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Manitowoc (MTW) Q1 Earnings Miss Estimates, Revenues Dip Y/Y
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The Manitowoc Company, Inc. (MTW - Free Report) reported adjusted earnings per share (EPS) of 14 cents in first-quarter 2024, missing the Zacks Consensus Estimate of 19 cents. The bottom line marked a decline from earnings of 46 cents in the year-ago quarter.
Including one-time items, the company reported an EPS of 12 cents in the quarter compared with the prior-year quarter’s 46 cents.
Manitowoc’s revenues fell 2.6% year over year to $495 million in the quarter under review. The top line beat the Zacks Consensus Estimate of $489 million.
Orders in the reported quarter increased 5.6% year over year to $554 million. The backlog at the end of the quarter was $971 million.
The Manitowoc Company, Inc. Price, Consensus and EPS Surprise
Cost of sales increased 0.1% year over year to $403 million in the reported quarter. The gross profit moved down 13% year over year to $93 million. The gross margin was 18.7% in the reported quarter compared with 20.9% in the prior-year quarter.
Engineering, selling and administrative expenses increased 1.2% year over year to $76 million. Adjusted operating income was $15.9 million in the quarter, down from $30.2 million in the prior-year quarter. Adjusted EBITDA in the reported quarter was $31 million compared with $45 million in the prior-year quarter. The adjusted EBITDA margin was 6.3%, down from the year-ago quarter’s 8.9%.
Financial Updates
Manitowoc reported cash and cash equivalents of $31.5 million at the end of the first quarter of 2024, down from $34 million at 2023 end. The long-term debt was $373 million at the end of the quarter under review, up from $359 million at the 2023-end. The company used $31 million in cash in operating activities in the first quarter of 2024 against the cash inflow of $15 million in the prior-year quarter.
Price Performance
In the past year, Manitowoc’s shares have lost 18.5% against the industry’s growth of 60.6%.
Caterpillar Inc. (CAT - Free Report) reported first-quarter 2024 adjusted earnings per share of $5.60, which beat the Zacks Consensus Estimate of $5.12 by a margin of 9%. The bottom-line figure marked a 14% year-over-year improvement.
The company reported first-quarter revenues of $15.8 billion, which missed the Zacks Consensus Estimate of $16.1 billion. The top line was flat with the year-ago quarter as favorable price realization was offset by lower volumes. Caterpillar witnessed lower sales of equipment to end users.
Terex Corporation (TEX - Free Report) reported first-quarter 2024 adjusted earnings per share of $1.60, which beat the Zacks Consensus Estimate of $1.37. The bottom line was flat year over year.
Revenues in the reported quarter increased 4.6% year over year to $1.29 billion, surpassing the Zacks Consensus Estimate of $1.23 billion. The year-over-year upside was driven by healthy demand across multiple businesses.
H&E Equipment Services, Inc. (HEES - Free Report) came out with first-quarter 2024 earnings of 71 cents per share, missing the Zacks Consensus Estimate of 73 cents. The reported figure was flat with that recorded a year ago.
The company reported first-quarter revenues of $371 million, which beat the Zacks Consensus Estimate of $348 million. The top line increased 15.2% from the year-ago quarter.
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Manitowoc (MTW) Q1 Earnings Miss Estimates, Revenues Dip Y/Y
The Manitowoc Company, Inc. (MTW - Free Report) reported adjusted earnings per share (EPS) of 14 cents in first-quarter 2024, missing the Zacks Consensus Estimate of 19 cents. The bottom line marked a decline from earnings of 46 cents in the year-ago quarter.
Including one-time items, the company reported an EPS of 12 cents in the quarter compared with the prior-year quarter’s 46 cents.
Manitowoc’s revenues fell 2.6% year over year to $495 million in the quarter under review. The top line beat the Zacks Consensus Estimate of $489 million.
Orders in the reported quarter increased 5.6% year over year to $554 million. The backlog at the end of the quarter was $971 million.
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 0.1% year over year to $403 million in the reported quarter. The gross profit moved down 13% year over year to $93 million. The gross margin was 18.7% in the reported quarter compared with 20.9% in the prior-year quarter.
Engineering, selling and administrative expenses increased 1.2% year over year to $76 million. Adjusted operating income was $15.9 million in the quarter, down from $30.2 million in the prior-year quarter. Adjusted EBITDA in the reported quarter was $31 million compared with $45 million in the prior-year quarter. The adjusted EBITDA margin was 6.3%, down from the year-ago quarter’s 8.9%.
Financial Updates
Manitowoc reported cash and cash equivalents of $31.5 million at the end of the first quarter of 2024, down from $34 million at 2023 end. The long-term debt was $373 million at the end of the quarter under review, up from $359 million at the 2023-end. The company used $31 million in cash in operating activities in the first quarter of 2024 against the cash inflow of $15 million in the prior-year quarter.
Price Performance
In the past year, Manitowoc’s shares have lost 18.5% against the industry’s growth of 60.6%.
Image Source: Zacks Investment Research
Zacks Rank & Stocks to Consider
Manitowoc currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Performances of Other Manufacturing Stocks
Caterpillar Inc. (CAT - Free Report) reported first-quarter 2024 adjusted earnings per share of $5.60, which beat the Zacks Consensus Estimate of $5.12 by a margin of 9%. The bottom-line figure marked a 14% year-over-year improvement.
The company reported first-quarter revenues of $15.8 billion, which missed the Zacks Consensus Estimate of $16.1 billion. The top line was flat with the year-ago quarter as favorable price realization was offset by lower volumes. Caterpillar witnessed lower sales of equipment to end users.
Terex Corporation (TEX - Free Report) reported first-quarter 2024 adjusted earnings per share of $1.60, which beat the Zacks Consensus Estimate of $1.37. The bottom line was flat year over year.
Revenues in the reported quarter increased 4.6% year over year to $1.29 billion, surpassing the Zacks Consensus Estimate of $1.23 billion. The year-over-year upside was driven by healthy demand across multiple businesses.
H&E Equipment Services, Inc. (HEES - Free Report) came out with first-quarter 2024 earnings of 71 cents per share, missing the Zacks Consensus Estimate of 73 cents. The reported figure was flat with that recorded a year ago.
The company reported first-quarter revenues of $371 million, which beat the Zacks Consensus Estimate of $348 million. The top line increased 15.2% from the year-ago quarter.