The Manitowoc Company, Inc. (MTW - Free Report) reported adjusted earnings per share (EPS) of 74 cents in fourth-quarter 2022, beating the Zacks Consensus Estimate of 23 cents per share. The bottom line improved 185% year over year.
Including one-time items, the company reported a loss per share of $4.10 in the quarter compared with the prior-year quarter’s loss of 10 cents per share.
Manitowoc’s revenues were up 24.9% year over year to $622 million in the quarter under review. The top line surpassed the Zacks Consensus Estimate of $562 million. Unfavorable changes in foreign currency translation rates had an impact of $31.3 million on sales.
Orders in the reported quarter increased 15.1% year over year to $708 million. Backlog at the end of 2022 was $1,056 million, up 4.5% from the 2021-end levels.
Operational Update
Cost of sales increased 20.7% year over year to $505 million in the reported quarter. Gross profit rose 46.7% year over year to $117 million. The gross margin was 18.7% in the reported quarter compared with 16% in the prior-year quarter.
Engineering, selling and administrative expenses increased 2.5% year over year to $79 million. Adjusted operating income was $36.4 million in the quarter, up 108% from $17.5 million in the prior-year quarter. Adjusted EBITDA in the reported quarter was $51.5 million, marking a year-over-year increase of 50.6%. The adjusted EBITDA margin increased to 8.3% from the year-ago quarter’s 6.9%.
Financial Updates
Manitowoc reported cash and cash equivalents of $64.4 million at the end of 2022, down from $75.4 million at 2021-end. Long-term debt was $379.5 million at the end of 2022, down from $399.9 million at 2021-end. The company generated $77 million of cash in operating activities in 2022 compared with cash utilization of $76 million in 2021.
2022 Performance
Manitowoc reported adjusted EPS of $1.06 in 2022 compared with 86 cents reported in the prior year. Earnings beat the Zacks Consensus Estimate of 54 cents. Including one-time items, the company reported a loss of $3.51 per share against earnings per share of 31 cents posted in 2021.
Sales were up 18.2% year over year to $2.03 billion. The top line surpassed the Zacks Consensus Estimate of $1.97 billion.
Outlook
For 2023, Manitowoc expects revenues of $2-$2.1 billion. Adjusted EBITDA is anticipated between $130 million and $160 million. Adjusted EPS is expected between 35 cents and $1.15.
Price Performance
In the past year, Manitowoc’s shares have lost 17.9% against the industry’s growth of 28%.
Zacks Rank and Other Stocks to Consider
Manitowoc currently carries a Zacks Rank #2 (Buy).
Some other top-ranked stocks from the Industrial Products sector are OI Glass (OI - Free Report) , Tenaris (TS - Free Report) and Deere & Company (DE - Free Report) . OI and TS flaunt a Zacks Rank #1 (Strong Buy) at present, and DE has a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank stocks here.
OI Glass has an average trailing four-quarter earnings surprise of 16.4%. The Zacks Consensus Estimate for OI’s 2023 earnings is pegged at $2.51 per share. This indicates a 9.13% increase from the prior-year reported figure. The consensus estimate for 2023 earnings has moved 12.5% north in the past 60 days. OI’s shares gained 58.7% in the last year.
Tenaris has an average trailing four-quarter earnings surprise of 11.5%. The Zacks Consensus Estimate for TS’ 2023 earnings is pegged at $5.32 per share. This indicates a 22.4% increase from the prior-year reported figure. The consensus estimate for 2023 earnings has moved north by 2.7% in the past 60 days. Its shares gained 39.8% in the last year.
The Zacks Consensus Estimate for Deere & Company’s fiscal 2023 earnings per share is pegged at $28.08, suggesting an increase of 20.6% from that reported in the last year. The consensus estimate for fiscal 2023 earnings moved 0.6% upward in the last 60 days. DE has a trailing four-quarter average earnings surprise of 7.1%. Its shares gained 5.9% in the last year.
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The Manitowoc Company, Inc. (MTW - Free Report) reported adjusted earnings per share (EPS) of 74 cents in fourth-quarter 2022, beating the Zacks Consensus Estimate of 23 cents per share. The bottom line improved 185% year over year.
Including one-time items, the company reported a loss per share of $4.10 in the quarter compared with the prior-year quarter’s loss of 10 cents per share.
Manitowoc’s revenues were up 24.9% year over year to $622 million in the quarter under review. The top line surpassed the Zacks Consensus Estimate of $562 million. Unfavorable changes in foreign currency translation rates had an impact of $31.3 million on sales.
Orders in the reported quarter increased 15.1% year over year to $708 million. Backlog at the end of 2022 was $1,056 million, up 4.5% from the 2021-end levels.
Operational Update
Cost of sales increased 20.7% year over year to $505 million in the reported quarter. Gross profit rose 46.7% year over year to $117 million. The gross margin was 18.7% in the reported quarter compared with 16% in the prior-year quarter.
Engineering, selling and administrative expenses increased 2.5% year over year to $79 million. Adjusted operating income was $36.4 million in the quarter, up 108% from $17.5 million in the prior-year quarter. Adjusted EBITDA in the reported quarter was $51.5 million, marking a year-over-year increase of 50.6%. The adjusted EBITDA margin increased to 8.3% from the year-ago quarter’s 6.9%.
Financial Updates
Manitowoc reported cash and cash equivalents of $64.4 million at the end of 2022, down from $75.4 million at 2021-end. Long-term debt was $379.5 million at the end of 2022, down from $399.9 million at 2021-end. The company generated $77 million of cash in operating activities in 2022 compared with cash utilization of $76 million in 2021.
2022 Performance
Manitowoc reported adjusted EPS of $1.06 in 2022 compared with 86 cents reported in the prior year. Earnings beat the Zacks Consensus Estimate of 54 cents. Including one-time items, the company reported a loss of $3.51 per share against earnings per share of 31 cents posted in 2021.
Sales were up 18.2% year over year to $2.03 billion. The top line surpassed the Zacks Consensus Estimate of $1.97 billion.
Outlook
For 2023, Manitowoc expects revenues of $2-$2.1 billion. Adjusted EBITDA is anticipated between $130 million and $160 million. Adjusted EPS is expected between 35 cents and $1.15.
Price Performance
In the past year, Manitowoc’s shares have lost 17.9% against the industry’s growth of 28%.
Zacks Rank and Other Stocks to Consider
Manitowoc currently carries a Zacks Rank #2 (Buy).
Some other top-ranked stocks from the Industrial Products sector are OI Glass (OI - Free Report) , Tenaris (TS - Free Report) and Deere & Company (DE - Free Report) . OI and TS flaunt a Zacks Rank #1 (Strong Buy) at present, and DE has a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank stocks here.
OI Glass has an average trailing four-quarter earnings surprise of 16.4%. The Zacks Consensus Estimate for OI’s 2023 earnings is pegged at $2.51 per share. This indicates a 9.13% increase from the prior-year reported figure. The consensus estimate for 2023 earnings has moved 12.5% north in the past 60 days. OI’s shares gained 58.7% in the last year.
Tenaris has an average trailing four-quarter earnings surprise of 11.5%. The Zacks Consensus Estimate for TS’ 2023 earnings is pegged at $5.32 per share. This indicates a 22.4% increase from the prior-year reported figure. The consensus estimate for 2023 earnings has moved north by 2.7% in the past 60 days. Its shares gained 39.8% in the last year.
The Zacks Consensus Estimate for Deere & Company’s fiscal 2023 earnings per share is pegged at $28.08, suggesting an increase of 20.6% from that reported in the last year. The consensus estimate for fiscal 2023 earnings moved 0.6% upward in the last 60 days. DE has a trailing four-quarter average earnings surprise of 7.1%. Its shares gained 5.9% in the last year.
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
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