Orders Grow 10% year-over-year to $536 million; Increases 2018
EBITDA guidance
MILWAUKEE--(BUSINESS WIRE)--
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.
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THE MANITOWOC COMPANY, INC.
Unaudited Consolidated Financial Information
For the three months ended March 31, 2018 and 2017
($ in millions, except share data)
|
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|
|
|
|
|
|
|
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31,
|
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|
|
|
|
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
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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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.
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|
|
|
|
|
|
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MANITOWOC COMPANY, INC.
Unaudited Consolidated Financial Information
As of March 31, 2018 and December 31, 2017
($ in millions)
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|
|
|
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CONDENSED CONSOLIDATED BALANCE SHEETS
|
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|
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|
|
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|
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|
|
|
|
|
|
|
|
March 31, 2018
|
|
|
December 31, 2017
|
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ASSETS
|
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|
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|
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|
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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
|
|
|
|
|
|
|
|
|
|
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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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20180507006088/en/
Source: The Manitowoc Company, Inc.