First-quarter 2022
Highlights
- Net Sales of $459.0 million, up 29.6% year-over-year
- Diluted net income per share of $0.09, $0.03 on an adjusted
basis(1)
- Adjusted EBITDA(1) of $31.2 million, up $10.1 million
year-over-year
The Manitowoc Company, Inc. (NYSE: MTW), (the “Company” or
“Manitowoc”) a leading global manufacturer of cranes and lifting
solutions, today reported first-quarter net income of $3.1 million,
or $0.09 per diluted share. On an adjusted basis, first-quarter net
income(1) was $1.0 million, or $0.03 per diluted share.
Net sales in the first-quarter increased 29.6% year-over-year to
$459.0 million and were unfavorably impacted by $15.8 million from
changes in foreign currency exchange rates. Adjusted EBITDA(1) was
$31.2 million, an increase of $10.1 million from the prior year. In
addition, Adjusted EBITDA percentage improved by approximately 80
basis-points year-over-year to 6.8%.
First-quarter orders of $481.5 million increased $7.9 million,
or 1.7% over the prior year. Orders were unfavorably impacted by
$14.6 million from changes in foreign currency exchange rates.
Backlog as of March 31, 2022 totaled $1,033.4 million, an increase
of 56.0% year-over-year, and an increase of 2.2% from December 31,
2021.
"I am pleased with our overall performance during the quarter.
While our revenue was lower than planned mainly due to continuing
supply chain and logistics challenges, the team was able to
generate $31 million of Adjusted EBITDA, exceeding our
expectations,” commented President and Chief Executive Officer,
Aaron Ravenscroft. “The Ukrainian crisis combined with the severe
COVID measures taken in China have further exacerbated the global
macroeconomic environment. The recent acceleration of inflation,
particularly in Europe, combined with further deterioration in our
supply chain will place added pressure on crane demand and our
margins throughout the remainder of the year. As a result, we
believe that our full-year results will be on the lower-end of the
Adjusted EBITDA guidance previously communicated.”
“While we see clear signs of an economic slowdown in the
near-term, the backdrop for a crane renaissance remains unchanged –
crane fleets continue to age beyond historic levels, and the U.S.
infrastructure bill has been approved. Manitowoc will continue to
invest in our four breakthrough initiatives and we remain committed
to our CRANES+50 strategy, which is to grow our non-new machine
sales by 50% in the next five years,” concluded Ravenscroft.
Investor Conference Call
The Manitowoc Company will host a conference call for security
analysts and institutional investors to discuss its first-quarter
earnings on Wednesday, May 4, 2022, at 10:00 a.m. ET (9:00 a.m.
CT). A live audio webcast of the call, along with the related
presentation, published in conjunction with this press release, can
be accessed in the Investor Relations section of Manitowoc’s
website at www.manitowoc.com. A replay of the conference call will
also be available at the same location on the website.
About The Manitowoc Company, Inc.
The Manitowoc Company was founded in 1902 and has over a
119-year tradition of providing high-quality, customer-focused
products and support services to its markets. Manitowoc is one of
the world's leading providers of engineered lifting solutions.
Manitowoc, through its wholly-owned subsidiaries, designs,
manufactures, markets, and supports comprehensive product lines of
mobile hydraulic cranes, lattice-boom crawler cranes, boom trucks,
and tower cranes under the Aspen Equipment, Grove, Manitowoc, MGX
Equipment Services, National Crane, Potain, and Shuttlelift brand
names.
Footnote
(1) Adjusted net income (loss), adjusted diluted net income
(loss) per share, adjusted EBITDA, adjusted operating income and
free cash flows 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:
- The negative impacts COVID-19 has had and will continue to have
on Manitowoc’s business, financial condition, cash flows, results
of operations and supply chain, as well as customer demand
(including future uncertain impacts);
- actions of competitors;
- changes in raw material and commodity prices;
- 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;
- failure to comply with regulatory requirements related to the
products the Company sells;
- the ability to capitalize on key strategic opportunities and
the ability to implement Manitowoc’s long-term initiatives;
- the ability to complete and appropriately integrate
acquisitions, strategic alliances, joint ventures or other
significant transactions;
- unanticipated changes in revenues, margins and costs;
- geographic factors and political and economic conditions and
risks;
- the ability to increase operational efficiencies across
Manitowoc and to capitalize on those efficiencies;
- Geo-political events, including the ongoing conflict between
Russia and Ukraine, could lead to market disruptions, including
significant volatility in commodity prices (including oil and gas),
energy prices, inflation, consumer behavior, supply chain, and
credit and capital markets, and could result in the impairment of
assets;
- other risk factors detailed in Manitowoc's 2021 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, 2021.
THE MANITOWOC COMPANY,
INC.
Unaudited Consolidated
Financial Information
For the three months ended March
31, 2022 and 2021
(In millions, except per share
data)
CONDENSED CONSOLIDATED STATEMENT OF
OPERATIONS
Three Months Ended March
31,
2022
2021
Net sales
$
459.0
$
354.3
Cost of sales
374.0
285.9
Gross profit
85.0
68.4
Operating costs and expenses:
Engineering, selling and administrative
expenses
66.5
57.7
Amortization of intangible assets
0.8
0.1
Restructuring (income) expense
0.1
(0.1
)
Total operating costs and expenses
67.4
57.7
Operating income
17.6
10.7
Other expense:
Interest expense
(7.4
)
(7.1
)
Amortization of deferred financing
fees
(0.4
)
(0.4
)
Other expense - net
(0.2
)
(2.1
)
Total other expense
(8.0
)
(9.6
)
Income before income taxes
9.6
1.1
Provision for income taxes
6.5
4.2
Net income (loss)
$
3.1
$
(3.1
)
Per Share Data
Basic net income (loss) per common
share
$
0.09
$
(0.09
)
Diluted net income (loss) per common
share
$
0.09
$
(0.09
)
Weighted average shares outstanding -
basic
35,131,889
34,809,725
Weighted average shares outstanding -
diluted
35,565,935
34,809,725
THE MANITOWOC COMPANY,
INC.
Unaudited Consolidated
Financial Information
As of March 31, 2022 and December
31, 2021
(In millions, except share
amounts)
CONDENSED CONSOLIDATED BALANCE
SHEETS
March 31, 2022
December 31, 2021
Assets
Current Assets:
Cash and cash equivalents
$
51.6
$
75.4
Accounts receivable, less allowances of
$7.3 and $7.3, respectively
242.2
236.1
Inventories — net
643.1
576.8
Notes receivable — net
14.9
16.7
Other current assets
35.5
36.8
Total current assets
987.3
941.8
Property, plant and equipment — net
340.8
358.8
Operating lease right-of-use assets
37.5
40.6
Goodwill
250.6
249.7
Other intangible assets — net
136.9
139.6
Other long-term assets
41.5
44.7
Total assets
$
1,794.6
$
1,775.2
Liabilities and Stockholders'
Equity
Current Liabilities:
Accounts payable and accrued expenses
$
462.8
$
413.4
Short-term borrowings and current portion
of long-term debt
9.1
7.3
Product warranties
49.4
49.0
Customer advances
25.5
28.7
Other liabilities
21.4
22.6
Total current liabilities
568.2
521.0
Non-Current Liabilities:
Long-term debt
380.1
399.9
Operating lease liabilities
26.7
29.2
Deferred income taxes
5.1
6.5
Pension obligations
68.9
69.4
Postretirement health and other benefit
obligations
11.8
12.1
Long-term deferred revenue
21.3
22.9
Other non-current liabilities
51.0
51.8
Total non-current liabilities
564.9
591.8
Stockholders' Equity:
Preferred stock (3,500,000 shares
authorized of $.01 par value; none outstanding)
—
—
Common stock (75,000,000 shares
authorized, 40,793,983 shares issued, 35,319,205 and 35,056,252
shares outstanding, respectively)
0.4
0.4
Additional paid-in capital
601.7
602.4
Accumulated other comprehensive loss
(108.7
)
(102.4
)
Retained earnings
231.0
227.9
Treasury stock, at cost (5,474,778 and
5,737,731 shares, respectively)
(62.9
)
(65.9
)
Total stockholders' equity
661.5
662.4
Total liabilities and stockholders'
equity
$
1,794.6
$
1,775.2
THE MANITOWOC COMPANY,
INC.
Unaudited Consolidated
Financial Information
For the three months ended March
31, 2022 and 2021
(In millions)
CONDENSED CONSOLIDATED STATEMENT OF
CASH FLOWS
Three Months Ended March
31,
2022
2021
Cash Flows from Operating
Activities:
Net income (loss)
$
3.1
$
(3.1
)
Adjustments to reconcile net income (loss)
to cash provided by operating activities:
Depreciation
16.1
10.0
Amortization of intangible assets
0.8
0.1
Amortization of deferred financing
fees
0.4
0.4
Deferred income taxes
—
0.9
Gain on sale of property, plant and
equipment
—
(0.1
)
Net unrealized foreign currency
transaction losses
1.4
0.3
Stock-based compensation expense
3.1
2.5
Changes in operating assets and
liabilities
Accounts receivable
(7.7
)
23.4
Inventories
(69.4
)
(59.5
)
Notes receivable
3.0
2.3
Other assets
0.4
5.4
Accounts payable
54.6
53.4
Accrued expenses and other liabilities
(0.2
)
4.8
Net cash provided by operating
activities
5.6
40.8
Cash Flows from Investing
Activities:
Capital expenditures
(8.7
)
(8.0
)
Net cash used for investing activities
(8.7
)
(8.0
)
Cash Flows from Financing
Activities:
Payments on revolving credit facility
(20.0
)
—
Other debt - net
(0.8
)
(0.8
)
Exercises of stock options
0.1
0.8
Net cash used for financing activities
(20.7
)
—
Effect of exchange rate changes on cash
and cash equivalents
—
(3.0
)
Net increase (decrease) in cash and cash
equivalents
(23.8
)
29.8
Cash and cash equivalents at beginning of
period
75.4
128.7
Cash and cash equivalents at end of
period
$
51.6
$
158.5
Non-GAAP Financial Measures
Non-GAAP Items
Adjusted net income (loss), adjusted diluted net income (loss)
per share, adjusted EBITDA, adjusted operating income and free 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.
Reconciliation of Adjusted Net Income
(Loss) to Net Income (Loss)
(in millions, except per share
amounts)
Three Months Ended March
31,
2022
2021
As
reported
Adjustments
Adjusted
As
reported
Adjustments
Adjusted
Gross profit (1)
$
85.0
$
1.2
$
86.2
$
68.4
$
—
$
68.4
Engineering, selling and administrative
expenses (2)
(66.5
)
(4.6
)
(71.1
)
(57.7
)
0.4
(57.3
)
Amortization of intangible assets
(0.8
)
—
(0.8
)
(0.1
)
—
(0.1
)
Restructuring income (expense) (3)
(0.1
)
0.1
—
0.1
(0.1
)
—
Operating income
17.6
(3.3
)
14.3
10.7
0.3
11.0
Interest expense
(7.4
)
—
(7.4
)
(7.1
)
—
(7.1
)
Amortization of deferred financing
fees
(0.4
)
—
(0.4
)
(0.4
)
—
(0.4
)
Other expense - net (4)
(0.2
)
—
(0.2
)
(2.1
)
0.6
(1.5
)
Income before income taxes
9.6
(3.3
)
6.3
1.1
0.9
2.0
Provision for income taxes (5)
(6.5
)
1.2
(5.3
)
(4.2
)
—
(4.2
)
Net income (loss)
$
3.1
$
(2.1
)
$
1.0
$
(3.1
)
$
0.9
$
(2.2
)
Diluted net income (loss) per share
$
0.09
$
0.03
$
(0.09
)
$
(0.06
)
(1)
The adjustment in 2022 represents fair
value step up of rental fleet assets sold during the period that
was expensed within cost of sales and other one-time costs
associated with the acquired businesses.
(2)
The adjustment in 2022 represents one-time
legal costs associated with the acquired businesses and the partial
recovery of the previously written off Dong Yue note. The
adjustment in 2021 represents one-time costs associated with due
diligence of the acquisitions.
(3)
Represents adjustments for restructuring
income (expense).
(4)
The adjustment in 2021 represents costs
associated with a legal matter.
(5)
The adjustment in 2022 represents the net
income tax impact of items (1), (2) and (3).
Free Cash Flows
(In millions)
Three Months Ended March
31,
2022
2021
Net cash provided by operating
activities
$
5.6
$
40.8
Capital expenditures
(8.7
)
(8.0
)
Free cash flows
$
(3.1
)
$
32.8
Adjusted EBITDA and Adjusted Operating Income
The Company defines adjusted EBITDA as earnings before interest,
income taxes, depreciation and amortization, plus an addback of
restructuring and certain other charges. The reconciliation of net
income (loss) to EBITDA, and further to adjusted EBITDA and to
adjusted operating income and operating income for the three months
ended March 31, 2022 and 2021 and trailing twelve months, are
summarized as follows. All dollar amounts are in millions:
Three Months Ended March
31,
Trailing Twelve
2022
2021
Months
Net income (loss)
$
3.1
$
(3.1
)
$
17.2
Interest expense and amortization of
deferred financing fees
7.8
7.5
30.7
Provision for income taxes
6.5
4.2
8.4
Depreciation expense
16.1
10.0
51.6
Amortization of intangible assets
0.8
0.1
2.1
EBITDA
34.3
18.7
110.0
Restructuring (income) expense
0.1
(0.1
)
(0.9
)
Asset impairment expense
—
—
1.9
Other non-recurring charges (1)
(3.4
)
0.4
18.0
Other (income) expense - net (2)
0.2
2.1
(2.9
)
Adjusted EBITDA
31.2
21.1
126.1
Depreciation expense
(16.1
)
(10.0
)
(51.6
)
Amortization of intangible assets
(0.8
)
(0.1
)
(2.1
)
Adjusted operating income
14.3
11.0
72.4
Restructuring income (expense)
(0.1
)
0.1
0.9
Asset impairment expense
—
—
(1.9
)
Other non-recurring charges (1)
3.4
(0.4
)
(18.0
)
Operating income
$
17.6
$
10.7
$
53.4
Adjusted EBITDA margin percentage
6.8
%
6.0
%
6.9
%
Adjusted operating income margin
percentage
3.1
%
3.1
%
4.0
%
(1)
Other non-recurring charges for the three
months ended March 31, 2022 relate to the fair value step up on
rental fleet assets sold during the period that was expensed within
cost of sales, one-time acquisition costs and income from the
partial recovery of the previously written off Dong Yue note. Other
non-recurring charges for the three months ended March 31, 2021
relate to one-time costs associated with due diligence of the
acquisitions. Other non-recurring charges for the trailing twelve
months relate to the fair value step up on rental fleet assets sold
during the period that was expensed within cost of sales, one-time
acquisition costs, costs associated with a legal matter with the
U.S. Environmental Protection Agency and income from the partial
recovery of the previously written off Dong Yue note. Other
non-recurring charges are included in cost of sales or engineering,
selling and administrative expenses in the Condensed Consolidated
Statement of Operations.
(2)
Other (income) expense - net includes net
foreign currency exchange gains (losses), other components of net
periodic pension costs, costs associated with legal matters and
other miscellaneous items in the three and trailing twelve months
ended March 31, 2022 and 2021.
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