Free Post Earnings Research Report: Manitowoc’s Revenue Grew 14.2%
Stock Monitor: Gencor Industries Post Earnings Reporting
LONDON, UK / ACCESSWIRE / December 18, 2017 / Active-Investors free earnings report on The Manitowoc Co., Inc. (NYSE: MTW) ("Manitowoc") has freshly been issued to its members, and you can also sign up to view this report at www.active-investors.com/registration-sg/?symbol=MTW. The Company posted its financial results on November 06, 2017, for the third quarter of the fiscal year 2017. The manufacturer of cranes and lifting solutions' revenue and adjusted EPS surpassed analysts' expectations. Register today and get free access to our complimentary member's area where many more reports are available:
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Active-Investors.com is currently working on the research report for Gencor Industries, Inc. (NASDAQ: GENC), which also belongs to the Industrial Goods sector as the Company Manitowoc. Do not miss out and become a member today for free to access this upcoming report at:
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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, The Manitowoc most recent news is on our radar and we have decided to include it on our blog post. Today's free coverage is available at:
www.active-investors.com/registration-sg/?symbol=MTW
Earnings Highlights and Summary
For the three months ended September 30, 2017, Manitowoc's revenue increased 14.2% to $399.4 million from $349.8 million in Q3 FY16, due to a higher demand primarily in the US markets. The Company's revenue numbers surpassed analysts' expectations of $381 million.
For the reported quarter, the Company's backlog increased 32.3% to $467.9 million from $353.6 million in Q3 FY16. For the reported quarter, the Company's orders increased 21% to $376.1 million on a y-o-y basis.
During Q3 FY17, Manitowoc's gross profit increased 78% to $72.5 million from $40.8 million in the same period of last year. For the reported quarter, the Company's gross margin increased 650 basis points to 18.2% of revenue from 11.7% of revenue in the third quarter of last year.
During Q3 FY17, Manitowoc's earnings before interest, tax, depreciation, and amortization (EBITDA) decreased 30% to $15.9 million from $22.7 million in the second quarter of 2017. During Q3 FY17, Manitowoc's adjusted EBITDA decreased 17.5% to $20.8 million from $25.2 million in the second quarter of 2017. For the reported quarter, the Company's adjusted EBITDA margin decreased 120 basis points to 5.2% of revenue from 6.4% of revenue in Q2 FY17.
For the reported quarter, the Company's total operating costs and expenses decreased 63.1% to $64.6 million from $175.0 million in Q3 FY16.
During Q3 FY17, Manitowoc's operating income was $7.9 million versus an operating loss of $134.2 million in the comparable period of last year.
During Q3 FY17, Manitowoc's earnings before tax (EBT) was negative $3.4 million compared to negative $144.2 million in the corresponding period of last year.
For the reported quarter, Manitowoc's net income was $9.7 million compared to net loss of $138.9 million in Q3 FY16. During Q3 FY17, the Company's diluted earnings per share (EPS) was positive $0.07 compared to negative $1.01 in the same period of last year. For the reported quarter, Manitowoc's adjusted net income was $13.5 million compared to an adjusted net loss of $38.8 million in Q3 FY16. During Q3 FY17, the Company's adjusted diluted EPS was positive $0.09 compared to negative $0.28 in Q3 FY16. The increase was due to a focus on consolidating manufacturing footprint and reducing the cost of the organizational structure, as well as positive momentum in certain markets such as the US energy and commercial construction markets. The adjusted diluted EPS surpassed analysts' expectations of negative $0.04.
Balance Sheet
As on September 30, 2017, Manitowoc's cash and cash equivalents decreased 58.1% to $29.3 million from $69.9 million as on December 31, 2016. For the reported quarter, the Company's long-term debt increased 3.1% to $277.4 million from $269.1 million in Q4 FY16.
For the reported quarter, the Company's net accounts receivable increased 22.8% to $165.0 million from $134.4 million in Q4 FY16. For the reported quarter, the Company's accounts payable and accrued expenses increased 12.2% to $360.3 million from $321.2 million in the fourth quarter of 2016.
In the first nine months of 2017, the Company's cash provided by operating activities was negative $33.9 million versus negative $180.2 million in the comparable period of last year.
Outlook
For FY17, the Company expects revenue growth to be in the range of negative 5% - negative 7%, and adjusted EBITDA to be in the band of $59 million - $69 million.
Stock Performance Snapshot
December 15, 2017 - At Friday's closing bell, The Manitowoc's stock climbed 1.05%, ending the trading session at $39.30.
Volume traded for the day: 423.96 thousand shares, which was above the 3-month average volume of 415.99 thousand shares.
Stock performance in the last month – up 5.08%; previous three-month period – up 23.12%; past twelve-month period – up 66.53%; and year-to-date – up 64.30%
After last Friday's close, The Manitowoc's market cap was at $1.38 billion.
The stock is part of the Industrial Goods sector, categorized under the Farm & Construction Machinery industry. This sector was up 0.9% at the end of the session.
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