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Manitowoc (MTW) Earnings Surpass Estimates in Q4, Up Y/Y
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The Manitowoc Company, Inc. (MTW - Free Report) reported adjusted earnings per share (EPS) of 27 cents in fourth-quarter 2021 against the Zacks Consensus Estimate of a loss of 1 cent per share. The bottom line increased 42% from the year-ago quarter’s earnings of 19 cents per share. Given improved demand, the company witnessed strong order rates and the highest backlog levels in more than 10 years during the quarter. Cost inflation, parts shortages and logistics disruptions continue to impact results.
Including one-time items, the company reported a loss per share of 10 cents in the quarter against the prior-year quarter’s earnings of 5 cents per share.
Manitowoc’s revenues rose 15.7% year over year to $498 million during the December-end quarter. However, the top line lagged the Zacks Consensus Estimate of $514 million. Revenues were affected by changes in foreign currency translation rates.
Orders in the reported quarter increased 21% year over year to $615 million. Backlog at the end of 2021 was $1,010.9 million, up 86.1% from the 2020-end’s levels.
The Manitowoc Company, Inc. Price, Consensus and EPS Surprise
Cost of sales increased 18.7% year over year to $418 million in the reported quarter. Gross profit inched up 1.8% year over year to $79 million. The gross margin was 16% in the reported quarter compared with 18% in the prior-year quarter.
Engineering, selling and administrative expenses increased 44% year over year to $78 million. Adjusted operating income was $17.5 million in the quarter, down 28% from $24.2 million in the prior-year quarter’s levels. Adjusted EBITDA in the reported quarter was $34.2 million, flat year over year. Adjusted EBITDA margin contracted to 6.9% from the year-ago quarter’s 7.9%.
Financial Updates
Manitowoc reported cash and cash equivalents of $75.4 million at the end of 2021, down from $128.7 million at 2020-end. Long-term debt was $399.9 million at the end of 2021, up from $300 million at 2020-end. The company generated $76 million of cash in operating activities in 2021 compared with cash utilization of $35 million in 2020.
2021 Performance
Manitowoc reported adjusted EPS of 86 cents in 2021 against the loss per share of 35 cents reported in the prior year. Earnings beat the Zacks Consensus Estimate of 55 cents. Including one-time items, the bottom line came in at 31 cents per share against a loss per share of 55 cents reported in 2020.
Sales were up 19% year over year to $1.72 billion. The top line missed the Zacks Consensus Estimate of $1.74 billion.
Outlook
Manitowoc is witnessing positive trends in crane demand in 2022. It expects cost inflation, part shortages and supply chain constraints to subside gradually through the year.
For the current year, Manitowoc expects revenues in the range of $2.0-$2.2 billion. Adjusted EBITDA is anticipated between $130 million and $160 million. Adjusted EPS is expected between 65 cents and $1.35.
Price Performance
In the past year, Manitowoc’s shares have gained 7.8% against the industry’s decline of 10.9%.
Image Source: Zacks Investment Research
Zacks Rank and Stocks to Consider
Manitowoc currently carries a Zacks Rank #3 (Hold).
Dover’s fourth-quarter 2021 adjusted EPS increased 15% year over year to $1.78, beating the Zacks Consensus Estimate of $1.66. DOV has a trailing four-quarter earnings surprise of 12.3%, on average.
Dover has an estimated earnings growth rate of around 12.7% for 2022. In the past 60 days, the Zacks Consensus Estimate for current-year earnings has been revised upward by 5%. DOV’s shares have rallied around 32.1% in a year.
Silgan Holdings’ fourth-quarter 2021 adjusted EPS increased 32% year over year to a record 79 cents, beating the Zacks Consensus Estimate of 73 cents. SLGN has a trailing four-quarter earnings surprise of 3.8%, on average.
Silgan has a projected earnings growth rate of 13.5% for the current year. The Zacks Consensus Estimate for 2022 earnings has moved north by 3% in the past 60 days. In a year, SLGN has appreciated 11.7%.
Applied Industrial Technologies reported adjusted EPS of $1.46 in second-quarter fiscal 2022 (ended Dec 31, 2020), up 49% year on year and beating the Zacks Consensus Estimate of $1.09. AIT has a trailing four-quarter earnings surprise of 27.9%, on average.
Applied Industrial Technologies has an expected earnings growth rate of 24.8% for fiscal 2022. The Zacks Consensus Estimate for fiscal year earnings has moved up 9.4% in the past 60 days. AIT’s shares have appreciated 20.2% in a year.
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Manitowoc (MTW) Earnings Surpass Estimates in Q4, Up Y/Y
The Manitowoc Company, Inc. (MTW - Free Report) reported adjusted earnings per share (EPS) of 27 cents in fourth-quarter 2021 against the Zacks Consensus Estimate of a loss of 1 cent per share. The bottom line increased 42% from the year-ago quarter’s earnings of 19 cents per share. Given improved demand, the company witnessed strong order rates and the highest backlog levels in more than 10 years during the quarter. Cost inflation, parts shortages and logistics disruptions continue to impact results.
Including one-time items, the company reported a loss per share of 10 cents in the quarter against the prior-year quarter’s earnings of 5 cents per share.
Manitowoc’s revenues rose 15.7% year over year to $498 million during the December-end quarter. However, the top line lagged the Zacks Consensus Estimate of $514 million. Revenues were affected by changes in foreign currency translation rates.
Orders in the reported quarter increased 21% year over year to $615 million. Backlog at the end of 2021 was $1,010.9 million, up 86.1% from the 2020-end’s levels.
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 increased 18.7% year over year to $418 million in the reported quarter. Gross profit inched up 1.8% year over year to $79 million. The gross margin was 16% in the reported quarter compared with 18% in the prior-year quarter.
Engineering, selling and administrative expenses increased 44% year over year to $78 million. Adjusted operating income was $17.5 million in the quarter, down 28% from $24.2 million in the prior-year quarter’s levels. Adjusted EBITDA in the reported quarter was $34.2 million, flat year over year. Adjusted EBITDA margin contracted to 6.9% from the year-ago quarter’s 7.9%.
Financial Updates
Manitowoc reported cash and cash equivalents of $75.4 million at the end of 2021, down from $128.7 million at 2020-end. Long-term debt was $399.9 million at the end of 2021, up from $300 million at 2020-end. The company generated $76 million of cash in operating activities in 2021 compared with cash utilization of $35 million in 2020.
2021 Performance
Manitowoc reported adjusted EPS of 86 cents in 2021 against the loss per share of 35 cents reported in the prior year. Earnings beat the Zacks Consensus Estimate of 55 cents. Including one-time items, the bottom line came in at 31 cents per share against a loss per share of 55 cents reported in 2020.
Sales were up 19% year over year to $1.72 billion. The top line missed the Zacks Consensus Estimate of $1.74 billion.
Outlook
Manitowoc is witnessing positive trends in crane demand in 2022. It expects cost inflation, part shortages and supply chain constraints to subside gradually through the year.
For the current year, Manitowoc expects revenues in the range of $2.0-$2.2 billion. Adjusted EBITDA is anticipated between $130 million and $160 million. Adjusted EPS is expected between 65 cents and $1.35.
Price Performance
In the past year, Manitowoc’s shares have gained 7.8% against the industry’s decline of 10.9%.
Image Source: Zacks Investment Research
Zacks Rank and Stocks to Consider
Manitowoc currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the Industrial Products sector include Dover Corporation (DOV - Free Report) , Silgan Holdings Inc. (SLGN - Free Report) and Applied Industrial Technologies, Inc. (AIT - Free Report) , each carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Dover’s fourth-quarter 2021 adjusted EPS increased 15% year over year to $1.78, beating the Zacks Consensus Estimate of $1.66. DOV has a trailing four-quarter earnings surprise of 12.3%, on average.
Dover has an estimated earnings growth rate of around 12.7% for 2022. In the past 60 days, the Zacks Consensus Estimate for current-year earnings has been revised upward by 5%. DOV’s shares have rallied around 32.1% in a year.
Silgan Holdings’ fourth-quarter 2021 adjusted EPS increased 32% year over year to a record 79 cents, beating the Zacks Consensus Estimate of 73 cents. SLGN has a trailing four-quarter earnings surprise of 3.8%, on average.
Silgan has a projected earnings growth rate of 13.5% for the current year. The Zacks Consensus Estimate for 2022 earnings has moved north by 3% in the past 60 days. In a year, SLGN has appreciated 11.7%.
Applied Industrial Technologies reported adjusted EPS of $1.46 in second-quarter fiscal 2022 (ended Dec 31, 2020), up 49% year on year and beating the Zacks Consensus Estimate of $1.09. AIT has a trailing four-quarter earnings surprise of 27.9%, on average.
Applied Industrial Technologies has an expected earnings growth rate of 24.8% for fiscal 2022. The Zacks Consensus Estimate for fiscal year earnings has moved up 9.4% in the past 60 days. AIT’s shares have appreciated 20.2% in a year.