Market Overview

The Manitowoc Company Reports Third-Quarter 2019 Financial Results


Manitowoc delivers strong third-quarter results; Adjusted EBITDA margin improves 280 basis points year-over-year on flat revenue; Increases adjusted EBITDA midpoint for full year

The Manitowoc Company, Inc. (NYSE:MTW), (the "Company" or "Manitowoc") a leading global manufacturer of cranes and lifting solutions, today reported third-quarter adjusted EBITDA(1) of $42.8 million representing a $12.3 million or 40% improvement compared to the prior year. Third-quarter GAAP net income was $18.1 million or $0.51 per diluted share. Adjusted net income from continuing operations(1) was $19.2 million, or $0.54 per diluted share, in the third-quarter 2019 versus $7.3 million, or $0.20 per diluted share, in 2018.

Net sales in the third quarter were $448.0 million versus $450.1 million in 2018. On a currency adjusted basis, net sales for the quarter were $456.7 million, an increase of $6.6 million or 1.5% year-over-year.

Adjusted EBITDA margin increased 280 basis points year-over-year to 9.6% of net sales, primarily driven by continued improvements throughout the business.

"Manitowoc delivered solid third quarter results through continued operational improvements and we achieved our tenth consecutive quarter of year-over-year adjusted EBITDA margin expansion. Our application of lean principles of The Manitowoc Way continue to reflect favorably in our financial results. With this solid year-to-date performance, we have raised the midpoint of our 2019 full-year adjusted EBITDA guidance while also reflecting current market conditions in our revenue outlook," commented Barry L. Pennypacker, President and Chief Executive Officer of The Manitowoc Company, Inc.

Pennypacker added, "Our results prove that we can effectively deliver on our commitments despite challenging market conditions. Through the transformation of Manitowoc over the past three years, we are better positioned to generate positive returns to our shareholders throughout the cycle while maintaining adequate liquidity."

Updated Full-Year 2019 Guidance:

  • Revenue – approximately $1.850 to $1.880 billion;
  • Adjusted EBITDA - approximately $145 to $160 million;
  • Depreciation - approximately $35 to $37 million;
  • Restructuring expense - approximately $10 to $12 million;
  • Interest expense – approximately $31 to $33 million, excluding debt refinancing costs;
  • Income tax expense - approximately $12 to $16 million, excluding discrete items; and
  • Capital expenditures - approximately $35 million.

Investor Conference Call

On Friday, November 8th, 2019, at 10:00 a.m. ET (9:00 a.m. CT), The Manitowoc Company's senior management will discuss its third-quarter 2019 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, published in conjunction with this press release, can be accessed in the Investor Relations section of Manitowoc's website at 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, Inc. was founded in 1902 and has over a 116-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 telescopic cranes, tower cranes, lattice-boom crawler cranes and boom trucks under the Grove, Manitowoc, National Crane, Potain, Shuttlelift and Manitowoc Crane Care brand names.


(1)Adjusted net income from continuing operations, adjusted EBITDA, adjusted operating cash flow, adjusted free cash flows and adjusted diluted EPS 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 economic growth or contraction;
  • changes in raw material and commodity prices;
  • impairment of goodwill and/or intangible assets;
  • 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; and
  • risks and factors detailed in Manitowoc's 2018 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, 2018.


Unaudited Condensed Consolidated Financial Information

For the three and nine months ended September 30, 2019 and 2018

(In millions, except share data)




Three Months Ended

September 30,



Nine Months Ended

September 30,















Net sales

















Cost of sales

















Gross profit

















Operating costs and expenses:

















Engineering, selling and administrative expenses










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