Orders Grow 21% year over year; Revenue increased 14% from
Q3, 2016; GAAP EPS of $0.07; Reaffirms full-year 2017 guidance
MANITOWOC, Wis.--(BUSINESS WIRE)--
The Manitowoc Company, Inc. (NYSE: MTW), a leading global manufacturer
of cranes and lifting solutions, today reported third-quarter net sales
of $399.4 million, diluted EPS (“DEPS”) on a GAAP basis of $0.07 and
$0.09 on an adjusted basis.
Third-quarter orders of $376.1 million were up 21% from the comparable
period in 2016. Backlog totaled $467.9 million at September 30, 2017, up
32%, from the third-quarter 2016 ending backlog of $353.6 million.
Third-quarter 2017 net sales were $399.4 million versus $349.8 million
in the comparable period in 2016. The majority of the year-over-year
increase was attributable to increased demand, primarily in the U.S.
market, partly offset by lower demand in the Asia-Pacific market.
Approximately 40% of unit revenue in the third-quarter came from new
products introduced since becoming a stand-alone crane company.
The Company reported net income from continuing operations of $9.7
million, or $0.07 per diluted share, in the third-quarter 2017 versus a
net loss from continuing operations of $(138.9) million, or $(1.01) per
diluted share, in the third-quarter 2016. Non-GAAP adjusted net income
from continuing operations(1) was $13.5 million, or $0.09 per
diluted share, in the third-quarter 2017 versus a net loss of $(38.8)
million, or $(0.28) per diluted share, in the comparable period of 2016.
Both GAAP and Non-GAAP net income benefited from discrete tax items in
the period totaling $13.7 million or $0.09 per diluted share. Non-GAAP
adjusted EBITDA(1) for the third-quarter 2017 was $20.8
million compared to negative $20.9 million in the same period last year.
“Our third-quarter came in largely as expected, reflecting some signs of
positive momentum in certain end markets such as the U.S. energy and
commercial construction markets. Orders in the quarter continued to be
led by the strength of our customers’ demand for our new products. The
structural cost reductions we have made over the last eighteen months,
coupled with higher year-over-year sales volumes resulted in significant
profitability gains over the comparable period,” commented Barry L.
Pennypacker, President and Chief Executive Officer of The Manitowoc
Company, Inc.
“I am encouraged by the progress we continue to make in streamlining our
organizational structure, providing us the necessary momentum to achieve
our long-term stated goal of double-digit operating margins by 2020. Our
strategy to evolve into the world’s leading crane company remains on
track, as we continue to institutionalize the principles of The
Manitowoc Way,” concluded Pennypacker.
Full-Year 2017 Guidance
Manitowoc reiterates its’ full year 2017 financial guidance as follows:
• Revenue - down approximately 5-7% year-over-year;
• Adjusted EBITDA - approximately $59 to $69 million;
• Depreciation - approximately $40 million;
• Capital expenditures - approximately $30 million; and
• Income tax expense - approximately $7 to $10 million, excluding
discrete items.
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, November 7th, 2017, at 9:00 a.m. ET (8:00 a.m. CT), The
Manitowoc Company’s senior management will discuss its third-quarter
2017 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 2016, Manitowoc’s net sales
totaled $1.6 billion, with over half generated outside the United States.
Footnote
(1) Non-GAAP adjusted net income (loss) from continuing operations 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:
• 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, as well as general efficiencies and capacity utilization of our
facilities;
• 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 and availability of
materials and components sourced from first parties and the resolution
of those issues;
• unexpected issues associated with the availability, operations 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;
• 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 and other weather events 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 2016 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, 2016.
|
|
|
|
|
|
|
|
|
THE MANITOWOC COMPANY, INC.
|
|
Unaudited Consolidated Financial Information
|
|
For the three and nine months ended September 30, 2017 and 2016
|
|
($ in millions, except share data)
|
|
|
|
INCOME STATEMENT
|
|
|
|
Three Months Ended
September 30,
|
|
|
Nine Months Ended
September 30,
|
|
|
|
|
2017
|
|
|
2016
|
|
|
2017
|
|
|
2016
|
|
|
Net sales
|
|
$
|
399.4
|
|
|
$
|
349.8
|
|
|
$
|
1,099.8
|
|
|
$
|
1,234.9
|
|
|
Cost of sales
|
|
|
326.9
|
|
|
|
309.0
|
|
|
|
899.1
|
|
|
|
1,027.1
|
|
|
Gross profit
|
|
|
72.5
|
|
|
|
40.8
|
|
|
|
200.7
|
|
|
|
207.8
|
|
|
Operating costs and expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Engineering, selling and administrative expenses
|
|
|
60.9
|
|
|
|
73.0
|
|
|
|
184.6
|
|
|
|
218.8
|
|
|
Asset impairment expense
|
|
|
—
|
|
|
|
96.9
|
|
|
|
—
|
|
|
|
96.9
|
|
|
Amortization of intangible assets
|
|
|
—
|
|
|
|
0.7
|
|
|
|
0.7
|
|
|
|
2.2
|
|
|
Restructuring expense
|
|
|
3.7
|
|
|
|
3.9
|
|
|
|
21.3
|
|
|
|
17.1
|
|
|
Other operating (income) expense - net
|
|
|
—
|
|
|
|
0.5
|
|
|
|
—
|
|
|
|
2.3
|
|
|
Total operating costs and expenses
|
|
|
64.6
|
|
|
|
175.0
|
|
|
|
206.6
|
|
|
|
337.3
|
|
|
Operating income (loss)
|
|
|
7.9
|
|
|
|
(134.2
|
)
|
|
|
(5.9
|
)
|
|
|
(129.5
|
)
|
|
Other income (expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense
|
|
|
(9.6
|
)
|
|
|
(10.0
|
)
|
|
|
(29.4
|
)
|
|
|
(29.6
|
)
|
|
Amortization of deferred financing fees
|
|
|
(0.5
|
)
|
|
|
(0.5
|
)
|
|
|
(1.4
|
)
|
|
|
(1.8
|
)
|
|
Loss on debt extinguishment
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(76.3
|
)
|
|
Other income (expense) - net
|
|
|
(1.2
|
)
|
|
|
0.5
|
|
|
|
1.8
|
|
|
|
3.7
|
|
|
Total other expense
|
|
|
(11.3
|
)
|
|
|
(10.0
|
)
|
|
|
(29.0
|
)
|
|
|
(104.0
|
)
|
|
Income (loss) from continuing operations before taxes
|
|
|
(3.4
|
)
|
|
|
(144.2
|
)
|
|
|
(34.9
|
)
|
|
|
(233.5
|
)
|
|
Provision for taxes on income
|
|
|
(13.1
|
)
|
|
|
(5.3
|
)
|
|
|
(9.3
|
)
|
|
|
103.1
|
|
|
Income (loss) from continuing operations
|
|
|
9.7
|
|
|
|
(138.9
|
)
|
|
|
(25.6
|
)
|
|
|
(336.6
|
)
|
|
Discontinued operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from discontinued operations, net of income taxes
|
|
|
(0.1
|
)
|
|
|
(1.8
|
)
|
|
|
(0.3
|
)
|
|
|
(5.8
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
|
|
$
|
9.6
|
|
|
$
|
(140.7
|
)
|
|
$
|
(25.9
|
)
|
|
$
|
(342.4
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BASIC INCOME (LOSS) PER COMMON SHARE:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from continuing operations
|
|
$
|
0.07
|
|
|
$
|
(1.01
|
)
|
|
$
|
(0.18
|
)
|
|
$
|
(2.45
|
)
|
|
Loss from discontinued operations, net of income taxes
|
|
|
(0.00
|
)
|
|
|
(0.01
|
)
|
|
|
(0.00
|
)
|
|
|
(0.04
|
)
|
|
BASIC INCOME (LOSS) PER COMMON SHARE
|
|
$
|
0.07
|
|
|
$
|
(1.02
|
)
|
|
$
|
(0.18
|
)
|
|
$
|
(2.49
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DILUTED INCOME (LOSS) PER COMMON SHARE:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from continuing operations
|
|
$
|
0.07
|
|
|
$
|
(1.01
|
)
|
|
$
|
(0.18
|
)
|
|
$
|
(2.45
|
)
|
|
Loss from discontinued operations, net of income taxes
|
|
|
(0.00
|
)
|
|
|
(0.01
|
)
|
|
|
(0.00
|
)
|
|
|
(0.04
|
)
|
|
DILUTED INCOME (LOSS) PER COMMON SHARE
|
|
$
|
0.07
|
|
|
$
|
(1.02
|
)
|
|
$
|
(0.18
|
)
|
|
$
|
(2.49
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding - Basic
|
|
|
140,531,426
|
|
|
|
138,422,953
|
|
|
|
140,351,927
|
|
|
|
137,390,809
|
|
|
Weighted average shares outstanding - Diluted
|
|
|
143,337,177
|
|
|
|
138,422,953
|
|
|
|
140,351,927
|
|
|
|
137,390,809
|
|
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.
|
|
|
|
|
|
|
|
MANITOWOC COMPANY, INC.
|
|
Unaudited Consolidated Financial Information
|
|
As of September 30, 2017 and December 31, 2016
|
|
($ in millions)
|
|
|
|
BALANCE SHEET
|
|
|
|
September 30, 2017
|
|
|
December 31, 2016
|
|
ASSETS
|
|
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
29.3
|
|
|
$
|
69.9
|
|
Accounts receivable - net
|
|
|
165.0
|
|
|
|
134.4
|
|
Inventories - net
|
|
|
482.2
|
|
|
|
429.0
|
|
Notes receivable - net
|
|
|
35.6
|
|
|
|
62.4
|
|
Other current assets
|
|
|
65.3
|
|
|
|
54.0
|
|
Total current assets
|
|
|
777.4
|
|
|
|
749.7
|
|
Property, plant and equipment - net
|
|
|
314.1
|
|
|
|
308.8
|
|
Intangible assets - net
|
|
|
438.6
|
|
|
|
413.7
|
|
Other long-term assets
|
|
|
53.1
|
|
|
|
45.6
|
|
TOTAL ASSETS
|
|
$
|
1,583.2
|
|
|
$
|
1,517.8
|
|
LIABILITIES & STOCKHOLDERS’ EQUITY
|
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
|
|
Accounts payable and accrued expenses
|
|
$
|
360.3
|
|
|
$
|
321.2
|
|
Short-term borrowings and current portion of long-term debt
|
|
|
10.2
|
|
|
|
12.4
|
|
Product warranties
|
|
|
33.2
|
|
|
|
36.5
|
|
Customer advances
|
|
|
15.6
|
|
|
|
21.0
|
|
Product liabilities
|
|
|
22.8
|
|
|
|
21.7
|
|
Total current liabilities
|
|
|
442.1
|
|
|
|
412.8
|
|
Non-current liabilities:
|
|
|
|
|
|
|
|
|
Long-term debt
|
|
|
277.4
|
|
|
|
269.1
|
|
Other non-current liabilities
|
|
|
235.8
|
|
|
|
245.4
|
|
Total non-current liabilities
|
|
|
513.2
|
|
|
|
514.5
|
|
Stockholders’ equity
|
|
|
627.9
|
|
|
|
590.5
|
|
TOTAL LIABILITIES & STOCKHOLDERS’ EQUITY
|
|
$
|
1,583.2
|
|
|
$
|
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.
|
|
|
|
|
|
MANITOWOC COMPANY, INC.
|
|
Unaudited Consolidated Financial Information
|
|
For the nine months ended September 30, 2017 and 2016
|
|
($ in millions)
|
|
|
|
CASH FLOW SUMMARY
|
|
|
|
Nine Months Ended
September 30,
|
|
|
|
|
2017
|
|
|
2016
|
|
|
Cash flows from operations:
|
|
|
|
|
|
|
|
|
|
Net income (loss)
|
|
$
|
(25.9
|
)
|
|
$
|
(342.4
|
)
|
|
Depreciation
|
|
|
29.1
|
|
|
|
34.9
|
|
|
Asset impairment expense
|
|
|
—
|
|
|
|
96.9
|
|
|
Other non-cash adjustments - net
|
|
|
6.5
|
|
|
|
137.6
|
|
|
Accounts receivable
|
|
|
(19.8
|
)
|
|
|
25.3
|
|
|
Inventories
|
|
|
(33.8
|
)
|
|
|
(32.5
|
)
|
|
Notes receivable
|
|
|
15.0
|
|
|
|
24.6
|
|
|
Other assets
|
|
|
(12.1
|
)
|
|
|
(11.5
|
)
|
|
Accounts payable
|
|
|
36.4
|
|
|
|
(87.0
|
)
|
|
Accrued expenses and other liabilities
|
|
|
(29.3
|
)
|
|
|
(26.1
|
)
|
|
Net cash used for operating activities of continuing operations
|
|
|
(33.9
|
)
|
|
|
(180.2
|
)
|
|
Net cash used for operating activities of discontinued operations
|
|
|
(0.3
|
)
|
|
|
(49.3
|
)
|
|
Net cash used for operating activities
|
|
|
(34.2
|
)
|
|
|
(229.5
|
)
|
|
Cash flows from investing:
|
|
|
|
|
|
|
|
|
|
Capital expenditures
|
|
|
(17.0
|
)
|
|
|
(34.8
|
)
|
|
Proceeds from fixed assets
|
|
|
6.7
|
|
|
|
2.3
|
|
|
Other
|
|
|
0.3
|
|
|
|
(0.3
|
)
|
|
Net cash used for investing activities of continuing operations
|
|
|
(10.0
|
)
|
|
|
(32.8
|
)
|
|
Net cash used for investing activities of discontinued operations
|
|
|
—
|
|
|
|
(2.4
|
)
|
|
Net cash used for investing activities
|
|
|
(10.0
|
)
|
|
|
(35.2
|
)
|
|
Cash flows from financing:
|
|
|
|
|
|
|
|
|
|
Proceeds from (payments on) long-term debt- net
|
|
|
2.5
|
|
|
|
(1,090.0
|
)
|
|
Payments on notes financing - net
|
|
|
(3.6
|
)
|
|
|
(8.7
|
)
|
|
Exercise of stock options
|
|
|
3.7
|
|
|
|
6.4
|
|
|
Debt issuance costs
|
|
|
—
|
|
|
|
(8.9
|
)
|
|
Cash transferred to spun-off subsidiary
|
|
|
—
|
|
|
|
(17.7
|
)
|
|
Dividend from spun-off subsidiary
|
|
|
—
|
|
|
|
1,361.7
|
|
|
Net cash provided by (used for) financing activities of
continuing operations
|
|
|
2.6
|
|
|
|
242.8
|
|
|
Net cash provided by financing activities of discontinued
operations
|
|
|
—
|
|
|
|
0.2
|
|
|
Net cash provided by (used for) financing activities
|
|
|
2.6
|
|
|
|
243.0
|
|
|
Effect of exchange rate changes on cash
|
|
|
1.0
|
|
|
|
1.2
|
|
|
Net decrease in cash and cash equivalents
|
|
$
|
(40.6
|
)
|
|
$
|
(20.5
|
)
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Financial Measures
Non-GAAP Items
Non-GAAP adjusted net income (loss) from continuing operations and
non-GAAP adjusted EBITDA 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
from Continuing Operations
|
|
|
($ in millions, except share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30,
|
|
|
Nine Months Ended
September 30,
|
|
|
|
|
2017
|
|
|
2016
|
|
|
2017
|
|
|
2016
|
|
|
Net income (loss) from continuing operations
|
|
$
|
9.7
|
|
|
$
|
(138.9
|
)
|
|
$
|
(25.6
|
)
|
|
$
|
(336.6
|
)
|
|
Special items:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset impairment
|
|
|
—
|
|
|
|
96.9
|
|
|
|
—
|
|
|
|
96.9
|
|
|
Loss on debt extinguishment
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
76.3
|
|
|
Restructuring expense
|
|
|
3.7
|
|
|
|
3.9
|
|
|
|
21.3
|
|
|
|
17.1
|
|
|
Separation equity awards
|
|
|
—
|
|
|
|
0.4
|
|
|
|
—
|
|
|
|
2.3
|
|
|
Tax valuation allowance and one time tax items
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
103.8
|
|
|
Tax on special items
|
|
|
0.1
|
|
|
|
(1.1
|
)
|
|
|
0.1
|
|
|
|
(2.1
|
)
|
|
Non-GAAP adjusted net income (loss) from continuing
operations
|
|
$
|
13.5
|
|
|
$
|
(38.8
|
)
|
|
$
|
(4.2
|
)
|
|
$
|
(42.3
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted income (loss) from continuing operations per share
|
|
$
|
0.07
|
|
|
$
|
(1.01
|
)
|
|
$
|
(0.18
|
)
|
|
$
|
(2.45
|
)
|
|
Special items, net of tax:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset impairment
|
|
|
0.00
|
|
|
|
0.70
|
|
|
|
0.00
|
|
|
|
0.71
|
|
|
Loss on debt extinguishment
|
|
|
0.00
|
|
|
|
0.00
|
|
|
|
0.00
|
|
|
|
0.56
|
|
|
Restructuring expense
|
|
|
0.02
|
|
|
|
0.03
|
|
|
|
0.15
|
|
|
|
0.12
|
|
|
Separation equity awards
|
|
|
0.00
|
|
|
|
0.00
|
|
|
|
0.00
|
|
|
|
0.02
|
|
|
Tax valuation allowance and one time tax items
|
|
|
0.00
|
|
|
|
0.00
|
|
|
|
0.00
|
|
|
|
0.73
|
|
|
Diluted non-GAAP adjusted net income (loss) per share from
continuing operations
|
|
$
|
0.09
|
|
|
$
|
(0.28
|
)
|
|
$
|
(0.03
|
)
|
|
$
|
(0.31
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
|
|
9/30/2017
|
|
|
6/30/2017
|
|
|
3/31/2017
|
|
|
12/31/2016
|
|
|
Months
|
|
|
Net income (loss)
|
$
|
9.6
|
|
|
$
|
0.5
|
|
|
$
|
(36.0
|
)
|
|
$
|
(33.4
|
)
|
|
$
|
(59.3
|
)
|
|
Loss from discontinued operations, net of income taxes
|
|
0.1
|
|
|
|
0.2
|
|
|
|
—
|
|
|
|
1.4
|
|
|
|
1.7
|
|
|
Interest expense and amortization of deferred financing fees
|
|
10.1
|
|
|
|
10.1
|
|
|
|
10.6
|
|
|
|
10.4
|
|
|
|
41.2
|
|
|
Provision (benefit) for taxes
|
|
(13.1
|
)
|
|
|
2.3
|
|
|
|
1.5
|
|
|
|
(2.6
|
)
|
|
|
(11.9
|
)
|
|
Depreciation expense
|
|
9.2
|
|
|
|
9.3
|
|
|
|
10.6
|
|
|
|
10.7
|
|
|
|
39.8
|
|
|
Amortization of intangible assets
|
|
—
|
|
|
|
0.3
|
|
|
|
0.4
|
|
|
|
0.8
|
|
|
|
1.5
|
|
|
EBITDA
|
|
15.9
|
|
|
|
22.7
|
|
|
|
(12.9
|
)
|
|
|
(12.7
|
)
|
|
|
13.0
|
|
|
Restructuring expense
|
|
3.7
|
|
|
|
5.9
|
|
|
|
11.7
|
|
|
|
6.3
|
|
|
|
27.6
|
|
|
Other (income) expense - net (1)
|
|
1.2
|
|
|
|
(3.4
|
)
|
|
|
0.4
|
|
|
|
0.7
|
|
|
|
(1.1
|
)
|
|
Adjusted EBITDA
|
|
20.8
|
|
|
|
25.2
|
|
|
|
(0.8
|
)
|
|
|
(5.7
|
)
|
|
|
39.5
|
|
|
Depreciation expense
|
|
(9.2
|
)
|
|
|
(9.3
|
)
|
|
|
(10.6
|
)
|
|
|
(10.7
|
)
|
|
|
(39.8
|
)
|
|
Non-GAAP adjusted operating income (loss)
|
|
11.6
|
|
|
|
15.9
|
|
|
|
(11.4
|
)
|
|
|
(16.4
|
)
|
|
|
(0.3
|
)
|
|
Restructuring expense
|
|
(3.7
|
)
|
|
|
(5.9
|
)
|
|
|
(11.7
|
)
|
|
|
(6.3
|
)
|
|
|
(27.6
|
)
|
|
Amortization of intangible assets
|
|
—
|
|
|
|
(0.3
|
)
|
|
|
(0.4
|
)
|
|
|
(0.8
|
)
|
|
|
(1.5
|
)
|
|
Other operating income (expense) - net
|
|
—
|
|
|
|
0.2
|
|
|
|
(0.2
|
)
|
|
|
(0.3
|
)
|
|
|
(0.3
|
)
|
|
GAAP operating income (loss)
|
$
|
7.9
|
|
|
$
|
9.9
|
|
|
$
|
(23.7
|
)
|
|
$
|
(23.8
|
)
|
|
$
|
(29.7
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA margin percentage
|
|
5.2
|
%
|
|
|
6.4
|
%
|
|
|
(0.3
|
)%
|
|
|
(1.5
|
)%
|
|
|
2.7
|
%
|
|
Non-GAAP adjusted operating income (loss)
margin percentage
|
|
2.9
|
%
|
|
|
4.0
|
%
|
|
|
(3.7
|
)%
|
|
|
(4.3
|
)%
|
|
|
0.0
|
%
|
(1) Other (income) expense - net includes foreign currency translation
adjustments and other miscellaneous items.
View source version on businesswire.com: http://www.businesswire.com/news/home/20171106006482/en/
Source: The Manitowoc Company, Inc.