Company Quick10K Filing
Manitowoc
Price12.43 EPS-1
Shares36 P/E-11
MCap444 P/FCF-2
Net Debt242 EBIT-9
TEV685 TEV/EBIT-76
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-08-06
10-Q 2020-03-31 Filed 2020-05-08
10-K 2019-12-31 Filed 2020-02-14
10-Q 2019-09-30 Filed 2019-11-08
10-Q 2019-06-30 Filed 2019-08-09
10-Q 2019-03-31 Filed 2019-05-10
10-K 2018-12-31 Filed 2019-02-13
10-Q 2018-09-30 Filed 2018-11-06
10-Q 2018-06-30 Filed 2018-08-07
10-Q 2018-03-31 Filed 2018-05-08
10-K 2017-12-31 Filed 2018-02-23
10-Q 2017-09-30 Filed 2017-11-07
10-Q 2017-06-30 Filed 2017-08-08
10-Q 2017-03-31 Filed 2017-05-09
10-K 2016-12-31 Filed 2017-02-28
10-Q 2016-09-30 Filed 2016-11-03
10-Q 2016-06-30 Filed 2016-08-09
10-Q 2016-03-31 Filed 2016-05-10
10-K 2015-12-31 Filed 2016-02-29
10-Q 2015-09-30 Filed 2015-11-03
10-Q 2015-06-30 Filed 2015-08-07
10-Q 2015-03-31 Filed 2015-05-06
10-K 2014-12-31 Filed 2015-02-20
10-Q 2014-09-30 Filed 2014-10-31
10-Q 2014-06-30 Filed 2014-08-01
10-Q 2014-03-31 Filed 2014-05-06
10-K 2013-12-31 Filed 2014-02-21
10-Q 2013-09-30 Filed 2013-11-01
10-Q 2013-06-30 Filed 2013-08-02
10-Q 2013-03-31 Filed 2013-05-07
10-K 2012-12-31 Filed 2013-02-28
10-Q 2012-09-30 Filed 2012-11-05
10-Q 2012-06-30 Filed 2012-08-07
10-Q 2012-03-31 Filed 2012-05-04
10-K 2011-12-31 Filed 2012-02-29
10-Q 2011-09-30 Filed 2011-11-08
10-Q 2011-06-30 Filed 2011-08-09
10-Q 2011-03-31 Filed 2011-05-10
10-K 2010-12-31 Filed 2011-03-01
10-Q 2010-09-30 Filed 2010-11-09
10-Q 2010-06-30 Filed 2010-08-09
10-Q 2010-03-31 Filed 2010-05-10
10-K 2009-12-31 Filed 2010-03-01
8-K 2020-08-05 Earnings, Exhibits
8-K 2020-05-07
8-K 2020-05-05
8-K 2020-04-06
8-K 2020-03-27
8-K 2020-02-06
8-K 2019-12-12
8-K 2019-11-07
8-K 2019-10-11
8-K 2019-06-30
8-K 2019-05-07
8-K 2019-03-31
8-K 2019-03-25
8-K 2019-03-11
8-K 2019-03-06
8-K 2018-12-31
8-K 2018-11-12
8-K 2018-09-30
8-K 2018-07-31
8-K 2018-06-30
8-K 2018-05-01
8-K 2018-03-31
8-K 2018-03-20
8-K 2018-02-23
8-K 2018-02-08

MTW 10Q Quarterly Report

Part I. Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosure About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1A. Risk Factors
Item 5. Other Information
Item 6. Exhibits
EX-10 mtw-ex10_343.htm
EX-31 mtw-ex31_7.htm
EX-32.1 mtw-ex321_6.htm
EX-32.2 mtw-ex322_8.htm

Manitowoc Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
10.08.06.04.02.00.02012201420172020
Assets, Equity
1.20.90.60.30.0-0.32012201420172020
Rev, G Profit, Net Income
0.40.30.1-0.0-0.2-0.32012201420172020
Ops, Inv, Fin

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

 

FORM 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2020

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from          to

Commission File Number: 1-11978

 

The Manitowoc Company, Inc.

(Exact Name of Registrant as Specified in its Charter)

 

 

Wisconsin

 

39-0448110

(State or other jurisdiction

 

(I.R.S. Employer

of incorporation or organization)

 

Identification Number)

 

11270 West Park Place

Suite 1000

 

 

Milwaukee, Wisconsin

 

53224

(Address of principal executive offices)

 

(Zip Code)

Registrant’s telephone number, including area code: (414) 760-4600

 

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange on which registered

Common Stock, $.01 Par Value

 

MTW

 

New York Stock Exchange

 

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

  

Accelerated filer

 

Non-accelerated filer

 

 

  

Smaller reporting company

 

Emerging growth company

 

 

 

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  

As of June 30, 2020, the registrant had 34,521,063 shares of common stock, $.01 par value per share, outstanding.

1


 

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

THE MANITOWOC COMPANY, INC.

Condensed Consolidated Statements of Operations

For the three and six months ended June 30, 2020 and 2019

(Unaudited)

($ in millions, except per share and average share amounts)

 

 

 

Three Months Ended

June 30,

 

 

Six Months Ended

June 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Net sales

 

$

328.3

 

 

$

504.7

 

 

$

657.5

 

 

$

922.7

 

Cost of sales

 

 

279.9

 

 

 

409.5

 

 

 

545.9

 

 

 

747.3

 

Gross profit

 

 

48.4

 

 

 

95.2

 

 

 

111.6

 

 

 

175.4

 

Operating costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Engineering, selling and administrative expenses

 

 

49.7

 

 

 

50.5

 

 

 

105.6

 

 

 

109.9

 

Amortization of intangible assets

 

 

0.1

 

 

 

0.1

 

 

 

0.2

 

 

 

0.2

 

Restructuring expense

 

 

0.2

 

 

 

2.7

 

 

 

1.7

 

 

 

7.2

 

Total operating costs and expenses

 

 

50.0

 

 

 

53.3

 

 

 

107.5

 

 

 

117.3

 

Operating income (loss)

 

 

(1.6

)

 

 

41.9

 

 

 

4.1

 

 

 

58.1

 

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

(7.2

)

 

 

(7.5

)

 

 

(14.4

)

 

 

(18.4

)

Amortization of deferred financing fees

 

 

(0.3

)

 

 

(0.4

)

 

 

(0.7

)

 

 

(0.8

)

Loss on debt extinguishment

 

 

 

 

 

 

 

 

 

 

 

(25.0

)

Other income (expense) - net

 

 

(2.9

)

 

 

15.9

 

 

 

(6.9

)

 

 

12.6

 

Total other income (expense)

 

 

(10.4

)

 

 

8.0

 

 

 

(22.0

)

 

 

(31.6

)

Income (loss) before income taxes

 

 

(12.0

)

 

 

49.9

 

 

 

(17.9

)

 

 

26.5

 

Provision for income taxes

 

 

0.7

 

 

 

3.9

 

 

 

2.6

 

 

 

7.2

 

Net income (loss)

 

$

(12.7

)

 

$

46.0

 

 

$

(20.5

)

 

$

19.3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Per Share Data

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic income (loss) per common share

 

$

(0.37

)

 

$

1.29

 

 

$

(0.59

)

 

$

0.54

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted income (loss) per common share

 

$

(0.37

)

 

$

1.29

 

 

$

(0.59

)

 

$

0.54

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding - basic

 

 

34,519,889

 

 

 

35,595,718

 

 

 

34,827,582

 

 

 

35,619,145

 

Weighted average shares outstanding - diluted

 

 

34,519,889

 

 

 

35,725,908

 

 

 

34,827,582

 

 

 

35,799,089

 

 

The accompanying notes are an integral part to these Condensed Consolidated Financial Statements.

 

2


 

THE MANITOWOC COMPANY, INC.

Condensed Consolidated Statements of Comprehensive Income (Loss)

For the three and six months ended June 30, 2020 and 2019

(Unaudited)

($ in millions)

 

 

 

Three Months Ended

June 30,

 

 

Six Months Ended

June 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Net income (loss)

 

$

(12.7

)

 

$

46.0

 

 

$

(20.5

)

 

$

19.3

 

Other comprehensive income (loss), net of income tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized income on derivatives, net of income

   tax provision of $0.0, $0.0, $0.0 and $0.0, respectively

 

 

0.1

 

 

 

0.6

 

 

 

0.1

 

 

 

0.7

 

Employee pension and postretirement benefit expense, net

   of income tax benefit of $0.3, $0.0, $0.0 and $0.0,

   respectively

 

 

0.6

 

 

 

0.5

 

 

 

1.8

 

 

 

1.0

 

Foreign currency translation adjustments

 

 

8.6

 

 

 

1.2

 

 

 

(5.0

)

 

 

(1.3

)

Total other comprehensive income (loss), net of income tax

 

 

9.3

 

 

 

2.3

 

 

 

(3.1

)

 

 

0.4

 

Comprehensive income (loss)

 

$

(3.4

)

 

$

48.3

 

 

$

(23.6

)

 

$

19.7

 

 

The accompanying notes are an integral part to these Condensed Consolidated Financial Statements.

3


 

THE MANITOWOC COMPANY, INC.

Condensed Consolidated Balance Sheets

As of June 30, 2020 and December 31, 2019

(Unaudited)

($ in millions, except per share amounts)

 

 

 

June 30,

2020

 

 

December 31,

2019

 

Assets

 

 

 

 

 

 

 

 

Current Assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

128.3

 

 

$

199.3

 

Accounts receivable, less allowances of $9.4 and $7.9, respectively

 

 

171.9

 

 

 

168.3

 

Inventories — net

 

 

534.5

 

 

 

461.4

 

Notes receivable — net

 

 

14.0

 

 

 

17.4

 

Other current assets

 

 

33.0

 

 

 

26.0

 

Total current assets

 

 

881.7

 

 

 

872.4

 

 

 

 

 

 

 

 

 

 

Property, plant and equipment — net

 

 

277.8

 

 

 

289.9

 

Operating lease right-of-use assets

 

 

42.8

 

 

 

47.6

 

Goodwill

 

 

232.0

 

 

 

232.5

 

Other intangible assets — net

 

 

115.9

 

 

 

116.3

 

Other non-current assets

 

 

54.7

 

 

 

59.0

 

Total assets

 

$

1,604.9

 

 

$

1,617.7

 

Liabilities and Stockholders' Equity

 

 

 

 

 

 

 

 

Current Liabilities:

 

 

 

 

 

 

 

 

Accounts payable and accrued expenses

 

$

332.6

 

 

$

340.8

 

Short-term borrowings and current portion of long-term debt

 

 

4.3

 

 

 

3.8

 

Product warranties

 

 

45.8

 

 

 

47.2

 

Customer advances

 

 

15.8

 

 

 

25.8

 

Other liabilities

 

 

22.2

 

 

 

23.3

 

Total current liabilities

 

 

420.7

 

 

 

440.9

 

Non-Current Liabilities:

 

 

 

 

 

 

 

 

Long-term debt

 

 

356.9

 

 

 

308.4

 

Operating lease liabilities

 

 

33.3

 

 

 

37.6

 

Deferred income taxes

 

 

4.3

 

 

 

5.5

 

Pension obligations

 

 

83.7

 

 

 

86.4

 

Postretirement health and other benefit obligations

 

 

15.6

 

 

 

16.4

 

Long-term deferred revenue

 

 

27.4

 

 

 

30.3

 

Other non-current liabilities

 

 

47.3

 

 

 

46.3

 

Total non-current liabilities

 

 

568.5

 

 

 

530.9

 

Commitments and contingencies (Note 18)

 

 

 

 

 

 

 

 

Stockholders' Equity:

 

 

 

 

 

 

 

 

Preferred stock (authorized 3,500,000 shares of $.01 par value; none outstanding)

 

 

 

 

 

 

Common stock (75,000,000 shares authorized, 40,793,983 shares issued, 34,521,063

   and 35,374,537 shares outstanding, respectively)

 

 

0.4

 

 

 

0.4

 

Additional paid-in capital

 

 

596.0

 

 

 

592.2

 

Accumulated other comprehensive loss

 

 

(124.1

)

 

 

(121.0

)

Retained earnings

 

 

215.5

 

 

 

236.2

 

Treasury stock, at cost (6,272,920 and 5,419,446 shares, respectively)

 

 

(72.1

)

 

 

(61.9

)

Total stockholders' equity

 

 

615.7

 

 

 

645.9

 

Total liabilities and stockholders' equity

 

$

1,604.9

 

 

$

1,617.7

 

 

The accompanying notes are an integral part to these Condensed Consolidated Financial Statements.

 

4


 

THE MANITOWOC COMPANY, INC.

Condensed Consolidated Statements of Cash Flows

For the six months ended June 30, 2020 and 2019

(Unaudited)

($ in millions)

 

 

 

Six Months Ended

June 30,

 

 

 

2020

 

 

2019

 

Cash Flows from Operating Activities:

 

 

 

 

 

 

 

 

Net income (loss)

 

$

(20.5

)

 

$

19.3

 

Adjustments to reconcile net income (loss) to cash used for operating activities:

 

 

 

 

 

 

 

 

Depreciation

 

 

18.1

 

 

 

17.4

 

Amortization of intangible assets

 

 

0.2

 

 

 

0.2

 

Amortization of deferred financing fees

 

 

0.7

 

 

 

0.8

 

Loss on debt extinguishment

 

 

 

 

 

25.0

 

Other

 

 

5.9

 

 

 

6.0

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

 

Accounts receivable

 

 

(6.4

)

 

 

(222.6

)

Inventories

 

 

(73.4

)

 

 

(106.5

)

Notes receivable

 

 

5.6

 

 

 

(2.3

)

Other assets

 

 

(6.4

)

 

 

26.1

 

Accounts payable

 

 

(6.5

)

 

 

22.1

 

Accrued expenses and other liabilities

 

 

(16.0

)

 

 

(20.9

)

Net cash used for operating activities

 

 

(98.7

)

 

 

(235.4

)

 

 

 

 

 

 

 

 

 

Cash Flows from Investing Activities:

 

 

 

 

 

 

 

 

Capital expenditures

 

 

(8.0

)

 

 

(9.7

)

Proceeds from sale of fixed assets

 

 

0.1

 

 

 

4.8

 

Cash receipts on sold accounts receivable

 

 

 

 

 

126.3

 

Net cash provided by (used for) investing activities

 

 

(7.9

)

 

 

121.4

 

 

 

 

 

 

 

 

 

 

Cash Flows from Financing Activities:

 

 

 

 

 

 

 

 

Proceeds from revolving credit facility

 

 

50.0

 

 

 

82.8

 

Payments on revolving credit facility

 

 

 

 

 

(82.8

)

Payments on long-term debt

 

 

 

 

 

(276.6

)

Proceeds from long-term debt

 

 

 

 

 

300.0

 

Other debt - net

 

 

(1.5

)

 

 

1.9

 

Debt issuance costs

 

 

 

 

 

(8.2

)

Exercises of stock options

 

 

0.1

 

 

 

0.1

 

Common stock repurchases

 

 

(12.0

)

 

 

(7.4

)

Net cash provided by financing activities

 

 

36.6

 

 

 

9.8

 

 

 

 

 

 

 

 

 

 

Effect of exchange rate changes on cash and cash equivalents

 

 

(1.0

)

 

 

(1.1

)

 

 

 

 

 

 

 

 

 

Net decrease in cash and cash equivalents

 

 

(71.0

)

 

 

(105.3

)

Cash and cash equivalents at beginning of period

 

 

199.3

 

 

 

140.3

 

Cash and cash equivalents at end of period

 

$

128.3

 

 

$

35.0

 

 

The accompanying notes are an integral part to these Condensed Consolidated Financial Statements.

 

 

 

 

5


 

THE MANITOWOC COMPANY, INC.

Condensed Consolidated Statements of Equity

For the three and six months ended June 30, 2020 and 2019

(Unaudited)

($ in millions, except share amounts)

 

 

 

Three Months Ended

June 30,

 

 

Six Months Ended

June 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Common Stock - Par Value

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at beginning of period

 

$

0.4

 

 

$

0.4

 

 

$

0.4

 

 

$

0.4

 

Balance at end of period

 

$

0.4

 

 

$

0.4

 

 

$

0.4

 

 

$

0.4

 

Additional Paid-in Capital

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at beginning of period

 

$

593.7

 

 

$

586.0

 

 

$

592.2

 

 

$

584.8

 

Stock options exercised and issuance of other stock awards

 

 

(0.2

)

 

 

(0.2

)

 

 

(2.1

)

 

 

(2.1

)

Stock-based compensation

 

 

2.5

 

 

 

3.0

 

 

 

5.9

 

 

 

6.1

 

Balance at end of period

 

$

596.0

 

 

$

588.8

 

 

$

596.0

 

 

$

588.8

 

Accumulated Other Comprehensive Loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at beginning of period

 

$

(133.4

)

 

$

(118.5

)

 

$

(121.0

)

 

$

(116.6

)

Other comprehensive income (loss)

 

 

9.3

 

 

 

2.3

 

 

 

(3.1

)

 

 

0.4

 

Balance at end of period

 

$

(124.1

)

 

$

(116.2

)

 

$

(124.1

)

 

$

(116.2

)

Retained Earnings