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Manitowoc (MTW) Q1 Earnings & Sales Top Estimates, Up Y/Y
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The Manitowoc Company, Inc. (MTW - Free Report) delivered first-quarter 2019 adjusted earnings per share of 8 cents, beating the Zacks Consensus Estimate of a loss of 2 cents by a wide margin. Further, the company reversed its prior-year quarter’s loss of 12 cents per share.
Including special items, the company reported loss of 75 cents per share in first-quarter 2019, wider than the 28 cents per share recorded in the prior-year quarter.
Manitowoc’s revenues increased 8.3% year over year to $418 million in the reported quarter. The top-line figure also surpassed the Zacks Consensus Estimate of $394 million. This upside was driven by higher crane shipments in the Americas and EURAF regions, along with favorable price realization. This was partially offset by unfavorable changes in foreign-currency exchange rates.
The Manitowoc Company, Inc. Price, Consensus and EPS Surprise
Cost of sales rose 6.3% to $337.8 million in the first quarter from $317.7 million in the prior-year quarter. Gross profit climbed 17.2% year over year to $80.2 million. Gross margin came in at 19.2% compared to prior-year quarter’s 17.7%.
Engineering, selling and administrative expenses edged down 1.6% year over year to $59.4 million. Adjusted EBITDA was $29.6 million in the quarter compared with $17.1 million witnessed in the prior-year quarter. Adjusted operating income was $20.8 million in the quarter, which significantly increased from $8 million reported in the year-ago period. Organic growth in the North American market, favorable mix, global price initiatives and cost-reduction actions were the key drivers for this year-over-year improvement.
Financial Updates
Manitowoc reported cash and cash equivalents of $49 million at the end of the first quarter, down from $140 million recorded at the end of 2018. Long-term debt was $342 million as of Mar 31, 2019, compared with $267 million as of Dec 31, 2018.
The company used $267.3 million of cash in operating activities during the three-month period ended Mar 31, 2019, compared with cash usage of $168.4 million recorded in the comparable period last year.
2019 Guidance
Manitowoc updated its 2019 revenue guidance at $1.90-$1.97 billion and EBITDA guidance at $130-$150 million. The company projects capital expenditures of $35 million for the current year.
Share Price Performance
Over the past year, Manitowoc has lost around 29.2% compared with the industry’s decline of 15.4%.
Zacks Rank & Stocks to Consider
Manitowoc currently carries a Zacks Rank #3 (Hold).
DMC Global has an estimated earnings growth rate of 77.3% for the ongoing year. The company’s shares have soared 68.7%, in the past year.
Lawson Products has a stellar expected earnings growth rate of 102.5% for the current year. The stock has appreciated 34.8% in a year’s time.
Roper Technologies has a projected earnings growth rate of 7.79% for 2019. The company’s shares have gained 26.1%, over the past year.
Biggest Tech Breakthrough in a Generation
Be among the early investors in the new type of device that experts say could impact society as much as the discovery of electricity. Current technology will soon be outdated and replaced by these new devices. In the process, it’s expected to create 22 million jobs and generate $12.3 trillion in activity.
A select few stocks could skyrocket the most as rollout accelerates for this new tech. Early investors could see gains similar to buying Microsoft in the 1990s. Zacks’ just-released special report reveals 7 stocks to watch. The report is only available for a limited time.
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Manitowoc (MTW) Q1 Earnings & Sales Top Estimates, Up Y/Y
The Manitowoc Company, Inc. (MTW - Free Report) delivered first-quarter 2019 adjusted earnings per share of 8 cents, beating the Zacks Consensus Estimate of a loss of 2 cents by a wide margin. Further, the company reversed its prior-year quarter’s loss of 12 cents per share.
Including special items, the company reported loss of 75 cents per share in first-quarter 2019, wider than the 28 cents per share recorded in the prior-year quarter.
Manitowoc’s revenues increased 8.3% year over year to $418 million in the reported quarter. The top-line figure also surpassed the Zacks Consensus Estimate of $394 million. This upside was driven by higher crane shipments in the Americas and EURAF regions, along with favorable price realization. This was partially offset by unfavorable changes in foreign-currency exchange rates.
The Manitowoc Company, Inc. Price, Consensus and EPS Surprise
The Manitowoc Company, Inc. price-consensus-eps-surprise-chart | The Manitowoc Company, Inc. Quote
Operational Update
Cost of sales rose 6.3% to $337.8 million in the first quarter from $317.7 million in the prior-year quarter. Gross profit climbed 17.2% year over year to $80.2 million. Gross margin came in at 19.2% compared to prior-year quarter’s 17.7%.
Engineering, selling and administrative expenses edged down 1.6% year over year to $59.4 million. Adjusted EBITDA was $29.6 million in the quarter compared with $17.1 million witnessed in the prior-year quarter. Adjusted operating income was $20.8 million in the quarter, which significantly increased from $8 million reported in the year-ago period. Organic growth in the North American market, favorable mix, global price initiatives and cost-reduction actions were the key drivers for this year-over-year improvement.
Financial Updates
Manitowoc reported cash and cash equivalents of $49 million at the end of the first quarter, down from $140 million recorded at the end of 2018. Long-term debt was $342 million as of Mar 31, 2019, compared with $267 million as of Dec 31, 2018.
The company used $267.3 million of cash in operating activities during the three-month period ended Mar 31, 2019, compared with cash usage of $168.4 million recorded in the comparable period last year.
2019 Guidance
Manitowoc updated its 2019 revenue guidance at $1.90-$1.97 billion and EBITDA guidance at $130-$150 million. The company projects capital expenditures of $35 million for the current year.
Share Price Performance
Over the past year, Manitowoc has lost around 29.2% compared with the industry’s decline of 15.4%.
Zacks Rank & Stocks to Consider
Manitowoc currently carries a Zacks Rank #3 (Hold).
A few better-ranked stocks in the Industrial Products sector are DMC Global Inc. (BOOM - Free Report) , Lawson Products, Inc. and Roper Technologies, Inc. (ROP - Free Report) , each sporting a Zacks Rank #1 (Strong Buy), at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
DMC Global has an estimated earnings growth rate of 77.3% for the ongoing year. The company’s shares have soared 68.7%, in the past year.
Lawson Products has a stellar expected earnings growth rate of 102.5% for the current year. The stock has appreciated 34.8% in a year’s time.
Roper Technologies has a projected earnings growth rate of 7.79% for 2019. The company’s shares have gained 26.1%, over the past year.
Biggest Tech Breakthrough in a Generation
Be among the early investors in the new type of device that experts say could impact society as much as the discovery of electricity. Current technology will soon be outdated and replaced by these new devices. In the process, it’s expected to create 22 million jobs and generate $12.3 trillion in activity.
A select few stocks could skyrocket the most as rollout accelerates for this new tech. Early investors could see gains similar to buying Microsoft in the 1990s. Zacks’ just-released special report reveals 7 stocks to watch. The report is only available for a limited time.
See 7 breakthrough stocks now>>