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Manitowoc (MTW) Earnings Surpass Estimates in Q4, Rise Y/Y
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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%.
The Manitowoc Company, Inc. Price, Consensus and EPS Surprise
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%.
Image Source: Zacks Investment Research
Zacks Rank and Other Stocks to Consider
Manitowoc currently carries a Zacks Rank #2 (Buy).
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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Manitowoc (MTW) Earnings Surpass Estimates in Q4, Rise Y/Y
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%.
The Manitowoc Company, Inc. Price, Consensus and EPS Surprise
The Manitowoc Company, Inc. price-consensus-eps-surprise-chart | The Manitowoc Company, Inc. Quote
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%.
Image Source: Zacks Investment Research
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.