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Manitowoc (MTW) Posts Loss in Q1, Misses Sales, Affirms View
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The Manitowoc Company, Inc. (MTW - Free Report) reported first-quarter 2017 adjusted loss per share of 17 cents per share compared to a loss of 5 cents reported in the year-ago quarter. The reported loss came in line the Zacks Consensus Estimate.
Including special items, the company posted a loss of 26 cents per share in the reported quarter. It had also posted loss of $1.43 per share a year ago.
The maker of cranes and restaurant equipment posted a 28% year-over-year plunge in sales to $305.8 million in the reported quarter, adversely affected by the low level of backlog entering into 2017, mainly due to historically low levels of crawler crane demand. In addition, revenues missed the Zacks Consensus Estimate of $337 million.
Manitowoc Company, Inc. (The) Price, Consensus and EPS Surprise
Cost of sales declined 27% to $254 million in the reported quarter from $347.7 million in the prior-year quarter. Gross profit plummeted 34.9% year over year to $51.9 million. Additionally, gross margin contracted 160 basis points to 17%.
Engineering, selling and administrative expenses descended 12.6% year over year to $63.3 million. Adjusted operating loss was $11.4 million compared with a gain of $7.3 million in the year-ago quarter.
Backlog
Backlog for the quarter came in at $506.3 million as of March 31, 2017 as against $323.8 million in fourth-quarter 2016.
Financial Updates
Manitowoc ended the quarter with cash and temporary investments of $36 million compared with $69.9 million at year-end 2016. Long-term debt was $268.6 million as of Mar 31, 2017 compared with $269 million as of Dec 31, 2016. The company recorded cash used for operating activities of $32.5 million in the reported quarter compared with cash usage of $163.4 million recorded in the year-ago quarter.
Guidance
Manitowoc affirms its revenues to decline approximately 8–10% year over year in 2017. Adjusted EBITDA is anticipated to lie between $41 million and $59 million. Depreciation is projected at approximately $40–$45 million. Capital expenditures are estimated at approximately $30 million.
Share Price Performance
Over the last six months, Manitowoc outperformed the Zacks classified Machinery-Construction/Mining sub-industry with respect to price performance. The stock gained around 9.4%, while the industry recorded growth of 7.6% over the same time frame.
Zacks Rank
Manitowoc currently carries a Zacks Rank #3 (Hold).
AGCO Corporation has a remarkable positive average earnings surprise of 40.39% for the last four quarters. AptarGroup generated a positive average earnings surprise of 1.78% over the trailing four quarters. Caterpillar has delivered an average positive earnings surprise of 40.25% in the past four quarters.
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Manitowoc (MTW) Posts Loss in Q1, Misses Sales, Affirms View
The Manitowoc Company, Inc. (MTW - Free Report) reported first-quarter 2017 adjusted loss per share of 17 cents per share compared to a loss of 5 cents reported in the year-ago quarter. The reported loss came in line the Zacks Consensus Estimate.
Including special items, the company posted a loss of 26 cents per share in the reported quarter. It had also posted loss of $1.43 per share a year ago.
The maker of cranes and restaurant equipment posted a 28% year-over-year plunge in sales to $305.8 million in the reported quarter, adversely affected by the low level of backlog entering into 2017, mainly due to historically low levels of crawler crane demand. In addition, revenues missed the Zacks Consensus Estimate of $337 million.
Manitowoc Company, Inc. (The) Price, Consensus and EPS Surprise
Manitowoc Company, Inc. (The) Price, Consensus and EPS Surprise | Manitowoc Company, Inc. (The) Quote
Operational Update
Cost of sales declined 27% to $254 million in the reported quarter from $347.7 million in the prior-year quarter. Gross profit plummeted 34.9% year over year to $51.9 million. Additionally, gross margin contracted 160 basis points to 17%.
Engineering, selling and administrative expenses descended 12.6% year over year to $63.3 million. Adjusted operating loss was $11.4 million compared with a gain of $7.3 million in the year-ago quarter.
Backlog
Backlog for the quarter came in at $506.3 million as of March 31, 2017 as against $323.8 million in fourth-quarter 2016.
Financial Updates
Manitowoc ended the quarter with cash and temporary investments of $36 million compared with $69.9 million at year-end 2016. Long-term debt was $268.6 million as of Mar 31, 2017 compared with $269 million as of Dec 31, 2016. The company recorded cash used for operating activities of $32.5 million in the reported quarter compared with cash usage of $163.4 million recorded in the year-ago quarter.
Guidance
Manitowoc affirms its revenues to decline approximately 8–10% year over year in 2017. Adjusted EBITDA is anticipated to lie between $41 million and $59 million. Depreciation is projected at approximately $40–$45 million. Capital expenditures are estimated at approximately $30 million.
Share Price Performance
Over the last six months, Manitowoc outperformed the Zacks classified Machinery-Construction/Mining sub-industry with respect to price performance. The stock gained around 9.4%, while the industry recorded growth of 7.6% over the same time frame.
Zacks Rank
Manitowoc currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the same sector are AGCO Corporation (AGCO - Free Report) , AptarGroup, Inc. (ATR - Free Report) and Caterpillar Inc. (CAT - Free Report) . All of these stocks boast a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
AGCO Corporation has a remarkable positive average earnings surprise of 40.39% for the last four quarters. AptarGroup generated a positive average earnings surprise of 1.78% over the trailing four quarters. Caterpillar has delivered an average positive earnings surprise of 40.25% in the past four quarters.
Zacks’ Best Private Investment Ideas
While we are happy to share many articles like this on the website, our best recommendations and most in-depth research are not available to the public.
Starting today, for the next month, you can follow all Zacks' private buys and sells in real time. Our experts cover all kinds of trades… from value to momentum . . . from stocks under $10 to ETF and option moves . . . from stocks that corporate insiders are buying up to companies that are about to report positive earnings surprises. You can even look inside exclusive portfolios that are normally closed to new investors.
Click here for Zacks' private trades >>