Manitowoc Q2 revenue up 21% to $603M; raises FY2023 adjusted EBITDA guidance to $150-180M

MANITOWOC CO INC

2023-Q2 EPS reported $1.03 revenue$1,111,100,000

Net sales $602.8M (+21.2% YoY); adjusted EBITDA $60.4M (10.0% margin), up 65.9% YoY.
Net income $20.2M ($0.57 diluted EPS); adjusted net income $26.6M ($0.75 diluted EPS).
Orders $550.5M (+26.8% YoY); backlog $1,024.6M at June 30, 2023.
Non-new machine sales $150.4M, up 8.1% YoY, contributing to CRANES+50 strategy.
Raised FY2023 guidance: net sales $2.1-2.2B; adj. EBITDA $150-180M; adj. diluted EPS $1.10-1.70.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

MANITOWOC CO INC reported Full Year 2023 results: revenue $2.1 billion to $2.2 billion, EPS $1.10 to $1.70. Guidance raised.

Period: Full Year 2023
Revenue: $2.1 billion to $2.2 billion
EPS: $1.10 to $1.70
Guidance: raised
Result: guidance update

Exact text from the filing

Updated Full-Year 2023 Guidance: • Net sales - $2.1 billion to $2.2 billion • Adjusted EBITDA - $150 million to $180 million • Depreciation and amortization - $58 million to $62 million • Interest expense - $33 million to $35 million • Provision for income taxes, excluding discrete items - $16 million to $20 million • Adjusted diluted earnings per share - $1.10 to $1.70

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

MANITOWOC CO INC reported Second Quarter 2023 results: revenue $602.8 million, net income $20.2 million, EPS $0.57 per diluted share.

Period: Second Quarter 2023
Revenue: $602.8 million
Net income: $20.2 million
EPS: $0.57 per diluted share
Result: reported results

Exact text from the filing

MILWAUKEE, Wis. - The Manitowoc Company, Inc. (NYSE: MTW) (the “Company” or “Manitowoc”) today reported second-quarter net income of $20.2 million, or $0.57 per diluted share. Second-quarter adjusted net income (1) was $26.6 million, or $0.75 per diluted share. Net sales increased 21.2% year-over-year to $602.8 million and were favorably impacted by $3.1 million from changes in foreign currency exchange rates. Adjusted EBITDA (1) was $60.4 million, an increase of $24.0 million or 65.9% from the prior year. Orders were $550.5 million, a 26.8% increase from the prior year. Orders were favorably impacted by $4.0 million from changes in foreign currency exchange rates. Backlog decreased $51.1 million to $1,024.6 million as of June 30, 2023 from $1,075.7 million as of March 31, 2023.

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Source: SEC EDGAR

accession 0000950170-23-039107

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