The Manitowoc Company, Inc. MTW reported adjusted earnings per share (EPS) of 25 cents in second-quarter 2024, missing the Zacks Consensus Estimate of 58 cents. The company reported an EPS of 75 cents in the year-ago quarter.
Including one-time items, the company reported an EPS of 4 cents in the quarter compared with the prior-year quarter’s 57 cents.
Manitowoc’s revenues moved down 6.8% year over year to $562 million in the quarter under review. The top line missed the Zacks Consensus Estimate of $603 million. Favorable changes in foreign currency translation rates had an impact of $2.7 million on revenues.
Orders in the reported quarter decreased 22.2% year over year to $428 million. The backlog at the end of the quarter was $836 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 moved down 3.6% year over year to $462 million in the reported quarter. The gross profit was down 18.9% year over year to $100 million. The gross margin was 17.7% in the reported quarter compared with 20.4% in the prior-year quarter.
Engineering, selling and administrative expenses decreased 4.5% year over year to $84 million. Total operating costs and expenses were $87 million in the quarter compared with the $89 million reported last year.
Adjusted operating income was $20.6 million in the quarter, down from $45.5 million in the prior-year quarter. Adjusted EBITDA in the reported quarter was $36 million compared with $60 million in the prior-year quarter. The adjusted EBITDA margin fell to 6.4% from the year-ago quarter’s 10%.
Financial Update
Manitowoc reported cash and cash equivalents of $38 million at the end of the second quarter of 2024, up from $34 million at the 2023 end. The long-term debt was $406 million at the end of the quarter under review, up from $359 million at the 2023 end. The company generated $11 million of cash in operating activities in the second quarter of 2024 against a cash outflow of $17.2 million in the last-year quarter.
Outlook
Manitowoc expects revenues of $2.175-$2.225 billion for 2023, down from the previously stated $2.275-$2.375 billion. Adjusted EBITDA is anticipated between $125 million and $140 million, down from the $150-180 million mentioned earlier. The adjusted EPS is expected between 45 cents and 90 cents, whereas the company previously stated 95 cents to $1.55.
Price Performance
In the past year, MTW shares have lost 38.2% against the industry’s growth of 14.7%.
Image Source: Zacks Investment Research
Zacks Rank
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 reported second-quarter 2024 adjusted earnings per share of a record $5.99, which beat the Zacks Consensus Estimate of $5.53 by a margin of 8.3%. The bottom-line figure marked an 8% year-over-year improvement.
The company reported second-quarter revenues of $16.69 billion, which missed the Zacks Consensus Estimate of $16.76 billion by a slight margin of 0.4%. The top line was 3.6% lower than the year-ago quarter as favorable price realization was offset by lower volumes, reflecting changes in dealer inventories.
H&E Equipment HEES reported earnings per share of 91 cents, which missed the Zacks Consensus Estimate of $1.00. The bottom line marked a 20% decline from the year-ago quarter.
Revenues improved 4% year over year to $376.28 million, missing the Zacks Consensus Estimate of $389 million. Rental revenues rose 6.5% from the year-ago quarter primarily due to the ongoing expansion of HEES’ branch network.
Terex Corporation TEX reported second-quarter 2024 adjusted earnings per share of $2.16, which beat the Zacks Consensus Estimate of $2.03. The bottom line fell 8.1% from the prior-year quarter.
Revenues in the reported quarter dipped 1.5% year over year to $1.38 billion, missing the Zacks Consensus Estimate of $1.42 billion.
7 Best Stocks for the Next 30 Days
Just released: Experts distill 7 elite stocks from the current list of 220 Zacks Rank #1 Strong Buys. They deem these tickers "Most Likely for Early Price Pops."
Since 1988, the full list has beaten the market more than 2X over with an average gain of +24.0% per year. So be sure to give these hand picked 7 your immediate attention.
See them now >>The Manitowoc Company, Inc. (MTW) : Free Stock Analysis Report
Caterpillar Inc. (CAT) : Free Stock Analysis Report
Terex Corporation (TEX) : Free Stock Analysis Report
H&E Equipment Services, Inc. (HEES) : Free Stock Analysis Report
To read this article on Zacks.com click here.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
