Manitowoc Co Inc 8-K, filed Nov 3, 2026
Manitowoc Co Inc (MTW)
About this 8-K
Manitowoc Co Inc filed this 8-K on November 3, 2026.
The Manitowoc Company, Inc. reported adjusted EBITDA of $47.4 million for the quarter ended September 30, 2026 and raised full-year adjusted EBITDA guidance to 160 to 175 million and adjusted diluted earnings per share guidance to 0.90 to 1.25. AI summary
Items reported
- Item 2.02: Financial results
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2. below):
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
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. ☐
Item 2.02 Results of Operations and Financial Conditions
On November 3, 2026, The Manitowoc Company, Inc. (the “Company”) issued a press release announcing its earnings for the quarter ended September 30, 2026. A copy of such press release is furnished as Exhibit 99.1 and is incorporated herein by reference.
The information in this Item 2.02, including Exhibit 99.1, is not deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section. This information will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except to the extent that the Company specifically incorporates it by reference in such a filing.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
Exhibit No. |
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Description |
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Furnished Herewith |
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99.1 |
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X |
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104 |
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Cover Page Interactive Data File (embedded within the Inline XBRL document). |
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X |
2
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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THE MANITOWOC COMPANY, INC. |
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(Registrant) |
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DATE: November 3, 2026 |
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/s/ Brian P. Regan |
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Brian P. Regan |
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Executive Vice President & Chief Financial Officer |
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Exhibit 99.1
The Manitowoc Company Reports Strong Third-Quarter 2026 Results; Raises Full Year Guidance
Third-Quarter 2026 Highlights
MILWAUKEE, Wis. - The Manitowoc Company, Inc. (NYSE: MTW) (the “Company” or “Manitowoc”) today reported third-quarter net income of $11.0 million, or $0.30 per diluted share. Third-quarter adjusted net income(1) was $11.5 million or $0.31 per diluted share.
Orders in the third quarter were $676.4 million, a 37.6% increase from the prior year, resulting in backlog of $1,110.9 million at the end of the quarter.
Net sales in the third quarter were $613.8 million, an increase of 10.9% from the prior year. Non-new machine sales were $174.1 million, a decrease of 1.9% year-over-year. Adjusted EBITDA(1) was $47.4 million, an increase of 39.0% from the prior year.
“Manitowoc’s third quarter results exceeded our expectations, highlighted by robust orders, double-digit sales growth, and a significant improvement in adjusted EBITDA. Backlog expanded over the last four consecutive quarters, reflecting continued strength in crane demand, particularly in the Americas, Middle East, and Asia Pacific, providing good visibility to the fourth quarter and into 2027. I am proud of the team’s continued focus on serving our customers and executing our strategic priorities,” commented Aaron H. Ravenscroft, President and Chief Executive Officer of The Manitowoc Company, Inc.
“For the remainder of the year, our priorities remain clear: execute against our backlog, improve working-capital efficiency, and continue to grow the aftermarket business through our CRANES+50 strategy. Given our strong momentum, we have raised our guidance for adjusted EBITDA and adjusted diluted earnings per share,” concluded Ravenscroft.
Updated Full-Year 2026 Guidance
The Company’s updated guidance for adjusted EBITDA and adjusted diluted earnings per share, and a comparison to its prior guidance, is summarized in the table below.
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Updated Guidance |
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Prior Guidance |
Net sales |
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No change |
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$2.3 to $2.4 billion |
Adjusted EBITDA |
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$160 to $175 million |
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$150 to $170 million |
Depreciation and amortization |
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No change |
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$60 million |
Interest expense |
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No change |
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$35 to $38 million |
Provision for income tax expense |
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No change |
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$17 to $24 million, excluding one-time expenses |
Adjusted diluted earnings per share |
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$0.90 to $1.25 |
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$0.80 to $1.20 |
Capital expenditures |
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No change |
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$45 to $50 million, $25 million related to the rental fleet |
Free cash flows |
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No change |
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$50 to $70 million |
The Company’s guidance includes adjusted EBITDA, adjusted diluted earnings per share, and free cash flows, which are non-GAAP financial measures. The Company does not provide guidance for the most directly comparable U.S. GAAP measures because it is unable to predict, with reasonable certainty and without unreasonable effort, certain amounts that are excluded from these non-GAAP measures, including, but not limited to, restructuring expenses, other non-recurring items - net and other expense - net. These items are uncertain, depend on various factors and could have a material impact on the Company’s results calculated in accordance with U.S. GAAP. Accordingly, the Company has not provided reconciliations of its 2026 guidance for adjusted EBITDA, adjusted diluted earnings per share, and free cash flows to the most directly comparable U.S. GAAP measures because it would be too difficult to prepare a reliable U.S. GAAP quantitative reconciliation without unreasonable effort. The
Company also believes that providing such reconciliations would imply a degree of precision that could be confusing or misleading to investors.
The guidance set forth above constitutes forward-looking information and is subject to the risks and uncertainties described under "Forward-Looking Statements" below and in the Company's filings with the Securities and Exchange Commission.
Investor Conference Call
The Manitowoc Company will host a conference call for security analysts and institutional investors to discuss its third-quarter 2026 earnings results on Wednesday, November 4, 2026, at 10:00 a.m. ET (9:00 a.m. CT). Shareholders and prospective investors are encouraged to submit questions in advance to ion.warner@manitowoc.com. A live audio webcast of the call, along with the related presentation, will be available via webcast on the Manitowoc website at http://ir.manitowoc.com in the "Events & Presentations" section. A replay of the conference call will also be available at the same location on the website.
About The Manitowoc Company, Inc.
The Manitowoc Company, Inc. (“Manitowoc” or the “Company”) was founded in 1902, and is headquartered in Milwaukee, Wisconsin, United States. Manitowoc, through its wholly-owned subsidiaries, provides high quality, customer-focused lifting products and services world-wide through its Grove, Manitowoc, National Crane, Potain, Shuttlelift, and Upfits by Aspen Equipment brands and its support-focused subsidiary MGX Equipment Services. For more information, visit www.manitowoc.com.
Footnote
(1)Adjusted net income, adjusted diluted net income per share (“Adjusted DEPS”), EBITDA, adjusted EBITDA, adjusted operating income, adjusted return on invested capital (“Adjusted ROIC”), and free cash flows are financial measures that are not in accordance with U.S. GAAP. For definitions and a reconciliation to the most comparable U.S. GAAP numbers, please see the schedule of “Non-GAAP Financial Measures” at the end of this press release.
Forward-looking Statements
This press release includes “forward-looking statements” intended to qualify for the safe harbor from liability under the Private Securities Litigation Reform Act of 1995. Any statements contained in this press release that are not historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the current expectations of the management of the Company and are subject to uncertainty and changes in circumstances. Forward-looking statements include, without limitation, statements typically containing words such as “intends,” “expects,” “anticipates,” “targets,” “estimates,” and words of similar import. By their nature, forward-looking statements are not guarantees of future performance or results and involve risks and uncertainties because they relate to events and depend on circumstances that will occur in the future. There are a number of factors that could cause actual results and developments to differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results and developments to differ materially include, among others:
Manitowoc undertakes no obligation to update or revise forward-looking statements, whether as a result of new information, future events, or otherwise. Forward-looking statements only speak as of the date on which they are made. Information on the potential factors that could affect the Company's actual results of operations is included in its filings with the Securities and Exchange Commission, including but not limited to its Annual Report on Form 10-K for the fiscal year ended December 31, 2025 and subsequently filed Quarterly Reports on Form 10-Q.
THE MANITOWOC COMPANY, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions, except per share and share amounts)
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Three Months Ended |
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Nine Months Ended |
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2026 |
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2025 |
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2026 |
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2025 |
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Net sales |
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$ |
613.8 |
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$ |
553.4 |
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$ |
1,703.3 |
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$ |
1,563.8 |
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Cost of sales |
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492.0 |
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450.8 |
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1,363.1 |
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1,272.4 |
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Gross profit |
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121.8 |
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102.6 |
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340.2 |
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291.4 |
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Operating costs and expenses: |
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Engineering, selling and administrative expenses |
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88.9 |
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83.4 |
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269.9 |
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253.7 |
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Amortization of intangible assets |
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0.7 |
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0.7 |
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2.3 |
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2.3 |
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Restructuring expense |
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0.4 |
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— |
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2.0 |
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1.8 |
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Total operating costs and expenses |
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90.0 |
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84.1 |
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274.2 |
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257.8 |
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Operating income |
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31.8 |
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18.5 |
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66.0 |
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33.6 |
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Other expense: |
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Interest expense |
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(9.2 |
) |
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(9.8 |
) |
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(27.3 |
) |
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(27.7 |
) |
Amortization of deferred financing fees |
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(0.4 |
) |
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(0.4 |
) |
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(1.1 |
) |
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(1.1 |
) |
Other expense - net |
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(3.4 |
) |
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(0.8 |
) |
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(6.7 |
) |
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(4.8 |
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Total other expense |
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(13.0 |
) |
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(11.0 |
) |
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(35.1 |
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(33.6 |
) |
Income before income taxes |
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18.8 |
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7.5 |
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30.9 |
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— |
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Provision (benefit) for income taxes |
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7.8 |
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2.5 |
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11.7 |
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(0.2 |
) |
Net income |
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$ |
11.0 |
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$ |
5.0 |
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$ |
19.2 |
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$ |
0.2 |
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Per Share Data and Share Amounts: |
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Basic net income per common share |
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$ |
0.30 |
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$ |
0.14 |
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$ |
0.53 |
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$ |
0.01 |
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Diluted net income per common share |
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$ |
0.30 |
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$ |
0.14 |
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$ |
0.52 |
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$ |
0.01 |
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Weighted average shares outstanding - basic |
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36,085,624 |
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35,467,707 |
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35,916,406 |
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35,398,738 |
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Weighted average shares outstanding - diluted |
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36,898,489 |
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36,264,880 |
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36,717,431 |
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35,951,308 |
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THE MANITOWOC COMPANY, INC.
CONSOLIDATED BALANCE SHEETS
(In millions, except par value and share amounts)
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September 30, 2026 |
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December 31, 2025 |
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Assets |
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Current Assets: |
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|
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Cash and cash equivalents |
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$ |
64.7 |
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$ |
77.3 |
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Accounts receivable, less allowances of $6.6 and $5.8, respectively |
|
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313.0 |
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281.3 |
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Inventories — net |
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813.4 |
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683.9 |
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Other current assets |
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49.5 |
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54.1 |
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Total current assets |
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1,240.6 |
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1,096.6 |
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Property, plant and equipment — net |
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332.2 |
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343.0 |
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Operating lease right-of-use assets |
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61.7 |
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68.0 |
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Goodwill |
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80.8 |
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79.6 |
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Intangible assets — net |
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120.1 |
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125.1 |
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Other non-current assets |
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103.1 |
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105.9 |
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Total assets |
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$ |
1,938.5 |
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$ |
1,818.2 |
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Liabilities and Stockholders' Equity |
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Current Liabilities: |
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Accounts payable and accrued expenses |
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$ |
494.2 |
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$ |
401.6 |
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Customer advances |
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20.4 |
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18.3 |
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Short-term borrowings and current portion of long-term debt |
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17.1 |
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13.7 |
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Product warranties |
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33.7 |
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36.2 |
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Other liabilities |
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22.3 |
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21.8 |
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Total current liabilities |
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587.7 |
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491.6 |
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Non-Current Liabilities: |
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Long-term debt |
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461.1 |
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447.1 |
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Operating lease liabilities |
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46.9 |
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53.6 |
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Deferred income taxes |
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2.9 |
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2.3 |
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Pension obligations |
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41.4 |
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45.3 |
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Postretirement health and other benefit obligations |
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2.7 |
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3.1 |
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Long-term deferred revenue |
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23.7 |
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18.8 |
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Other non-current liabilities |
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59.2 |
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61.2 |
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Total non-current liabilities |
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637.9 |
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631.4 |
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Stockholders' Equity: |
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Preferred stock (authorized 3,500,000 shares of $.01 par value; none outstanding) |
|
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— |
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— |
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Common stock (75,000,000 shares authorized, 40,793,983 shares issued, 36,106,976 |
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0.4 |
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0.4 |
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Additional paid-in capital |
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610.8 |
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616.7 |
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Accumulated other comprehensive loss |
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(68.5 |
) |
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(65.3 |
) |
Retained earnings |
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225.7 |
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206.5 |
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Treasury stock, at cost (4,687,007 and 5,320,565 shares, respectively) |
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(55.5 |
) |
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(63.1 |
) |
Total stockholders' equity |
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712.9 |
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695.2 |
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Total liabilities and stockholders' equity |
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$ |
1,938.5 |
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$ |
1,818.2 |
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THE MANITOWOC COMPANY, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
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Three Months Ended |
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Nine Months Ended |
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2026 |
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2025 |
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2026 |
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2025 |
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Cash Flows from Operating Activities: |
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Net income |
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$ |
11.0 |
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$ |
5.0 |
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$ |
19.2 |
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$ |
0.2 |
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Adjustments to reconcile net income to cash provided by (used for) operating activities: |
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Depreciation expense |
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14.2 |
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14.9 |
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|
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42.5 |
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44.4 |
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Amortization of intangible assets |
|
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0.7 |
|
|
|
0.7 |
|
|
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2.3 |
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|
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2.3 |
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Stock-based compensation expense |
|
|
0.5 |
|
|
|
1.0 |
|
|
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5.3 |
|
|
|
6.8 |
|
Amortization of deferred financing fees |
|
|
0.4 |
|
|
|
0.4 |
|
|
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1.1 |
|
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|
1.1 |
|
Gain on sale of property, plant and equipment |
|
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(0.9 |
) |
|
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(0.2 |
) |
|
|
(1.7 |
) |
|
|
(0.2 |
) |
Deferred income tax expense |
|
|
5.0 |
|
|
|
— |
|
|
|
5.0 |
|
|
|
— |
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Changes in operating assets and liabilities |
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Accounts receivable |
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(19.7 |
) |
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9.7 |
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|
|
(34.7 |
) |
|
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(7.5 |
) |
Inventories |
|
|
(38.7 |
) |
|
|
(32.9 |
) |
|
|
(147.4 |
) |
|
|
(148.4 |
) |
Other assets |
|
|
(6.3 |
) |
|
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6.0 |
|
|
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9.6 |
|
|
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(6.4 |
) |
Accounts payable |
|
|
(21.1 |
) |
|
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(12.4 |
) |
|
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63.2 |
|
|
|
79.2 |
|
Accrued expenses and other liabilities |
|
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21.7 |
|
|
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(6.3 |
) |
|
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37.8 |
|
|
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(40.4 |
) |
Net cash provided by (used for) operating activities |
|
|
(33.2 |
) |
|
|
(14.1 |
) |
|
|
2.2 |
|
|
|
(68.9 |
) |
Cash Flows from Investing Activities: |
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|
|
|
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Capital expenditures |
|
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(8.9 |
) |
|
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(7.9 |
) |
|
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(31.2 |
) |
|
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(24.7 |
) |
Proceeds from sale of fixed assets |
|
|
2.1 |
|
|
|
0.3 |
|
|
|
4.1 |
|
|
|
0.5 |
|
Purchase of assets |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(12.9 |
) |
Net cash used for investing activities |
|
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(6.8 |
) |
|
|
(7.6 |
) |
|
|
(27.1 |
) |
|
|
(37.1 |
) |
Cash Flows from Financing Activities: |
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|
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|
||||
Payments on revolving credit facility |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(15.0 |
) |
Proceeds from revolving credit facility |
|
|
1.6 |
|
|
|
20.2 |
|
|
|
17.6 |
|
|
|
107.2 |
|
Proceeds from other debt |
|
|
11.2 |
|
|
|
9.8 |
|
|
|
11.2 |
|
|
|
8.3 |
|
Payments on other debt |
|
|
(3.4 |
) |
|
|
— |
|
|
|
(8.9 |
) |
|
|
— |
|
Exercise of stock options |
|
|
0.6 |
|
|
|
— |
|
|
|
0.6 |
|
|
|
— |
|
Other financing activities |
|
|
(1.1 |
) |
|
|
(1.1 |
) |
|
|
(7.5 |
) |
|
|
(4.6 |
) |
Net cash provided by financing activities |
|
|
8.9 |
|
|
|
28.9 |
|
|
|
13.0 |
|
|
|
95.9 |
|
Effect of exchange rate changes on cash and cash equivalents |
|
|
— |
|
|
|
(0.4 |
) |
|
|
(0.7 |
) |
|
|
1.8 |
|
Net increase (decrease) in cash and cash equivalents |
|
|
(31.1 |
) |
|
|
6.8 |
|
|
|
(12.6 |
) |
|
|
(8.3 |
) |
Cash and cash equivalents at beginning of period |
|
|
95.8 |
|
|
|
32.9 |
|
|
|
77.3 |
|
|
|
48.0 |
|
Cash and cash equivalents at end of period |
|
$ |
64.7 |
|
|
$ |
39.7 |
|
|
$ |
64.7 |
|
|
$ |
39.7 |
|
Non-GAAP Financial Measures
Adjusted net income, Adjusted DEPS, EBITDA, adjusted EBITDA, adjusted operating income, Adjusted ROIC, and free cash flows are financial measures that are not in accordance with U.S. GAAP. Manitowoc believes these non-GAAP financial measures provide important supplemental information to both management and investors regarding financial and business trends used in assessing its results of operations. Manitowoc believes excluding specified items provides a more meaningful comparison to the corresponding reporting periods and internal budgets and forecasts, assists investors in performing analysis that is consistent with financial models developed by investors and research analysts, provides management with a more relevant measure of operating performance, and is more useful in assessing management performance.
Adjusted Net Income and Adjusted DEPS
The Company defines adjusted net income as net income plus the addback or subtraction of restructuring and other non-recurring items. Adjusted DEPS is defined as adjusted net income divided by diluted weighted average shares outstanding. Diluted weighted average common shares outstanding are adjusted for the effect of dilutive stock awards when there is net income on an adjusted basis, as applicable. The reconciliation of net income and diluted net income per share to adjusted net income and Adjusted DEPS for the three and nine months ended September 30, 2026 and 2025 are summarized as follows.
|
|
Three Months Ended |
|
|||||||||||||||||||||
|
|
2026 |
|
|
2025 |
|
||||||||||||||||||
(in millions, except per share and share amounts) |
|
As reported |
|
|
Adjustments |
|
|
Adjusted |
|
|
As reported |
|
|
Adjustments |
|
|
Adjusted |
|
||||||
Gross profit |
|
$ |
121.8 |
|
|
$ |
— |
|
|
$ |
121.8 |
|
|
$ |
102.6 |
|
|
$ |
— |
|
|
$ |
102.6 |
|
Engineering, selling and administrative |
|
|
(88.9 |
) |
|
|
0.3 |
|
|
|
(88.6 |
) |
|
|
(83.4 |
) |
|
|
— |
|
|
|
(83.4 |
) |
Amortization of intangible assets |
|
|
(0.7 |
) |
|
|
— |
|
|
|
(0.7 |
) |
|
|
(0.7 |
) |
|
|
— |
|
|
|
(0.7 |
) |
Restructuring expense (2) |
|
|
(0.4 |
) |
|
|
0.4 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Operating income |
|
|
31.8 |
|
|
|
0.7 |
|
|
|
32.5 |
|
|
|
18.5 |
|
|
|
— |
|
|
|
18.5 |
|
Interest expense |
|
|
(9.2 |
) |
|
|
— |
|
|
|
(9.2 |
) |
|
|
(9.8 |
) |
|
|
— |
|
|
|
(9.8 |
) |
Amortization of deferred financing fees |
|
|
(0.4 |
) |
|
|
— |
|
|
|
(0.4 |
) |
|
|
(0.4 |
) |
|
|
— |
|
|
|
(0.4 |
) |
Other expense - net |
|
|
(3.4 |
) |
|
|
— |
|
|
|
(3.4 |
) |
|
|
(0.8 |
) |
|
|
— |
|
|
|
(0.8 |
) |
Income before income taxes |
|
|
18.8 |
|
|
|
0.7 |
|
|
|
19.5 |
|
|
|
7.5 |
|
|
|
— |
|
|
|
7.5 |
|
Provision for income taxes (3) |
|
|
(7.8 |
) |
|
|
(0.2 |
) |
|
|
(8.0 |
) |
|
|
(2.5 |
) |
|
|
— |
|
|
|
(2.5 |
) |
Net income |
|
$ |
11.0 |
|
|
$ |
0.5 |
|
|
$ |
11.5 |
|
|
$ |
5.0 |
|
|
$ |
— |
|
|
$ |
5.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Diluted weighted average common shares outstanding |
|
|
36,898,489 |
|
|
|
|
|
|
36,898,489 |
|
|
|
36,264,880 |
|
|
|
|
|
|
36,264,880 |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Diluted net income per share |
|
$ |
0.30 |
|
|
|
|
|
$ |
0.31 |
|
|
$ |
0.14 |
|
|
|
|
|
$ |
0.14 |
|
||
|
|
Nine Months Ended |
|
|||||||||||||||||||||
|
|
2026 |
|
|
2025 |
|
||||||||||||||||||
(in millions, except per share and share amounts) |
|
As reported |
|
|
Adjustments |
|
|
Adjusted |
|
|
As reported |
|
|
Adjustments |
|
|
Adjusted |
|
||||||
Gross profit |
|
$ |
340.2 |
|
|
$ |
— |
|
|
$ |
340.2 |
|
|
$ |
291.4 |
|
|
$ |
— |
|
|
$ |
291.4 |
|
Engineering, selling and administrative |
|
|
(269.9 |
) |
|
|
3.1 |
|
|
|
(266.8 |
) |
|
|
(253.7 |
) |
|
|
— |
|
|
|
(253.7 |
) |
Amortization of intangible assets |
|
|
(2.3 |
) |
|
|
— |
|
|
|
(2.3 |
) |
|
|
(2.3 |
) |
|
|
— |
|
|
|
(2.3 |
) |
Restructuring expense (2) |
|
|
(2.0 |
) |
|
|
2.0 |
|
|
|
— |
|
|
|
(1.8 |
) |
|
|
1.8 |
|
|
|
— |
|
Operating income |
|
|
66.0 |
|
|
|
5.1 |
|
|
|
71.1 |
|
|
|
33.6 |
|
|
|
1.8 |
|
|
|
35.4 |
|
Interest expense |
|
|
(27.3 |
) |
|
|
— |
|
|
|
(27.3 |
) |
|
|
(27.7 |
) |
|
|
— |
|
|
|
(27.7 |
) |
Amortization of deferred financing fees |
|
|
(1.1 |
) |
|
|
— |
|
|
|
(1.1 |
) |
|
|
(1.1 |
) |
|
|
— |
|
|
|
(1.1 |
) |
Other expense - net (3) |
|
|
(6.7 |
) |
|
|
— |
|
|
|
(6.7 |
) |
|
|
(4.8 |
) |
|
|
0.6 |
|
|
|
(4.2 |
) |
Income before income taxes |
|
|
30.9 |
|
|
|
5.1 |
|
|
|
36.0 |
|
|
|
— |
|
|
|
2.4 |
|
|
|
2.4 |
|
(Provision) benefit for income taxes (4) |
|
|
(11.7 |
) |
|
|
(0.6 |
) |
|
|
(12.3 |
) |
|
|
0.2 |
|
|
|
(0.5 |
) |
|
|
(0.3 |
) |
Net income |
|
$ |
19.2 |
|
|
$ |
4.5 |
|
|
$ |
23.7 |
|
|
$ |
0.2 |
|
|
$ |
1.9 |
|
|
$ |
2.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Diluted weighted average common shares outstanding |
|
|
36,717,431 |
|
|
|
|
|
|
36,717,431 |
|
|
|
35,951,308 |
|
|
|
|
|
|
35,951,308 |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Diluted net income per share |
|
$ |
0.52 |
|
|
|
|
|
$ |
0.65 |
|
|
$ |
0.01 |
|
|
|
|
|
$ |
0.06 |
|
||
Adjusted ROIC
The Company defines Adjusted ROIC as adjusted net operating profit after tax (“Adjusted NOPAT”) for the trailing twelve-months divided by the five-quarter average of invested capital. Adjusted NOPAT is calculated for each quarter by taking operating income plus the addback of amortization of intangible assets and the addback or subtraction of restructuring expenses, other non-recurring items - net, and provision for income taxes, which is determined using a 15% tax rate. Invested capital is defined as net total assets less cash and cash equivalents and income tax assets - net plus short-term and long-term debt. Income taxes assets - net are defined as net income tax payables/receivables, net deferred tax assets/liabilities, and uncertain tax positions.
The Company’s Adjusted ROIC as of September 30, 2026 was 8.0%. Below is the calculation of Adjusted ROIC as of September 30, 2026 and 2025. All dollar amounts are in millions.
|
|
Trailing Twelve Months Ended September 30, 2026 |
|
|
Trailing Twelve Months Ended September 30, 2025 |
|
||
Operating income |
|
$ |
86.2 |
|
|
$ |
49.8 |
|
Amortization of intangible assets |
|
|
3.1 |
|
|
|
3.0 |
|
Restructuring expense |
|
|
5.1 |
|
|
|
3.0 |
|
Other non-recurring items - net (1) |
|
|
3.1 |
|
|
|
1.0 |
|
Adjusted operating income |
|
|
97.5 |
|
|
|
56.8 |
|
Provision for income taxes |
|
|
(14.6 |
) |
|
|
(8.5 |
) |
Adjusted NOPAT |
|
$ |
82.9 |
|
|
$ |
48.3 |
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
||
|
|
5-Quarter Average 2026 |
|
|
5-Quarter Average 2025 |
|
||
Total assets |
|
$ |
1,884.3 |
|
|
$ |
1,797.0 |
|
Total liabilities |
|
|
(1,188.8 |
) |
|
|
(1,144.3 |
) |
Net total assets |
|
|
695.5 |
|
|
|
652.7 |
|
Cash and cash equivalents |
|
|
(71.2 |
) |
|
|
(37.0 |
) |
Short-term borrowings and current portion of long-term debt |
|
|
14.2 |
|
|
|
20.5 |
|
Long-term debt |
|
|
457.1 |
|
|
|
425.0 |
|
Income tax assets - net |
|
|
(65.4 |
) |
|
|
(56.5 |
) |
Invested capital |
|
$ |
1,030.2 |
|
|
$ |
1,004.6 |
|
|
|
|
|
|
|
|
||
Adjusted ROIC |
|
|
8.0 |
% |
|
|
4.8 |
% |
Free Cash Flows
The Company defines free cash flows as net cash provided by (used for) operating activities less cash outflow from investment in capital expenditures. The reconciliation of net cash provided by (used for) operating activities to free cash flows for the three and nine months ended September 30, 2026 and 2025 are summarized as follows. All dollar amounts are in millions.
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
||||||||||
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
||||
Net cash provided by (used for) operating activities |
|
$ |
(33.2 |
) |
|
$ |
(14.1 |
) |
|
$ |
2.2 |
|
|
$ |
(68.9 |
) |
Capital expenditures |
|
|
(8.9 |
) |
|
|
(7.9 |
) |
|
|
(31.2 |
) |
|
|
(24.7 |
) |
Free cash flows |
|
$ |
(42.1 |
) |
|
$ |
(22.0 |
) |
|
$ |
(29.0 |
) |
|
$ |
(93.6 |
) |
EBITDA and Adjusted EBITDA
The Company defines EBITDA as net income before interest, taxes, depreciation, and amortization. The Company defines adjusted EBITDA as EBITDA plus the addback or subtraction of restructuring expense, other expense - net, and other non-recurring items - net. The reconciliation of net income to EBITDA, and further to adjusted EBITDA for the three and nine months ended September 30, 2026 and 2025, are summarized as follows. All dollar amounts are in millions.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Three Months Ended |
|
|
Nine Months Ended |
|
|
Trailing Twelve |
|
|||||||||||
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
|
Months |
|
|||||
Net income |
$ |
11.0 |
|
|
$ |
5.0 |
|
|
$ |
19.2 |
|
|
$ |
0.2 |
|
|
$ |
26.2 |
|
Interest expense and amortization of deferred |
|
9.6 |
|
|
|
10.2 |
|
|
|
28.4 |
|
|
|
28.8 |
|
|
|
38.8 |
|
Provision (benefit) for income taxes |
|
7.8 |
|
|
|
2.5 |
|
|
|
11.7 |
|
|
|
(0.2 |
) |
|
|
17.1 |
|
Depreciation expense |
|
14.2 |
|
|
|
14.9 |
|
|
|
42.5 |
|
|
|
44.4 |
|
|
|
58.0 |
|
Amortization of intangible assets |
|
0.7 |
|
|
|
0.7 |
|
|
|
2.3 |
|
|
|
2.3 |
|
|
|
3.1 |
|
EBITDA |
|
43.3 |
|
|
|
33.3 |
|
|
|
104.1 |
|
|
|
75.5 |
|
|
|
143.2 |
|
Restructuring expense |
|
0.4 |
|
|
|
— |
|
|
|
2.0 |
|
|
|
1.8 |
|
|
|
5.1 |
|
Other non-recurring items - net (1) |
|
0.3 |
|
|
|
— |
|
|
|
3.1 |
|
|
|
— |
|
|
|
3.1 |
|
Other expense - net (2) |
|
3.4 |
|
|
|
0.8 |
|
|
|
6.7 |
|
|
|
4.8 |
|
|
|
4.1 |
|
Adjusted EBITDA |
$ |
47.4 |
|
|
$ |
34.1 |
|
|
$ |
115.9 |
|
|
$ |
82.1 |
|
|
$ |
155.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Adjusted EBITDA margin percentage |
|
7.7 |
% |
|
|
6.2 |
% |
|
|
6.8 |
% |
|
|
5.3 |
% |
|
|
6.5 |
% |
For more information:
Ion Warner
SVP, Marketing and Investor Relations
ion.warner@manitowoc.com
+1 414-760-4805