
|
)
|
|
|
(11.4
|
)
|
|
|
(11.3
|
)
|
|
|
(10.7
|
)
|
|
|
(10.6
|
)
|
|
|
(44.0
|
)
|
|
|
Adjusted operating income (loss)
|
|
|
7.3
|
|
|
|
13.9
|
|
|
(32.2
|
)*
|
|
|
(16.4
|
)
|
|
|
(11.4
|
)
|
|
|
(46.1
|
)
|
|
|
Restructuring expense
|
|
|
(4.4
|
)
|
|
|
(8.8
|
)
|
|
|
(3.9
|
)
|
|
|
(6.3
|
)
|
|
|
(11.7
|
)
|
|
|
(30.7
|
)
|
|
|
Asset impairment expense
|
|
|
-
|
|
|
|
-
|
|
|
|
(96.9
|
)
|
|
|
-
|
|
|
|
-
|
|
|
|
(96.9
|
)
|
|
|
Amortization of intangible assets
|
|
|
(0.7
|
)
|
|
|
(0.8
|
)
|
|
|
(0.7
|
)
|
|
|
(0.8
|
)
|
|
|
(0.4
|
)
|
|
|
(2.7
|
)
|
|
|
Other operating costs and expenses
|
|
|
(1.4
|
)
|
|
|
(0.4
|
)
|
|
|
(0.5
|
)
|
|
|
(0.3
|
)
|
|
|
(0.2
|
)
|
|
|
(1.4
|
)
|
|
|
GAAP operating income (loss)
|
|
$
|
0.8
|
|
|
$
|
3.9
|
|
|
$
|
(134.2
|
)
|
|
$
|
(23.8
|
)
|
|
$
|
(23.7
|
)
|
|
$
|
(177.8
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA margin percentage
|
|
|
4.6
|
%
|
|
|
5.5
|
%
|
|
|
-6.0
|
%
|
|
|
-1.5
|
%
|
|
|
-0.3
|
%
|
|
|
-0.1
|
%
|
|
|
Adjusted operating income (loss) margin percentage
|
|
|
1.7
|
%
|
|
|
3.0
|
%
|
|
|
-9.2
|
%
|
|
|
-4.3
|
%
|
|
|
-3.7
|
%
|
|
|
-3.1
|
%
|
|
|
(1)
|
|
Other expense (income) - net includes loss on debt extinguishment,
other (expense) income and other (expense) income, net.
|
|
|
|
|
|
*
|
|
As previously disclosed in the Company's third-quarter press
release, adjusted operating loss includes $29.9 million of non-cash
charges related to inventory reserves, losses from decline in used
crane values, product improvement initiatives and plant variances.
Excluding these amounts the third-quarter adjusted operating loss
would have been $2.3 million.
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20170508006401/en/
Source: The Manitowoc Company, Inc.