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Shares of The Manitowoc Company, Inc. (MTW - Free Report) scaled a new 52-week high of $19.18 on Feb 28, before closing the session a tad lower at $18.91.
In the past year, Manitowoc’s shares have gained 20.3% compared to the industry’s growth of 30.7%.
Image Source: Zacks Investment Research
Driving Factors
Manitowoc delivered improvement in both bottom line and top line in 2022 aided by strong order and backlog levels. Backlog at the end of 2022 was $1,056 million, up 4.5% from the 2021-end levels. In the fourth quarter of 2022, orders increased 15.1% year over year to $708 million.
In North America, demand from residential and non-residential construction is driving demand for Manitowoc’s equipment. Due to the U.S. Infrastructure Investment and Jobs Act, the rising investment in roads, bridges, airports and waterways represents a massive opportunity. The company expects demand in the Middle East to be robust in the upcoming quarters. Qatar and Kuwait are also showing promising signs of growth. This bodes well for Manitowoc.
Moreover, the company’s focus on innovation will continue to aid it in leading the industry by providing differentiated products that add value to customers. The company has been taking actions to align production with changing levels of demand. Operational focus, healthy balance sheet and market leading products position it well to capitalize as end markets recover.
Despite the persisting supply chain challenges, inflationary costs and skilled labor shortages, Manitowoc could negate the impacts with its pricing actions and efforts to cut down costs.
Backed by these tailwinds, Manitowoc reported net sales of $2.03 billion in 2022. The top-line figure marked a 18.2% increase year over year. The company delivered adjusted earnings per share of $1.06 in 2022 compared with 86 cents reported in the prior year.
Earnings estimates for Manitowoc have also been going up over the past two months. The Zacks Consensus Estimate for 2023 bottom line has increased around 54.9% and the same for 2024 has moved up 46%. The favorable estimate revisions instill investor confidence in the stock.
Other Stocks to Consider
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 at present, and DE has 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 $2.57 per share. This indicates a 11.7% increase from the prior-year reported figure. The consensus estimate for 2023 earnings has moved 16% north in the past 60 days. OI’s shares gained 71.3% 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 $6.04 per share. This indicates a 39.5% increase from the prior-year reported figure. The consensus estimate for 2023 earnings has moved north by 17% in the past 60 days. Its shares gained 29.7% in the last year.
The Zacks Consensus Estimate for Deere & Company’s fiscal 2023 earnings per share is pegged at $29.82, suggesting an increase of 28.1% from that reported in the last year. The consensus estimate for fiscal 2023 earnings moved 6% upward in the last 60 days. DE has a trailing four-quarter average earnings surprise of 4.7%. Its shares gained 15.9% in the last year.
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Manitowoc (MTW) Stock Hits 52-Week High: What's Driving It?
Shares of The Manitowoc Company, Inc. (MTW - Free Report) scaled a new 52-week high of $19.18 on Feb 28, before closing the session a tad lower at $18.91.
MTW has a market capitalization of around $639.3 million and a Zacks Rank #1 (Strong Buy), currently. You can see the complete list of today’s Zacks #1 Rank stocks here.
In the past year, Manitowoc’s shares have gained 20.3% compared to the industry’s growth of 30.7%.
Image Source: Zacks Investment Research
Driving Factors
Manitowoc delivered improvement in both bottom line and top line in 2022 aided by strong order and backlog levels. Backlog at the end of 2022 was $1,056 million, up 4.5% from the 2021-end levels. In the fourth quarter of 2022, orders increased 15.1% year over year to $708 million.
In North America, demand from residential and non-residential construction is driving demand for Manitowoc’s equipment. Due to the U.S. Infrastructure Investment and Jobs Act, the rising investment in roads, bridges, airports and waterways represents a massive opportunity. The company expects demand in the Middle East to be robust in the upcoming quarters. Qatar and Kuwait are also showing promising signs of growth. This bodes well for Manitowoc.
Moreover, the company’s focus on innovation will continue to aid it in leading the industry by providing differentiated products that add value to customers. The company has been taking actions to align production with changing levels of demand. Operational focus, healthy balance sheet and market leading products position it well to capitalize as end markets recover.
Despite the persisting supply chain challenges, inflationary costs and skilled labor shortages, Manitowoc could negate the impacts with its pricing actions and efforts to cut down costs.
Backed by these tailwinds, Manitowoc reported net sales of $2.03 billion in 2022. The top-line figure marked a 18.2% increase year over year. The company delivered adjusted earnings per share of $1.06 in 2022 compared with 86 cents reported in the prior year.
Earnings estimates for Manitowoc have also been going up over the past two months. The Zacks Consensus Estimate for 2023 bottom line has increased around 54.9% and the same for 2024 has moved up 46%. The favorable estimate revisions instill investor confidence in the stock.
Other Stocks to Consider
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 at present, and DE has 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 $2.57 per share. This indicates a 11.7% increase from the prior-year reported figure. The consensus estimate for 2023 earnings has moved 16% north in the past 60 days. OI’s shares gained 71.3% 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 $6.04 per share. This indicates a 39.5% increase from the prior-year reported figure. The consensus estimate for 2023 earnings has moved north by 17% in the past 60 days. Its shares gained 29.7% in the last year.
The Zacks Consensus Estimate for Deere & Company’s fiscal 2023 earnings per share is pegged at $29.82, suggesting an increase of 28.1% from that reported in the last year. The consensus estimate for fiscal 2023 earnings moved 6% upward in the last 60 days. DE has a trailing four-quarter average earnings surprise of 4.7%. Its shares gained 15.9% in the last year.