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Manitowoc (MTW) Q1 Earnings & Revenues Beat Estimates, Up Y/Y
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The Manitowoc Company, Inc. (MTW - Free Report) reported adjusted earnings per share (EPS) of 46 cents in first-quarter 2023, beating the Zacks Consensus Estimate of 5 cents. The bottom line marked a solid improvement from earnings of 3 cents reported in the year-ago quarter.
Including one-time items, the company reported an EPS of 46 cents in the quarter compared with the prior-year quarter’s 9 cents.
Manitowoc’s revenues rose 10.7% year over year to $508 million in the quarter under review. The top line beat the Zacks Consensus Estimate of $466 million. Unfavorable changes in foreign currency translation rates had an impact of $11.2 million on sales.
Orders in the reported quarter increased 9% year over year to $525 million. The backlog at the end of the quarter was $1,076 million, up from $1,033 million reported in the last-year quarter.
The Manitowoc Company, Inc. Price, Consensus and EPS Surprise
Cost of sales increased 7.5% year over year to $402 million in the reported quarter. The gross profit moved up 25.1% year over year to $106 million. The gross margin was 20.9% in the reported quarter compared with 18.5% in the prior-year quarter.
Engineering, selling and administrative expenses increased 12.9% year over year to $75 million. Adjusted operating income was $30 million in the quarter, up from $14 million in the prior-year quarter. Adjusted EBITDA in the reported quarter was $45.1 million compared with $31.2 million in the prior-year quarter. The adjusted EBITDA margin was 8.9%, up from the year-ago quarter’s 6.8%.
Financial Updates
Manitowoc reported cash and cash equivalents of $56.5 million at the end of the first quarter of 2023, down from $64.4 million at 2022 end. Long-term debt was $370 million at the end of the quarter under review, down from $380 million at the 2022-end. The company generated $15.4 million in cash from operating activities in the first quarter of 2023 compared with $5.6 million in the prior-year quarter.
Outlook
The company retained its guidance. 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 gained 24% against the industry’s fall of 2.9%.
Some other top-ranked stocks from the Industrial Products sector are Worthington Industries, Inc. (WOR - Free Report) , AptarGroup, Inc. (ATR - Free Report) , and OI Glass Inc. (OI - Free Report) . WOR and ATR flaunt a Zacks Rank #1 at present, and OI has a Zacks Rank #2 (Buy).
Worthington Industries has an average trailing four-quarter earnings surprise of 27.5%. The Zacks Consensus Estimate for WOR’s fiscal 2023 earnings is pegged at $4.93 per share. The consensus estimate for 2023 earnings has moved north by 17.7% in the past 60 days. Its shares gained 19.2% in the last year.
AptarGroup has an average trailing four-quarter earnings surprise of 6.4%. The Zacks Consensus Estimate for ATR’s 2023 earnings is pegged at $4.04 per share. The consensus estimate for 2023 earnings has moved 5% north in the past 60 days. ATR’s shares gained 2.7% in the last year.
The Zacks Consensus Estimate for OI Glass’ 2023 EPS is pegged at $2.59. The consensus estimate for 2023 earnings rose 0.8% in the last 60 days. OI has a trailing four-quarter average earnings surprise of 16.5%. Its shares gained 50% in the last year.
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Manitowoc (MTW) Q1 Earnings & Revenues Beat Estimates, Up Y/Y
The Manitowoc Company, Inc. (MTW - Free Report) reported adjusted earnings per share (EPS) of 46 cents in first-quarter 2023, beating the Zacks Consensus Estimate of 5 cents. The bottom line marked a solid improvement from earnings of 3 cents reported in the year-ago quarter.
Including one-time items, the company reported an EPS of 46 cents in the quarter compared with the prior-year quarter’s 9 cents.
Manitowoc’s revenues rose 10.7% year over year to $508 million in the quarter under review. The top line beat the Zacks Consensus Estimate of $466 million. Unfavorable changes in foreign currency translation rates had an impact of $11.2 million on sales.
Orders in the reported quarter increased 9% year over year to $525 million. The backlog at the end of the quarter was $1,076 million, up from $1,033 million reported in the last-year quarter.
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 7.5% year over year to $402 million in the reported quarter. The gross profit moved up 25.1% year over year to $106 million. The gross margin was 20.9% in the reported quarter compared with 18.5% in the prior-year quarter.
Engineering, selling and administrative expenses increased 12.9% year over year to $75 million. Adjusted operating income was $30 million in the quarter, up from $14 million in the prior-year quarter. Adjusted EBITDA in the reported quarter was $45.1 million compared with $31.2 million in the prior-year quarter. The adjusted EBITDA margin was 8.9%, up from the year-ago quarter’s 6.8%.
Financial Updates
Manitowoc reported cash and cash equivalents of $56.5 million at the end of the first quarter of 2023, down from $64.4 million at 2022 end. Long-term debt was $370 million at the end of the quarter under review, down from $380 million at the 2022-end. The company generated $15.4 million in cash from operating activities in the first quarter of 2023 compared with $5.6 million in the prior-year quarter.
Outlook
The company retained its guidance. 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 gained 24% against the industry’s fall of 2.9%.
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Zacks Rank and Other Stocks to Consider
Manitowoc currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Some other top-ranked stocks from the Industrial Products sector are Worthington Industries, Inc. (WOR - Free Report) , AptarGroup, Inc. (ATR - Free Report) , and OI Glass Inc. (OI - Free Report) . WOR and ATR flaunt a Zacks Rank #1 at present, and OI has a Zacks Rank #2 (Buy).
Worthington Industries has an average trailing four-quarter earnings surprise of 27.5%. The Zacks Consensus Estimate for WOR’s fiscal 2023 earnings is pegged at $4.93 per share. The consensus estimate for 2023 earnings has moved north by 17.7% in the past 60 days. Its shares gained 19.2% in the last year.
AptarGroup has an average trailing four-quarter earnings surprise of 6.4%. The Zacks Consensus Estimate for ATR’s 2023 earnings is pegged at $4.04 per share. The consensus estimate for 2023 earnings has moved 5% north in the past 60 days. ATR’s shares gained 2.7% in the last year.
The Zacks Consensus Estimate for OI Glass’ 2023 EPS is pegged at $2.59. The consensus estimate for 2023 earnings rose 0.8% in the last 60 days. OI has a trailing four-quarter average earnings surprise of 16.5%. Its shares gained 50% in the last year.