Fourth-Quarter 2017 Highlights
-
Year-over-year, Q4 orders increased 78% and Q4 revenue
increased 27%
-
GAAP operating income of $7.0 million; adjusted operating income
of $13.2 million
-
Adjusted EBITDA of $22.2 million
Full-Year 2017 Highlights
-
Year-over-year, full-year orders increased 32% and full-year
revenue decreased 2%
-
GAAP operating income of $1.1 million; adjusted operating income
of $29.3 million
-
Adjusted EBITDA of $67.4 million
Full-Year 2018 Financial Guidance
-
Adjusted EBITDA – Approximately $96 to $116 million; a 57%
increase at midpoint
-
Depreciation – Approximately $39 million
-
Capital expenditures – Approximately $25 to $30 million
MANITOWOC, Wis.--(BUSINESS WIRE)--
The Manitowoc Company, Inc. (NYSE: MTW), a leading global manufacturer
of cranes and lifting solutions, today reported fourth-quarter net sales
of $481.5 million, diluted earnings per share (“DEPS”) on a GAAP basis
of $0.97 and a loss of $(0.15) on an adjusted basis.
Fourth-quarter orders of $620.2 million increased 78% from the
comparable period in 2016. Backlog totaled $606.6 million at
December 31, 2017, an increase of 87%, from the prior year ending
backlog of $323.8 million.
Fourth-quarter 2017 net sales were $481.5 million versus $378.2 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. and
European markets. More than 40% of unit revenue in the fourth-quarter
came from new products introduced since becoming a stand-alone crane
company.
The Company reported net income from continuing operations of $35.6
million, or $0.98 per diluted share, in the fourth-quarter 2017 versus a
net loss from continuing operations of $(32.0) million, or $(0.92) per
diluted share, in the fourth-quarter 2016. Non-GAAP adjusted net loss
from continuing operations(1) was $(5.3) million, or $(0.15)
per diluted share, in the fourth-quarter 2017 versus a net loss of
$(32.6) million, or $(0.94) per diluted share, in the comparable period
of 2016. GAAP net income benefited from discrete tax items in the period
totaling $46.4 million or $1.28 per diluted share. Non-GAAP adjusted
EBITDA(1) for the fourth-quarter 2017 was $22.2 million
compared to a loss of $(5.7) million in the same period last year.
Full-year 2017 results included orders of $1,864.2 million, which was an
increase of 32% year-over-year. Full-year revenue decreased $31.8
million year-over-year to $1,581.3 million. Adjusted EBITDA was $67.4
million, and represented a year-over-year increase of 313-basis points
in adjusted EBITDA margin.
“2017 was a pivotal year for Manitowoc. Despite a two percent decline in
revenue vs the prior year, we delivered a 313-basis point improvement in
adjusted EBITDA margin, and operating cash flow improvement of over $200
million. Our net debt improved over $55 million vs prior-year due to
prudent cash management. These results clearly demonstrate strong
operational improvements in the core business through the continued
implementation of the principles of The Manitowoc Way,” said Barry L.
Pennypacker, President and Chief Executive Officer of The Manitowoc
Company, Inc.
“During the fourth-quarter of 2017, we saw an increase of 78%
year-over-year in orders primarily driven by increasing customer
sentiment in the North American market, coupled with continued market
share gains in our key areas of focus. Looking ahead, as reflected in
our guidance provided above, we expect profitability to continue to
increase as we execute our strategic priorities,” concluded Pennypacker.
Full-Year 2018 Guidance
• Adjusted EBITDA - approximately $96 to $116 million;
• Depreciation - approximately $39 million; and
• Capital expenditures - approximately $25 to $30 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 Friday, February 9th, 2018, at 10:00 a.m. ET (9:00 a.m. CT), The
Manitowoc Company’s senior management will discuss its fourth-quarter
2017 earnings results and full-year 2018 outlook 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) 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:
• 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 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 twelve months ended December 31, 2017 and 2016
|
|
($ in millions, except share data)
|
|
|
|
INCOME STATEMENT
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
|
|
|
Year ended
|
|
|
|
|
December 31,
|
|
|
December 31,
|
|
|
|
|
2017
|
|
|
2016
|
|
|
2017
|
|
|
2016
|
|
|
Net sales
|
|
$
|
481.5
|
|
|
$
|
378.2
|
|
|
$
|
1,581.3
|
|
|
$
|
1,613.1
|
|
|
Cost of sales
|
|
|
400.3
|
|
|
|
332.7
|
|
|
|
1,299.4
|
|
|
|
1,359.8
|
|
|
Gross profit
|
|
|
81.2
|
|
|
|
45.5
|
|
|
|
281.9
|
|
|
|
253.3
|
|
|
Operating costs and expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Engineering, selling and administrative expenses
|
|
|
68.0
|
|
|
|
61.9
|
|
|
|
252.6
|
|
|
|
280.7
|
|
|
Asset impairment expense
|
|
|
0.1
|
|
|
|
0.0
|
|
|
|
0.1
|
|
|
|
96.9
|
|
|
Amortization of intangible assets
|
|
|
0.1
|
|
|
|
0.8
|
|
|
|
0.8
|
|
|
|
3.0
|
|
|
Restructuring expense
|
|
|
5.9
|
|
|
|
6.3
|
|
|
|
27.2
|
|
|
|
23.4
|
|
|
Other operating (income) expense - net
|
|
|
0.1
|
|
|
|
0.3
|
|
|
|
0.1
|
|
|
|
2.6
|
|
|
Total operating costs and expenses
|
|
|
74.2
|
|
|
|
69.3
|
|
|
|
280.8
|
|
|
|
406.6
|
|
|
Operating income (loss)
|
|
|
7.0
|
|
|
|
(23.8
|
)
|
|
|
1.1
|
|
|
|
(153.3
|
)
|
|
Other income (expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense
|
|
|
(9.8
|
)
|
|
|
(10.0
|
)
|
|
|
(39.2
|
)
|
|
|
(39.6
|
)
|
|
Amortization of deferred financing fees
|
|
|
(0.5
|
)
|
|
|
(0.4
|
)
|
|
|
(1.9
|
)
|
|
|
(2.2
|
)
|
|
Loss on debt extinguishment
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(76.3
|
)
|
|
Other income (expense) - net
|
|
|
(1.3
|
)
|
|
|
(0.4
|
)
|
|
|
0.5
|
|
|
|
3.3
|
|
|
Total other expense
|
|
|
(11.6
|
)
|
|
|
(10.8
|
)
|
|
|
(40.6
|
)
|
|
|
(114.8
|
)
|
|
Income (loss) from continuing operations before taxes
|
|
|
(4.6
|
)
|
|
|
(34.6
|
)
|
|
|
(39.5
|
)
|
|
|
(268.1
|
)
|
|
Provision for taxes on income
|
|
|
(40.2
|
)
|
|
|
(2.6
|
)
|
|
|
(49.5
|
)
|
|
|
100.5
|
|
|
Income (loss) from continuing operations
|
|
|
35.6
|
|
|
|
(32.0
|
)
|
|
|
10.0
|
|
|
|
(368.6
|
)
|
|
Discontinued operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from discontinued operations, net of income taxes
|
|
|
(0.3
|
)
|
|
|
(1.4
|
)
|
|
|
(0.6
|
)
|
|
|
(7.2
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
|
|
$
|
35.3
|
|
|
$
|
(33.4
|
)
|
|
$
|
9.4
|
|
|
$
|
(375.8
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BASIC INCOME (LOSS) PER COMMON SHARE:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from continuing operations
|
|
$
|
1.01
|
|
|
$
|
(0.92
|
)
|
|
$
|
0.28
|
|
|
$
|
(10.70
|
)
|
|
Loss from discontinued operations, net of income taxes
|
|
|
(0.01
|
)
|
|
|
(0.04
|
)
|
|
|
(0.02
|
)
|
|
|
(0.21
|
)
|
|
BASIC INCOME (LOSS) PER COMMON SHARE
|
|
$
|
1.00
|
|
|
$
|
(0.96
|
)
|
|
$
|
0.26
|
|
|
$
|
(10.91
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DILUTED INCOME (LOSS) PER COMMON SHARE:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from continuing operations
|
|
$
|
0.98
|
|
|
$
|
(0.92
|
)
|
|
$
|
0.28
|
|
|
$
|
(10.70
|
)
|
|
Loss from discontinued operations, net of income taxes
|
|
|
(0.01
|
)
|
|
|
(0.04
|
)
|
|
|
(0.02
|
)
|
|
|
(0.21
|
)
|
|
DILUTED INCOME (LOSS) PER COMMON SHARE
|
|
$
|
0.97
|
|
|
$
|
(0.96
|
)
|
|
$
|
0.26
|
|
|
$
|
(10.91
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding - Basic
|
|
|
35,181,685
|
|
|
|
34,721,957
|
|
|
|
35,111,594
|
|
|
|
34,441,777
|
|
|
Weighted average shares outstanding - Diluted
|
|
|
36,211,371
|
|
|
|
34,721,957
|
|
|
|
35,854,902
|
|
|
|
34,441,777
|
|
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 December 31, 2017 and December 31, 2016
|
|
($ in millions)
|
|
|
|
BALANCE SHEET
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2017
|
|
|
December 31, 2016
|
|
ASSETS
|
|
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
119.2
|
|
|
$
|
69.9
|
|
Accounts receivable - net
|
|
|
179.2
|
|
|
|
134.4
|
|
Inventories - net
|
|
|
396.1
|
|
|
|
429.0
|
|
Notes receivable - net
|
|
|
31.1
|
|
|
|
62.4
|
|
Other current assets
|
|
|
73.6
|
|
|
|
54.0
|
|
Total current assets
|
|
|
799.2
|
|
|
|
749.7
|
|
Property, plant and equipment - net
|
|
|
294.9
|
|
|
|
308.8
|
|
Intangible assets - net
|
|
|
443.4
|
|
|
|
413.7
|
|
Other long-term assets
|
|
|
70.3
|
|
|
|
45.6
|
|
TOTAL ASSETS
|
|
$
|
1,607.8
|
|
|
$
|
1,517.8
|
|
LIABILITIES & STOCKHOLDERS’ EQUITY
|
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
|
|
Accounts payable and accrued expenses
|
|
$
|
375.8
|
|
|
$
|
321.2
|
|
Short-term borrowings and current portion of long-term debt
|
|
|
8.2
|
|
|
|
12.4
|
|
Product warranties
|
|
|
35.5
|
|
|
|
36.5
|
|
Customer advances
|
|
|
12.7
|
|
|
|
21.0
|
|
Product liabilities
|
|
|
20.8
|
|
|
|
21.7
|
|
Total current liabilities
|
|
|
453.0
|
|
|
|
412.8
|
|
Non-current liabilities:
|
|
|
|
|
|
|
|
|
Long-term debt
|
|
|
266.7
|
|
|
|
269.1
|
|
Other non-current liabilities
|
|
|
210.6
|
|
|
|
245.4
|
|
Total non-current liabilities
|
|
|
477.3
|
|
|
|
514.5
|
|
Stockholders’ equity
|
|
|
677.5
|
|
|
|
590.5
|
|
TOTAL LIABILITIES & STOCKHOLDERS’ EQUITY
|
|
$
|
1,607.8
|
|
|
$
|
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 twelve months ended December 31, 2017 and 2016
|
|
($ in millions)
|
|
|
|
CASH FLOW SUMMARY
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended
|
|
|
|
December 31,
|
|
|
|
2017
|
|
2016
|
|
Cash flows from operations:
|
|
|
|
|
|
|
|
|
|
Net income (loss)
|
|
$
|
9.4
|
|
|
$
|
(375.8
|
)
|
|
Depreciation
|
|
|
38.1
|
|
|
|
45.6
|
|
|
Asset impairment expense
|
|
|
0.1
|
|
|
|
96.9
|
|
|
Other non-cash adjustments - net
|
|
|
(33.2
|
)
|
|
|
129.6
|
|
|
Accounts receivable
|
|
|
(32.7
|
)
|
|
|
18.4
|
|
|
Inventories
|
|
|
55.6
|
|
|
|
52.7
|
|
|
Notes receivable
|
|
|
18.8
|
|
|
|
32.2
|
|
|
Other assets
|
|
|
0.5
|
|
|
|
(6.9
|
)
|
|
Accounts payable
|
|
|
27.1
|
|
|
|
(105.8
|
)
|
|
Accrued expenses and other liabilities
|
|
|
(5.2
|
)
|
|
|
(9.3
|
)
|
|
Net cash used for operating activities of continuing operations
|
|
|
78.5
|
|
|
|
(122.4
|
)
|
|
Net cash used for operating activities of discontinued operations
|
|
|
(0.6
|
)
|
|
|
(49.9
|
)
|
|
Net cash used for operating activities
|
|
|
77.9
|
|
|
|
(172.3
|
)
|
|
Cash flows from investing:
|
|
|
|
|
|
|
|
|
|
Capital expenditures
|
|
|
(28.9
|
)
|
|
|
(45.9
|
)
|
|
Proceeds from fixed assets
|
|
|
7.0
|
|
|
|
8.4
|
|
|
Other
|
|
|
0.6
|
|
|
|
(1.6
|
)
|
|
Net cash used for investing activities of continuing operations
|
|
|
(21.3
|
)
|
|
|
(39.1
|
)
|
|
Net cash used for investing activities of discontinued operations
|
|
|
—
|
|
|
|
(2.4
|
)
|
|
Net cash used for investing activities
|
|
|
(21.3
|
)
|
|
|
(41.5
|
)
|
|
Cash flows from financing:
|
|
|
|
|
|
|
|
|
|
Proceeds from (payments on) long-term debt- net
|
|
|
(10.7
|
)
|
|
|
(1,116.9
|
)
|
|
Payments on notes financing - net
|
|
|
(4.7
|
)
|
|
|
(8.4
|
)
|
|
Exercise of stock options
|
|
|
5.7
|
|
|
|
9.4
|
|
|
Debt issuance costs
|
|
|
—
|
|
|
|
(8.9
|
)
|
|
Cash transferred to spun-off subsidiary
|
|
|
—
|
|
|
|
(17.7
|
)
|
|
Dividend from spun-off subsidiary
|
|
|
—
|
|
|
|
1,362
|
|
|
Net cash provided by (used for) financing activities of
|
|
|
|
|
|
|
|
|
|
continuing operations
|
|
|
(9.7
|
)
|
|
|
219.2
|
|
|
Net cash provided by financing activities of discontinued
|
|
|
|
|
|
|
|
|
|
operations
|
|
|
—
|
|
|
|
0.2
|
|
|
Net cash provided by (used for) financing activities
|
|
|
(9.7
|
)
|
|
|
219.4
|
|
|
Effect of exchange rate changes on cash
|
|
|
2.4
|
|
|
|
0.9
|
|
|
Net decrease in cash and cash equivalents
|
|
$
|
49.3
|
|
|
$
|
6.5
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
Year Ended
|
|
|
|
December 31,
|
|
December 31,
|
|
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
Net income (loss) from continuing operations
|
|
$
|
35.6
|
|
|
$
|
(32.0
|
)
|
|
$
|
10.0
|
|
|
$
|
(368.6
|
)
|
|
Special items:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset impairment
|
|
|
0.1
|
|
|
|
0.0
|
|
|
|
0.1
|
|
|
|
96.9
|
|
|
Loss on debt extinguishment
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
76.3
|
|
|
Restructuring expense
|
|
|
5.9
|
|
|
|
6.3
|
|
|
|
27.2
|
|
|
|
23.4
|
|
|
Separation equity awards
|
|
|
—
|
|
|
|
0.4
|
|
|
|
0.1
|
|
|
|
2.7
|
|
|
One-time tax items*
|
|
|
(46.4
|
)
|
|
|
(7.2
|
)
|
|
|
(46.4
|
)
|
|
|
110.5
|
|
|
Tax on special items
|
|
|
(0.5
|
)
|
|
|
(0.1
|
)
|
|
|
(0.7
|
)
|
|
|
(1.6
|
)
|
|
Non-GAAP adjusted net income (loss) from continuing
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
operations
|
|
$
|
(5.3
|
)
|
|
$
|
(32.6
|
)
|
|
$
|
(9.7
|
)
|
|
$
|
(60.4
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted income (loss) from continuing operations per share
|
|
$
|
0.98
|
|
|
$
|
(0.92
|
)
|
|
$
|
0.28
|
|
|
$
|
(10.70
|
)
|
|
Special items, net of tax:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset impairment
|
|
|
0.00
|
|
|
|
0.00
|
|
|
|
0.00
|
|
|
|
2.81
|
|
|
Loss on debt extinguishment
|
|
|
0.00
|
|
|
|
0.00
|
|
|
|
0.00
|
|
|
|
2.22
|
|
|
Restructuring expense
|
|
|
0.16
|
|
|
|
0.18
|
|
|
|
0.76
|
|
|
|
0.68
|
|
|
Separation equity awards
|
|
|
0.00
|
|
|
|
0.01
|
|
|
|
0.00
|
|
|
|
0.08
|
|
|
Tax valuation allowance and one time tax items
|
|
|
(1.29
|
)
|
|
|
(0.21
|
)
|
|
|
(1.30
|
)
|
|
|
3.16
|
|
|
Diluted non-GAAP adjusted net income (loss) per share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
from continuing operations
|
|
$
|
(0.15
|
)
|
|
$
|
(0.94
|
)
|
|
$
|
(0.26
|
)
|
|
$
|
(1.75
|
)
|
*One-time tax items include a tax benefit of $39.9 million related to
the release of our French valuation allowances and tax benefits of $6.5
million primarily related to rate reductions from U.S. tax reform.
Adjusted EBITDA and Non-GAAP Adjusted Operating Income (loss)
The company defines adjusted EBITDA as earnings before interest, taxes,
depreciation and amortization, plus an addback of certain restructuring
charges. The reconciliation of GAAP net income (loss) to adjusted EBITDA
and adjusted operating income (loss) for the current and previous four
quarters, as well as the trailing twelve months is as follows ($ in
millions):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trailing
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve
|
|
|
12/31/2017
|
|
9/30/2017
|
|
6/30/2017
|
|
3/31/2017
|
|
Months
|
|
Net income (loss) from continuing operations
|
$
|
35.6
|
|
|
$
|
9.7
|
|
|
$
|
0.7
|
|
|
$
|
(36.0
|
)
|
|
$
|
10.0
|
|
|
Interest expense and amortization of deferred
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
financing fees
|
|
10.3
|
|
|
|
10.1
|
|
|
|
10.1
|
|
|
|
10.6
|
|
|
|
41.1
|
|
|
Provision (benefit) for taxes
|
|
(40.2
|
)
|
|
|
(13.1
|
)
|
|
|
2.3
|
|
|
|
1.5
|
|
|
|
(49.5
|
)
|
|
Depreciation expense
|
|
9.0
|
|
|
|
9.2
|
|
|
|
9.3
|
|
|
|
10.6
|
|
|
|
38.1
|
|
|
Amortization of intangible assets
|
|
0.1
|
|
|
|
—
|
|
|
|
0.3
|
|
|
|
0.4
|
|
|
|
0.8
|
|
|
EBITDA
|
|
14.8
|
|
|
|
15.9
|
|
|
|
22.7
|
|
|
|
(12.9
|
)
|
|
|
40.5
|
|
|
Restructuring expense
|
|
5.9
|
|
|
|
3.7
|
|
|
|
5.9
|
|
|
|
11.7
|
|
|
|
27.2
|
|
|
Asset impairment expense
|
|
0.1
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
0.1
|
|
|
Other (income) expense - net (1)
|
|
1.4
|
|
|
|
1.2
|
|
|
|
(3.4
|
)
|
|
|
0.4
|
|
|
|
(0.4
|
)
|
|
Adjusted EBITDA
|
|
22.2
|
|
|
|
20.8
|
|
|
|
25.2
|
|
|
|
(0.8
|
)
|
|
|
67.4
|
|
|
Depreciation expense
|
|
(9.0
|
)
|
|
|
(9.2
|
)
|
|
|
(9.3
|
)
|
|
|
(10.6
|
)
|
|
|
(38.1
|
)
|
|
Non-GAAP adjusted operating income (loss)
|
|
13.2
|
|
|
|
11.6
|
|
|
|
15.9
|
|
|
|
(11.4
|
)
|
|
|
29.3
|
|
|
Restructuring expense
|
|
(5.9
|
)
|
|
|
(3.7
|
)
|
|
|
(5.9
|
)
|
|
|
(11.7
|
)
|
|
|
(27.2
|
)
|
|
Asset impairment expense
|
|
(0.1
|
)
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(0.1
|
)
|
|
Amortization of intangible assets
|
|
(0.1
|
)
|
|
|
—
|
|
|
|
(0.3
|
)
|
|
|
(0.4
|
)
|
|
|
(0.8
|
)
|
|
Other operating income (expense) - net
|
|
(0.1
|
)
|
|
|
—
|
|
|
|
0.2
|
|
|
|
(0.2
|
)
|
|
|
(0.1
|
)
|
|
GAAP operating income (loss)
|
$
|
7.0
|
|
|
$
|
7.9
|
|
|
$
|
9.9
|
|
|
$
|
(23.7
|
)
|
|
$
|
1.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA margin percentage
|
|
4.6
|
%
|
|
|
5.2
|
%
|
|
|
6.4
|
%
|
|
|
(0.3
|
)%
|
|
|
4.3
|
%
|
|
Non-GAAP adjusted operating income (loss)
margin percentage
|
|
2.7
|
%
|
|
|
2.9
|
%
|
|
|
4.0
|
%
|
|
|
(3.7
|
)%
|
|
|
1.9
|
%
|
(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/20180208006460/en/
Source: The Manitowoc Company, Inc.