Fourth-Quarter 2023
Highlights
- Net sales of $595.8 million
- Adjusted EBITDA(1) of $36.5 million, margin percentage of
6.1%
- Net cash provided by operating activities of $39.8 million,
free cash flows(1) of $22.3 million
Full-Year 2023
Highlights
- Net sales of $2,227.8 million
- Adjusted EBITDA(1) of $175.3 million, margin percentage of
7.9%
- Diluted net income per share of $1.09, $1.52 on an adjusted
basis(1)
- Adjusted return on invested capital(1) of 11.2%
The Manitowoc Company, Inc. (NYSE: MTW) (the “Company” or
“Manitowoc”) today reported a fourth-quarter net loss of $7.9
million, or $0.23 per diluted share. Fourth-quarter adjusted net
income(1) was $3.4 million or $0.09 per diluted share.
Net sales in the fourth quarter decreased 4.2% year-over-year to
$595.8 million and were favorably impacted by $9.0 million from
changes in foreign currency exchange rates. Fourth-quarter adjusted
EBITDA(1) was $36.5 million, a decrease of 29.1% year-over-year.
Fourth-quarter net cash provided by operating activities were $39.8
million and fourth-quarter free cash flows(1) were $22.3 million, a
decrease of $40.4 million and $27.9 million from the prior year,
respectively.
Fourth-quarter orders were $475.7 million, a 32.8% decrease from
the prior year. Orders were favorably impacted by $9.3 million from
changes in foreign currency exchange rates. Backlog ended the
fourth quarter at $917.2 million and was favorably impacted by $9.4
million from changes in foreign currency exchange rates.
Full-year 2023 net sales increased 9.6% year-over-year to
$2,227.8 million and were favorably impacted by $15.5 million from
changes in foreign currency exchange rates. Full-year 2023 adjusted
net income(1) was $54.5 million, or $1.52 per diluted share, an
increase of $16.7 million or $0.46 per diluted share from the prior
year.
“I am pleased with the overall performance in 2023 where we
delivered strong financial results and continued to execute on our
CRANES+50 strategy. We increased our adjusted EBITDA 22.5%
year-over-year, and we grew our non-new machine sales 12.4%,”
commented Aaron H. Ravenscroft, President and Chief Executive
Officer of The Manitowoc Company, Inc.
“We enter 2024 with a strong backlog and expect global demand
for mobile cranes to remain strong. We also anticipate the European
tower crane market to remain challenging, which is reflected in our
full year outlook,” concluded Ravenscroft.
Our full-year 2024 guidance is as follows:
- Net sales - $2.275 billion to $2.375 billion
- Adjusted EBITDA - $150 million to $180 million
- Depreciation and amortization - $63 million to $67 million
- Interest expense - $32 million to $34 million
- Provision for income taxes - $18 million to $22 million
- Adjusted diluted earnings per share - $0.95 to $1.55
- Capital expenditures - $60 million of which approximately $25
million is for rental fleet growth
- Free cash flows - $30 million to $60 million
Investor Conference Call
The Manitowoc Company will host a conference call for security
analysts and institutional investors to discuss its fourth-quarter
and full-year 2023 earnings results on Thursday, February 15, 2024,
at 10:00 a.m. ET (9:00 a.m. CT). 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 was founded in 1902 and has over a
120-year tradition of providing high-quality, customer-focused
products and aftermarket support services to its markets. Manitowoc
is one of the world's leading providers of engineered lifting
solutions. Manitowoc, through its wholly owned subsidiaries,
designs, manufactures, markets, distributes, and supports
comprehensive product lines of mobile hydraulic cranes,
lattice-boom crawler cranes, boom trucks, and tower cranes under
the Aspen Equipment, Grove, Manitowoc, MGX Equipment Services,
National Crane, Potain, and Shuttlelift brand names.
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:
- Macroeconomic conditions, including inflation, high interest
rates and recessionary concerns, as well as continuing global
supply chain constraints, labor constraints, logistics constraints
and cost pressures such as changes in raw material and commodity
costs, have had, and may continue to have, a negative impact on
Manitowoc’s business, financial condition, cash flows, and results
of operations (including future uncertain impacts);
- actions of competitors;
- changes in economic or industry conditions generally or in the
markets served by Manitowoc;
- geopolitical events, including the ongoing conflicts in Ukraine
and in the Middle East, other political and economic conditions and
risks and other geographic factors, has had and may continue to
lead to market disruptions, including volatility in commodity
prices (including oil and gas), raw material and component costs,
energy prices, inflation, consumer behavior, supply chain, and
credit and capital markets, and could result in the impairment of
assets;
- changes in customer demand, including changes in global demand
for high-capacity lifting equipment, changes in demand for lifting
equipment in emerging economies and changes in demand for used
lifting equipment including changes in government approval and
funding of projects;
- failure to comply with regulatory requirements related to the
products and aftermarket services the Company sells;
- the ability to capitalize on key strategic opportunities and
the ability to implement Manitowoc’s long-term initiatives;
- impairment of goodwill and/or intangible assets;
- changes in revenues, margins and costs;
- the ability to increase operational efficiencies across
Manitowoc and to capitalize on those efficiencies;
- the ability to generate cash and manage working capital
consistent with Manitowoc’s stated goals;
- work stoppages, labor negotiations, labor rates and labor
costs;
- risks and factors detailed in Manitowoc's 2022 Annual Report on
Form 10-K, its to be filed 2023 Annual Report on From 10-K and its
other filings with the United States Securities and Exchange
Commission.
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 years ended December 31, 2023 and
2022.
THE MANITOWOC COMPANY,
INC.
CONSOLIDATED STATEMENTS OF
OPERATIONS
(In millions, except per share
and share amounts)
Three Months Ended December
31,
Year Ended December
31,
2023
2022
2023
2022
Net sales
$
595.8
$
621.6
$
2,227.8
$
2,032.5
Cost of sales
496.7
505.1
1,802.6
1,668.0
Gross profit
99.1
116.5
425.2
364.5
Operating costs and expenses:
Engineering, selling and administrative
expenses
88.2
79.4
328.3
281.0
Asset impairment expense
—
171.9
—
171.9
Amortization of intangible assets
0.8
0.7
3.2
3.1
Restructuring expense
0.3
1.0
1.3
1.5
Total operating costs and expenses
89.3
253.0
332.8
457.5
Operating income (loss)
9.8
(136.5
)
92.4
(93.0
)
Other income (expense):
Interest expense
(8.4
)
(8.3
)
(33.9
)
(31.6
)
Amortization of deferred financing
fees
(0.3
)
(0.4
)
(1.3
)
(1.4
)
Other income (expense) - net
(3.0
)
5.4
(13.0
)
5.8
Total other expense
(11.7
)
(3.3
)
(48.2
)
(27.2
)
Income (loss) before income taxes
(1.9
)
(139.8
)
44.2
(120.2
)
Provision for income taxes
6.0
4.3
5.0
3.4
Net income (loss)
$
(7.9
)
$
(144.1
)
$
39.2
$
(123.6
)
Per Share Data
Basic income (loss) per common share
$
(0.23
)
$
(4.10
)
$
1.12
$
(3.51
)
Diluted income (loss) per common share
$
(0.23
)
$
(4.10
)
$
1.09
$
(3.51
)
Weighted average shares outstanding -
Basic
35,090,259
35,140,166
35,093,963
35,184,336
Weighted average shares outstanding -
Diluted
35,090,259
35,140,166
35,962,778
35,184,336
THE MANITOWOC COMPANY,
INC.
CONSOLIDATED BALANCE
SHEETS
(In millions, except par value
and share amounts)
As of December 31,
As of December 31,
2023
2022
Assets
Current Assets:
Cash and cash equivalents
$
34.4
$
64.4
Accounts receivable, less allowances of
$6.1 and $5.3, respectively
278.8
266.3
Inventories — net
666.5
611.9
Notes receivable — net
6.7
10.6
Other current assets
46.6
45.3
Total current assets
1,033.0
998.5
Property, plant and equipment — net
366.1
335.3
Operating lease right-of-use assets
59.7
45.2
Goodwill
79.6
80.1
Other intangible assets — net
125.6
126.7
Other non-current assets
42.7
29.7
Total assets
$
1,706.7
$
1,615.5
Liabilities and Stockholders'
Equity
Current Liabilities:
Accounts payable and accrued expenses
$
457.4
$
446.4
Short-term borrowings and current portion
of long-term debt
13.4
6.1
Product warranties
47.1
48.8
Customer advances
19.2
21.9
Other liabilities
26.2
24.6
Total current liabilities
563.3
547.8
Non-Current Liabilities:
Long-term debt
358.7
379.5
Operating lease liabilities
47.2
34.3
Deferred income taxes
7.5
4.9
Pension obligations
55.8
51.7
Postretirement health and other benefit
obligations
5.6
8.2
Long-term deferred revenue
24.1
15.6
Other non-current liabilities
41.2
35.7
Total non-current liabilities
540.1
529.9
Total stockholders' equity:
Preferred stock (3,500,000 shares
authorized of $.01 par value; none outstanding)
—
—
Common stock (75,000,000 shares
authorized, 40,793,983 shares issued, 35,094,993 and 35,085,008
shares outstanding, respectively)
0.4
0.4
Additional paid-in capital
613.1
606.7
Accumulated other comprehensive loss
(86.4
)
(107.9
)
Retained earnings
143.5
104.3
Treasury stock, at cost (5,698,990 and
5,708,975 shares, respectively)
(67.3
)
(65.7
)
Total stockholders’ equity
603.3
537.8
Total liabilities and stockholders'
equity
$
1,706.7
$
1,615.5
THE MANITOWOC COMPANY,
INC.
CONSOLIDATED STATEMENTS OF
CASH FLOWS
(In millions)
Three Months Ended December
31,
Year Ended December
31,
2023
2022
2023
2022
Cash Flows From Operating
Activities:
Net income (loss)
$
(7.9
)
$
(144.1
)
$
39.2
$
(123.6
)
Adjustments to reconcile net income (loss)
to cash provided by operating activities:
Asset impairment expense
—
171.9
—
171.9
Depreciation expense
14.8
14.4
56.6
60.6
Amortization of intangible assets
0.8
0.7
3.2
3.1
Stock-based compensation expense
3.7
2.9
11.5
8.5
Amortization of deferred financing
fees
0.3
0.4
1.3
1.4
Gain on sale of property, plant and
equipment
—
—
—
(0.9
)
Net unrealized foreign currency
transaction gains
(3.8
)
(6.8
)
(4.5
)
(3.2
)
Income tax provision (benefit) from change
in reserve of uncertain tax positions
(0.2
)
0.7
—
(11.0
)
Deferred income tax - net
8.0
3.5
(6.0
)
4.4
Loss on foreign currency translation
adjustments
—
—
9.3
—
Other
—
—
—
0.9
Changes in operating assets and
liabilities
Accounts receivable
(20.8
)
(47.1
)
(9.3
)
(36.4
)
Inventories
67.6
94.1
(46.7
)
(42.0
)
Notes receivable
(0.1
)
1.2
5.7
8.3
Other assets
(11.1
)
6.4
(5.2
)
5.8
Accounts payable
(13.6
)
0.6
(28.5
)
40.4
Accrued expenses and other liabilities
2.1
(18.6
)
36.4
(11.3
)
Net cash provided by operating
activities
39.8
80.2
63.0
76.9
Cash Flows From Investing
Activities:
Capital expenditures
(17.5
)
(30.0
)
(77.4
)
(61.8
)
Proceeds from sale of property, plant and
equipment
0.3
—
5.6
1.5
Acquisition of business
—
—
—
2.3
Net cash used for investing activities
(17.2
)
(30.0
)
(71.8
)
(58.0
)
Cash Flows From Financing
Activities:
Payments on revolving credit facility -
net
—
(24.0
)
—
(20.0
)
Payments on revolving credit facility
(10.0
)
—
(20.0
)
—
Proceeds from (payments on) other debt -
net
(18.8
)
(1.1
)
3.8
(5.1
)
Debt issuance costs
—
—
—
(1.9
)
Exercises of stock options
—
—
0.3
0.1
Common stock repurchases
—
(1.1
)
(5.5
)
(3.0
)
Net cash used for financing activities
(28.8
)
(26.2
)
(21.4
)
(29.9
)
Effect of exchange rate changes on cash
and cash equivalents
0.6
(2.2
)
0.2
—
Net increase (decrease) in cash and cash
equivalents
(5.6
)
21.8
(30.0
)
(11.0
)
Cash and cash equivalents at beginning of
period
40.0
42.6
64.4
75.4
Cash and cash equivalents at end of
period
$
34.4
$
64.4
$
34.4
$
64.4
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. 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 (loss)
plus the addback or subtraction of restructuring and certain 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
(loss) and diluted net income (loss) per share to adjusted net
income and Adjusted DEPS for the three months ended and year ended
December 31, 2023 and 2022 are summarized as follows. All dollar
amounts are in millions, except per share data and share
amounts.
Three Months Ended December
31,
2023
2022
As Reported
Adjustments
Adjusted
As Reported
Adjustments
Adjusted
Gross profit
$
99.1
$
—
$
99.1
$
116.5
$
—
$
116.5
Engineering, selling and administrative
expenses (1)
(88.2
)
10.8
(77.4
)
(79.4
)
—
(79.4
)
Asset impairment expense (2)
—
—
—
(171.9
)
171.9
—
Amortization of intangible assets
(0.8
)
—
(0.8
)
(0.7
)
—
(0.7
)
Restructuring expense (3)
(0.3
)
0.3
—
(1.0
)
1.0
—
Operating income (loss)
9.8
11.1
20.9
(136.5
)
172.9
36.4
Interest expense
(8.4
)
—
(8.4
)
(8.3
)
—
(8.3
)
Amortization of deferred financing
fees
(0.3
)
—
(0.3
)
(0.4
)
—
(0.4
)
Other income (expense) - net
(3.0
)
—
(3.0
)
5.4
—
5.4
Income (loss) before income
taxes
(1.9
)
11.1
9.2
(139.8
)
172.9
33.1
Provision for income taxes (4)
(6.0
)
0.2
(5.8
)
(4.3
)
(2.8
)
(7.1
)
Net income (loss)
$
(7.9
)
$
11.3
$
3.4
$
(144.1
)
$
170.1
$
26.0
Diluted weighted average common shares
outstanding
35,090,259
35,855,427
35,140,166
35,361,029
Diluted income (loss) per common share
$
(0.23
)
$
0.09
$
(4.10
)
$
0.74
(1)
The adjustment in 2023 represents $10.4
million of costs associated with a legal matter with the U.S. EPA
and $0.4 million of one-time costs.
(2)
The adjustment in 2022 represents $171.9
million of non-cash asset impairment charges.
(3)
The adjustments in 2023 and 2022 represent
the addback of restructuring expense.
(4)
The adjustment in 2023 represents the net
income tax impact of items (1) and (3) and the addback of a $0.3
million income tax provision from the true-up of the previous
release of a valuation allowance. The adjustment in 2022 represents
the net income tax impact of items (2) and (3) and the removal of a
$1.1 million income tax benefit from the partial release of a
valuation allowance.
Year Ended December
31,
2023
2022
As Reported
Adjustments
Adjusted
As Reported
Adjustments
Adjusted
Gross profit (1)
$
425.2
$
—
$
425.2
$
364.5
$
3.3
$
367.8
Engineering, selling and administrative
expenses (2)
(328.3
)
21.8
(306.5
)
(281.0
)
(4.3
)
(285.3
)
Asset impairment expense (3)
—
—
—
(171.9
)
171.9
—
Amortization of intangible assets
(3.2
)
—
(3.2
)
(3.1
)
—
(3.1
)
Restructuring expense (4)
(1.3
)
1.3
—
(1.5
)
1.5
—
Operating income (loss)
92.4
23.1
115.5
(93.0
)
172.4
79.4
Interest expense
(33.9
)
—
(33.9
)
(31.6
)
—
(31.6
)
Amortization of deferred financing
fees
(1.3
)
—
(1.3
)
(1.4
)
—
(1.4
)
Other income (expense) - net (5)
(13.0
)
9.3
(3.7
)
5.8
0.5
6.3
Income (loss) before income
taxes
44.2
32.4
76.6
(120.2
)
172.9
52.7
Provision for income taxes (6)
(5.0
)
(17.1
)
(22.1
)
(3.4
)
(11.5
)
(14.9
)
Net income (loss)
$
39.2
$
15.3
$
54.5
$
(123.6
)
$
161.4
$
37.8
Diluted weighted average common shares
outstanding
35,962,778
35,962,778
35,184,336
35,496,471
Diluted income (loss) per common share
$
1.09
$
1.52
$
(3.51
)
$
1.06
(1)
The adjustment in 2022 represents $3.0
million of fair value step up of rental fleet assets sold during
the period that were expensed within cost of sales and $0.3 million
of other one-time costs associated with the businesses acquired in
2021.
(2)
The adjustment in 2023 represents $21.2
million of costs associated with a legal matter with the U.S. EPA
and $0.6 million of one-time costs. The adjustment in 2022
represents $4.8 million of income from the previously written off
long-term note receivable from the 2014 divestiture of the
Company's Chinese joint venture, partially offset by $0.3 million
of other one-time costs associated with the businesses acquired in
2021 and $0.2 million of other one-time charges.
(3)
The adjustment in 2022 represents $171.9
million of non-cash asset impairment charges.
(4)
The adjustments in 2023 and 2022 represent
the addback of restructuring expense.
(5)
The adjustment in 2023 represents the
write-off of $9.3 million of non-cash foreign currency translation
adjustments from the curtailment of operations in Russia. The
adjustment in 2022 represents a $0.5 million write-off of other
debt related charges.
(6)
The adjustment in 2023 represents the net
income tax impact of items (2), (4), and (5), the removal of a
$13.6 million benefit from the release of a valuation allowance,
and the removal of a $3.2 million benefit from the favorable
settlement of a tax matter. The adjustment in 2022 represents the
net income tax impacts of items (1), (2), (3), (4), and (5), the
removal of a $10.9 million income tax benefit related to the
release of a U.S. Federal uncertain tax position and $1.1 million
income tax benefit from the partial release of a valuation
allowance, and the addback of a $1.0 million valuation allowance
due to the Company's curtailment of operations in Russia.
Adjusted ROIC
The Company defines Adjusted ROIC as adjusted net operating
profit after tax (“Adjusted NOPAT”) for the trailing twelve-months
ended divided by the five-quarter average of invested capital.
Adjusted NOPAT is calculated for each quarter by taking operating
income (loss) plus the addback of amortization of intangible assets
and the addback or subtraction of restructuring expenses, certain
other non-recurring items – net, and 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 are defined as
income tax payables/receivables, net deferred tax
assets/liabilities, and uncertain tax positions.
The Company’s Adjusted ROIC for the year ended December 31, 2023
was 11.2%. Below is the calculation of Adjusted ROIC for the year
ended December 31, 2023.
Year Ended December 31,
2023
Operating income
$
92.4
Amortization of intangible assets
3.2
Restructuring expense
1.3
Other non-recurring items - net1
21.8
Adjusted operating income
118.7
Provision for income taxes
(17.8
)
Adjusted NOPAT
$
100.9
5-Quarter Average
Total assets
$
1,681.3
Total liabilities
(1,112.1
)
Net total assets
569.3
Cash and cash equivalents
(44.2
)
Short-term borrowings and current portion
of long-term debt
12.9
Long-term debt
371.4
Income tax assets - net
(6.2
)
Invested capital
$
903.1
Adjusted ROIC
11.2
(1)
Other non-recurring items - net for the
year ended December 31, 2023 relate to $21.2 million of costs
associated with a legal matter with the U.S. EPA and $0.6 million
of one-time costs.
Free Cash Flows
The Company defines free cash flows as net cash provided by
operating activities less cash flow from investment in capital
expenditures. The reconciliation of net cash provided by operating
activities to free cash flows for the three months ended and year
ended December 31, 2023 and 2022 are summarized as follows. All
dollar amounts are in millions.
Three Months Ended December
31,
Year Ended December
31,
2023
2022
2023
2022
Net cash provided by operating
activities
$
39.8
$
80.2
$
63.0
$
76.9
Capital expenditures
(17.5
)
(30.0
)
(77.4
)
(61.8
)
Free cash flows
$
22.3
$
50.2
$
(14.4
)
$
15.1
EBITDA and Adjusted EBITDA
The Company defines EBITDA as net income (loss) before interest,
taxes, depreciation, and amortization. The Company defines adjusted
EBITDA as EBITDA plus the addback or subtraction of restructuring,
other income, and certain other non-recurring items - net. The
reconciliation of net income (loss) to EBITDA, and further to
adjusted EBITDA for the three months ended and year ended December
31, 2023 and 2022, are summarized as follows. All dollar amounts
are in millions.
Three Months Ended December
31,
Year Ended December
31,
2023
2022
2023
2022
Net income (loss)
$
(7.9
)
$
(144.1
)
$
39.2
$
(123.6
)
Interest expense and amortization of
deferred financing fees
8.7
8.7
35.2
33.0
Provision for income taxes
6.0
4.3
5.0
3.4
Depreciation expense
14.8
14.4
56.6
60.6
Amortization of intangible assets
0.8
0.7
3.2
3.1
EBITDA
22.4
(116.0
)
139.2
(23.5
)
Restructuring expense
0.3
1.0
1.3
1.5
Asset impairment expense (1)
—
171.9
—
171.9
Other non-recurring items - net (2)
10.8
—
21.8
(1.0
)
Other (income) expense - net (3)
3.0
(5.4
)
13.0
(5.8
)
Adjusted EBITDA
$
36.5
$
51.5
$
175.3
$
143.1
Adjusted EBITDA margin percentage
6.1
%
8.3
%
7.9
%
7.0
%
(1)
The asset impairment expense in 2022
represents $171.9 million of non-cash goodwill and indefinite-lived
intangible asset impairment charges.
(2)
Other non-recurring items - net for the
three months ended December 31, 2023 relate to $10.4 million of
costs associated with a legal matter with the U.S. EPA and $0.4
million of one-time costs. Other non-recurring items - net for the
year ended December 31, 2023 relate to $21.2 million of costs
associated with a legal matter with the U.S. EPA and $0.6 million
of one-time costs. Other non-recurring items - net for the year
ended December 31, 2022 relate to $4.8 million of income from the
partial recovery of the previously written off long-term note
receivable from the 2014 divestiture of the Company's Chinese joint
venture, partially offset by $3.0 million of fair value step up on
rental fleet assets sold during the period that was expensed within
cost of sales, $0.6 million of other one-time costs associated with
the businesses acquired in 2021, and other one-time charges of $0.2
million.
(3)
Other (income) expense - net includes net
foreign currency gains (losses), other components of net periodic
pension costs, and other items in the three months ended December
31, 2023 and 2022 and the years ended December 31, 2023 and 2022.
Other expense – net for the year ended December 31, 2023 includes a
$9.3 million write-off of non-cash foreign currency translation
adjustments from the curtailment of operations in Russia.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240214442360/en/
Ion Warner SVP, Marketing and Investor Relations +1
414-760-4805
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