MANITOWOC COMPANY Reports Fourth Quarter FY2022 Earnings Results on February 21, 2023

Earnings Overview

On February 21, 2023, MANITOWOC COMPANY ($NYSE:MTW) released its earnings results for the fourth quarter of FY2022, which ended on December 31, 2022. The company reported a total revenue of USD -144.1 million, a decrease of 3902.8% year over year. Additionally, the company reported a 24.9% increase in net income, reaching USD 621.6 million.

Transcripts Simplified

The fourth quarter orders of $708 million exceeded expectations, up 15% from the prior year, driven by higher pricing and a couple of large dealer orders. December 31 backlog was $25 million lower than the prior year, impacted by changes in foreign currency exchange rates. Net sales in the quarter were $622 million, up 25% from the prior year and adjusted EBITDA was $52 million, up 51% year-over-year. The adjusted EBITDA margin was 8.3%, and the adjusted diluted income per share was $0.74, an increase of $0.48 from the prior year.

About the Company

Income Snapshot

Below shows the total revenue, net income and net margin for Manitowoc Company. More…

Cash Flow Snapshot

Below shows the cash from operations, investing and financing for Manitowoc Company. More…

Balance Sheet Snapshot

Below shows the total assets, liabilities and book value per share for Manitowoc Company. More…

Key Ratios Snapshot

Some of the financial key ratios for Manitowoc Company are shown below. More…

Stock Price

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Analysis

GoodWhale has conducted an analysis of MANITOWOC COMPANY‘s fundamentals and found that according to Star Chart, it is classified as ‘rhino’, meaning it has achieved moderate revenue or earnings growth. Potential investors interested in such a company could include those who are looking for steady returns and value investing strategies. From a financial standpoint, MANITOWOC COMPANY has an intermediate health score of 4/10. This suggests that it is able to safely ride out any crisis without the risk of bankruptcy. The analysis found that MANITOWOC COMPANY is strong in cashflows, medium in profitability, and weak in asset turnover, dividend yield, and growth %. This suggests that the company is performing moderately well, but there is room for improvement. More…

Peers

There is intense competition between Manitowoc Co Inc and its competitors Palfinger AG, Wacker Neuson SE, Volvo AB. All four companies are fighting for market share in the construction equipment industry. Manitowoc Co Inc has a strong presence in North America, while its competitors have a strong presence in Europe and Asia.

– Palfinger AG ($OTCPK:PLFRF)

Palfinger AG is a leading provider of innovative lifting, loading, and handling solutions. The company has a market capitalization of 704.98 million as of 2022 and a return on equity of 14.32%. Palfinger AG designs, manufactures, and markets a broad range of products, including cranes, aerial work platforms, and hydraulic loader arms. The company’s products are used in a variety of industries, including construction, agriculture, forestry, recycling, and material handling.

– Wacker Neuson SE ($OTCPK:WKRCF)

Wacker Neuson SE, with a market cap of 1.01B as of 2022, is a construction equipment company with a return on equity of 9.24%. The company has a strong focus on innovation and has a wide range of products that serve the construction, agriculture, and landscaping industries.

– Volvo AB ($OTCPK:VLVLY)

Volvo AB, together with its subsidiaries, manufactures and sells trucks, buses, construction equipment, and marine and industrial engines in Sweden, China, and internationally. The company operates through four segments: Trucks, Construction Equipment, Buses, and Financial Services. The Trucks segment offers medium to heavy-duty trucks. The Construction Equipment segment provides wheel loaders, articulated haulers, backhoe loaders, excavators, and compact equipment. The Buses segment offers city buses, intercity buses, coaches, and bus chassis. The Financial Services segment offers financing, leasing, and insurance products to its customers and dealers. Volvo was founded in 1915 and is headquartered in Gothenburg, Sweden.

Summary

MANITOWOC COMPANY made a strong showing in their fourth quarter of FY2022, with total revenue down an astounding 3902.8%, yet net income increasing 24.9% year over year. This was reflected in their stock prices, which moved up the same day, pointing to a positive outlook for investors. Looking forward, analysts expect the company to continue to capitalize on their cost savings and further bolster their bottom line. With the right strategies in place and continued economic tailwinds, MANITOWOC may be well-positioned to meet investor expectations.