The Manitowoc Company, Inc. (NYSE: MTW) (the “Company” or
“Manitowoc”) today reported a third-quarter net loss of $7.0
million, or $0.20 per diluted share. Third-quarter adjusted net
loss(1) was $2.9 million, or $0.08 per diluted share.
Orders in the third quarter were $424.7 million, a 20.0%
decrease from the prior year, resulting in backlog at the end of
the third quarter of $742.1 million. Net sales in the third quarter
were flat year-over-year at $524.8 million, and adjusted EBITDA(1)
was $26.2 million, a decrease of 21.3% from the prior year.
“During the quarter, we made good progress on our CRANES+50
strategy; non-new machine sales reached a new high of $617.5
million for the trailing twelve-months. Demand, however, for new
cranes slowed as customers await the outcome of the U.S. election
and further interest rate cuts. Given the soft results in the third
quarter, we are expecting our full year adjusted EBITDA to be at
the low end of our guidance. Strengthening our balance sheet with a
focus on working capital remains our top financial priority,”
commented Aaron H. Ravenscroft, President and Chief Executive
Officer of The Manitowoc Company, Inc.
“Looking longer term, we are optimistic as central banks
continue to cut interest rates, monies from the Infrastructure and
CHIPS bills begin to flow, activity in the Middle East remains
strong, and crane fleets age to historic levels. As we continue to
launch new machines and execute our CRANES+50 strategy, we are well
positioned to capitalize on these trends,” concluded
Ravenscroft.
Investor Conference Call
The Manitowoc Company will host a conference call for security
analysts and institutional investors to discuss its third-quarter
2024 earnings results on Thursday, October 31, 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 support services to its markets. Headquartered in
Milwaukee, Wisconsin, United States, 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 (loss), adjusted diluted net income
(loss) 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 ability to convert backlog into revenue which could,
and has, impacted its 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;
- the ability to convert backlog, orders and order activity into
sales and the timing of those sales;
- 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;
- the Company’s ability to attract and retain qualified
personnel;
- changes in the capital and financial markets;
- the ability to complete and appropriately integrate
acquisitions, strategic alliances, joint ventures or other
significant transactions;
- issues associated with the availability and viability of
suppliers;
- the ability to significantly improve profitability;
- realization of anticipated earnings enhancements, cost savings,
strategic options and other synergies, and the anticipated timing
to realize those savings, synergies and options;
- the ability to focus on customers, new technologies and
innovation;
- uncertainties associated with new product introductions, the
successful development and market acceptance of new and innovative
products that drive growth;
- the replacement cycle of technologically obsolete
products;
- risks associated with high debt leverage;
- foreign currency fluctuation and its impact on reported
results;
- the ability of Manitowoc's customers to receive financing;
- risks associated with data security and technological systems
and protections;
- the ability to direct resources to those areas that will
deliver the highest returns;
- risks associated with manufacturing or design defects;
- natural disasters, other weather events, pandemics and other
public health crises disrupting commerce in one or more regions of
the world;
- issues relating to the ability to timely and effectively
execute on manufacturing strategies, general efficiencies and
capacity utilization of the Company’s facilities;
- the ability to focus and capitalize on product and service
quality and reliability;
- issues associated with the quality of materials, components and
products sourced from third parties and the ability to successfully
resolve those issues;
- issues related to workforce reductions and potential subsequent
rehiring;
- changes in laws throughout the world, including governmental
regulations on climate change;
- the inability to defend against potential infringement claims
on intellectual property rights;
- the ability to sell products and services through distributors
and other third parties;
- issues affecting the effective tax rate for the year;
- acts of terrorism; and
- other risks and factors detailed in Manitowoc's 2023 Annual
Report on Form 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 year ended December 31, 2023.
THE MANITOWOC COMPANY,
INC.
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS
(In millions, except per share
and share amounts)
Three Months Ended September
30,
Nine Months Ended September
30,
2024
2023
2024
2023
Net sales
$
524.8
$
520.9
$
1,582.0
$
1,632.0
Cost of sales
437.2
424.1
1,302.2
1,305.9
Gross profit
87.6
96.8
279.8
326.1
Operating costs and expenses:
Engineering, selling and administrative
expenses
78.9
77.4
238.6
240.1
Amortization of intangible assets
0.7
0.7
2.2
2.4
Restructuring expense
0.5
0.7
3.4
1.0
Total operating costs and expenses
80.1
78.8
244.2
243.5
Operating income
7.5
18.0
35.6
82.6
Other income (expense):
Interest expense
(9.6
)
(8.4
)
(28.4
)
(25.5
)
Amortization of deferred financing
fees
(0.3
)
(0.3
)
(1.0
)
(1.0
)
Other income (expense) - net
(4.9
)
1.1
(3.9
)
(10.0
)
Total other expense
(14.8
)
(7.6
)
(33.3
)
(36.5
)
Income (loss) before income taxes
(7.3
)
10.4
2.3
46.1
Provision (benefit) for income taxes
(0.3
)
—
3.2
(1.0
)
Net income (loss)
$
(7.0
)
$
10.4
$
(0.9
)
$
47.1
Per Share Data and Share
Amounts:
Basic net income (loss) per common
share
$
(0.20
)
$
0.30
$
(0.03
)
$
1.34
Diluted net income (loss) per common
share
$
(0.20
)
$
0.29
$
(0.03
)
$
1.31
Weighted average shares outstanding -
basic
35,123,015
35,080,037
35,251,847
35,095,211
Weighted average shares outstanding -
diluted
35,123,015
35,787,704
35,251,847
35,836,672
THE MANITOWOC COMPANY,
INC.
CONDENSED CONSOLIDATED BALANCE
SHEETS
(In millions, except par value
and share amounts)
September 30, 2024
December 31, 2023
Assets
Current Assets:
Cash and cash equivalents
$
22.9
$
34.4
Accounts receivable, less allowances of
$6.0 and $6.1, respectively
272.6
278.8
Inventories — net
769.9
666.5
Other current assets
38.6
53.3
Total current assets
1,104.0
1,033.0
Property, plant and equipment — net
366.0
366.1
Operating lease right-of-use assets
57.4
59.7
Goodwill
80.0
79.6
Other intangible assets — net
123.8
125.6
Other non-current assets
45.5
42.7
Total assets
$
1,776.7
$
1,706.7
Liabilities and Stockholders'
Equity
Current Liabilities:
Accounts payable and accrued expenses
$
445.6
$
457.4
Customer advances
17.6
19.2
Short-term borrowings and current portion
of long-term debt
40.5
13.4
Product warranties
38.5
47.1
Other liabilities
18.9
26.2
Total current liabilities
561.1
563.3
Non-Current Liabilities:
Long-term debt
426.7
358.7
Operating lease liabilities
44.5
47.2
Deferred income taxes
7.6
7.5
Pension obligations
51.6
55.8
Postretirement health and other benefit
obligations
5.3
5.6
Long-term deferred revenue
21.0
24.1
Other non-current liabilities
51.3
41.2
Total non-current liabilities
608.0
540.1
Stockholders' Equity:
Preferred stock (authorized 3,500,000
shares of $.01 par value; none outstanding)
—
—
Common stock (75,000,000 shares
authorized, 40,793,983 shares issued, 35,126,894 and 35,094,993
shares outstanding, respectively)
0.4
0.4
Additional paid-in capital
612.4
613.1
Accumulated other comprehensive loss
(80.6
)
(86.4
)
Retained earnings
142.6
143.5
Treasury stock, at cost (5,667,089 and
5,698,990 shares, respectively)
(67.2
)
(67.3
)
Total stockholders' equity
607.6
603.3
Total liabilities and stockholders'
equity
$
1,776.7
$
1,706.7
THE MANITOWOC COMPANY,
INC.
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
(In millions)
Three Months Ended September
30,
Nine Months Ended September
30,
2024
2023
2024
2023
Cash Flows from Operating
Activities:
Net income (loss)
$
(7.0
)
$
10.4
$
(0.9
)
$
47.1
Adjustments to reconcile net income (loss)
to cash provided by (used for) operating activities:
Depreciation expense
14.9
13.7
44.2
41.8
Amortization of intangible assets
0.7
0.7
2.2
2.4
Stock-based compensation expense
2.4
2.4
8.0
7.8
Amortization of deferred financing
fees
0.3
0.3
1.0
1.0
Loss on debt extinguishment
1.1
—
1.1
—
Loss (gain) on sale of property, plant and
equipment
(0.4
)
0.2
(0.1
)
—
Deferred income tax benefit
—
—
—
(14.0
)
Loss on foreign currency translation
adjustments
—
—
—
9.3
Changes in operating assets and
liabilities
Accounts receivable
(11.0
)
18.6
5.9
11.5
Inventories
1.0
(6.9
)
(103.2
)
(114.3
)
Notes receivable
1.0
1.9
3.1
5.8
Other assets
1.2
(2.7
)
11.2
5.2
Accounts payable
(32.9
)
(34.4
)
(0.6
)
(14.9
)
Accrued expenses and other liabilities
(14.9
)
22.1
(35.1
)
34.5
Net cash provided by (used for) operating
activities
(43.6
)
26.3
(63.2
)
23.2
Cash Flows from Investing
Activities:
Capital expenditures
(9.3
)
(23.6
)
(34.4
)
(59.9
)
Proceeds from sale of fixed assets
1.8
0.2
5.3
5.3
Net cash used for investing activities
(7.5
)
(23.4
)
(29.1
)
(54.6
)
Cash Flows from Financing
Activities:
Payments on revolving credit facility
—
—
—
(10.0
)
Proceeds from revolving credit
facility
19.9
(12.0
)
67.4
—
Payments on long-term debt
300.0
—
300.00
—
Proceeds from long-term debt
(300.0
)
—
(300.00
)
—
Proceeds from other debt - net
22.1
23.8
32.2
22.6
Debt issuance costs
(5.5
)
—
(6.2
)
—
Exercise of stock options
—
—
—
0.3
Common stock repurchases
—
—
(5.7
)
(5.5
)
Other financing activities
(1.2
)
—
(6.7
)
—
Net cash provided by financing
activities
35.3
11.8
81.0
7.4
Effect of exchange rate changes on cash
and cash equivalents
0.6
(0.6
)
(0.2
)
(0.4
)
Net increase (decrease) in cash and cash
equivalents
(15.2
)
14.1
(11.5
)
(24.4
)
Cash and cash equivalents at beginning of
period
38.1
25.9
34.4
64.4
Cash and cash equivalents at end of
period
$
22.9
$
40.0
$
22.9
$
40.0
Non-GAAP Financial Measures
Adjusted net income (loss), 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 (Loss) and Adjusted DEPS
The Company defines adjusted net income (loss) as net income
(loss) plus the addback or subtraction of restructuring and other
non-recurring items. Adjusted DEPS is defined as adjusted net
income (loss) 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 (loss) on an adjusted basis, as applicable. The
reconciliation of net income (loss) and diluted net income (loss)
per share to adjusted net income (loss) and Adjusted DEPS for the
three and nine months ended September 30, 2024 and 2023 are
summarized as follows. All dollar amounts are in millions, except
per share data and share amounts.
Three Months Ended September
30,
2024
2023
As reported
Adjustments
Adjusted
As reported
Adjustments
Adjusted
Gross profit
$
87.6
$
—
$
87.6
$
96.8
$
—
$
96.8
Engineering, selling and administrative
expenses (1)
(78.9
)
2.6
(76.3
)
(77.4
)
0.2
(77.2
)
Amortization of intangible assets
(0.7
)
—
(0.7
)
(0.7
)
—
(0.7
)
Restructuring expense (2)
(0.5
)
0.5
—
(0.7
)
0.7
—
Operating income
7.5
3.1
10.6
18.0
0.9
18.9
Interest expense
(9.6
)
—
(9.6
)
(8.4
)
—
(8.4
)
Amortization of deferred financing
fees
(0.3
)
—
(0.3
)
(0.3
)
—
(0.3
)
Other income (expense) - net (3)
(4.9
)
1.1
(3.8
)
1.1
—
1.1
Income (loss) before income
taxes
(7.3
)
4.2
(3.1
)
10.4
0.9
11.3
(Provision) benefit for income taxes
(4)
0.3
(0.1
)
0.2
—
(3.3
)
(3.3
)
Net income (loss)
$
(7.0
)
$
4.1
$
(2.9
)
$
10.4
$
(2.4
)
$
8.0
Diluted weighted average common shares
outstanding
35,123,015
35,123,015
35,787,704
35,787,704
Diluted net income (loss) per share
$
(0.20
)
$
(0.08
)
$
0.29
$
0.22
(1)
The adjustment in 2024 represents $2.6
million of costs associated with a legal matter with the U.S. EPA.
The adjustment in 2023 represents $0.2 million of one-time
costs.
(2)
The adjustment in 2024 and 2023 represents
the addback of restructuring expense.
(3)
The adjustment in 2024 represents $1.1
million of non-cash losses associated with the refinancing of the
Company’s $300.0 million senior secured second lien notes (the
“2026 Notes”).
(4)
The adjustment in 2024 represents the net
loss tax impacts of items (1), (2), and (3). The adjustment in 2023
represents the net income tax impact of items (1) and (2) and the
removal of a $3.2 million benefit from the favorable settlement of
a tax matter.
Nine Months Ended September
30,
2024
2023
As reported
Adjustments
Adjusted
As reported
Adjustments
Adjusted
Gross profit
$
279.8
$
—
$
279.8
$
326.1
$
—
$
326.1
Engineering, selling and administrative
expenses (1)
(238.6
)
8.1
(230.5
)
(240.1
)
11.0
(229.1
)
Amortization of intangible assets
(2.2
)
—
(2.2
)
(2.4
)
—
(2.4
)
Restructuring expense (2)
(3.4
)
3.4
—
(1.0
)
1.0
—
Operating income
35.6
11.5
47.1
82.6
12.0
94.6
Interest expense
(28.4
)
—
(28.4
)
(25.5
)
—
(25.5
)
Amortization of deferred financing
fees
(1.0
)
—
(1.0
)
(1.0
)
—
(1.0
)
Other income (expense) - net (3)
(3.9
)
1.1
(2.8
)
(10.0
)
9.3
(0.7
)
Income before income taxes
2.3
12.6
14.9
46.1
21.3
67.4
(Provision) benefit for income taxes
(4)
(3.2
)
(0.7
)
(3.9
)
1.0
(17.3
)
(16.3
)
Net income (loss)
$
(0.9
)
$
11.9
$
11.0
$
47.1
$
4.0
$
51.1
Diluted weighted average common shares
outstanding
35,251,847
35,750,656
35,836,672
35,836,672
Diluted net income (loss) per share
$
(0.03
)
$
0.31
$
1.31
$
1.43
(1)
The adjustment in 2024 represents $7.9
million of costs associated with a legal matter with the U.S. EPA
and $0.2 million of one-time costs. The adjustment in 2023
represents $10.8 million of costs associated with a legal matter
with the U.S. EPA and $0.2 million of one-time costs.
(2)
The adjustment in 2024 and 2023 represents
the addback of restructuring expense.
(3)
The adjustment in 2024 represents $1.1
million of non-cash losses associated with the refinancing of the
Company’s 2026 Notes. 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.
(4)
The adjustment in 2024 represents the net
loss tax impacts of items (1), (2), and (3). The adjustment in 2023
represents the net income tax impact of items (1), (2), and (3),
the removal of a $13.9 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.
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 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 are defined as
income tax payables/receivables, net deferred tax
assets/liabilities, and uncertain tax positions.
The Company’s Adjusted ROIC as of September 30, 2024 was 6.2%.
Below is the calculation of Adjusted ROIC as of September 30,
2024.
Three Months Ended
September 30, 2024
June 30, 2024
March 31, 2024
December 31, 2023
Trailing Twelve Months
Operating income
$
7.5
$
12.9
$
15.2
$
9.8
$
45.4
Amortization of intangible assets
0.7
0.8
0.7
0.8
3.0
Restructuring expense
0.5
2.3
0.6
0.3
3.7
Other non-recurring items - net1
2.6
5.4
0.1
10.8
18.9
Adjusted operating income
11.3
21.4
16.6
21.7
71.0
Provision for income taxes
(1.7
)
(3.2
)
(2.5
)
(3.3
)
(10.7
)
Adjusted NOPAT
$
9.6
$
18.2
$
14.1
$
18.4
$
60.4
September 30, 2024
June 30, 2024
March 31, 2024
December 31, 2023
September 30, 2023
5-Quarter Average
Total assets
$
1,776.7
$
1,747.9
$
1,780.6
$
1,706.7
$
1,692.2
$
1,740.8
Total liabilities
(1,169.1
)
(1,155.6
)
(1,184.6
)
(1,103.4
)
(1,119.2
)
(1,146.4
)
Net total assets
607.6
592.3
596.0
603.3
573.0
594.4
Cash and cash equivalents
(22.9
)
(38.1
)
(31.5
)
(34.4
)
(40.0
)
(33.4
)
Short-term borrowings and current portion
of long-term debt
40.5
21.4
42.5
13.4
30.3
29.6
Long-term debt
426.7
406.3
372.7
358.7
368.5
386.6
Income tax assets - net
(10.1
)
(4.4
)
(3.4
)
(2.6
)
(4.3
)
(4.9
)
Invested capital
$
1,041.8
$
977.5
$
976.3
$
938.4
$
927.5
$
972.3
Adjusted ROIC
6.2
%
(1)
Other non-recurring items - net for the
three months ended September 30, 2024 relate to $2.6 million of
costs associated with a legal matter with the U.S. EPA. Other
non-recurring items – net for the trailing twelve months relate to
$18.3 million of costs associated with a legal matter with the U.S.
EPA and $0.6 million of one-time costs. Refer to the Company’s
previously filed Form 10-K and Form 10-Qs for a description of
other non-recurring items - net for the three months ended June 30,
2024, March 31, 2024, and December 31, 2023.
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, 2024 and 2023 are summarized as
follows. All dollar amounts are in millions.
Three Months Ended September
30,
Nine Months Ended September
30,
2024
2023
2024
2023
Net cash provided by (used for) operating
activities
$
(43.6
)
$
26.3
$
(63.2
)
$
23.2
Capital expenditures
(9.3
)
(23.6
)
(34.4
)
(59.9
)
Free cash flows
$
(52.9
)
$
2.7
$
(97.6
)
$
(36.7
)
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
expense, other (income) expense - net, and other non-recurring
items - net. The reconciliation of net income (loss) to EBITDA, and
further to adjusted EBITDA for the three and nine months ended
September 30, 2024 and 2023 and trailing twelve months are
summarized as follows. All dollar amounts are in millions.
Three Months Ended September
30,
Nine Months Ended September
30,
Trailing Twelve
2024
2023
2024
2023
Months
Net income (loss)
$
(7.0
)
$
10.4
$
(0.9
)
$
47.1
$
(8.8
)
Interest expense and amortization of
deferred financing fees
9.9
8.7
29.4
26.5
38.1
Provision (benefit) for income taxes
(0.3
)
—
3.2
(1.0
)
9.2
Depreciation expense
14.9
13.7
44.2
41.8
59.0
Amortization of intangible assets
0.7
0.7
2.2
2.4
3.0
EBITDA
18.2
33.5
78.1
116.8
100.5
Restructuring expense
0.5
0.7
3.4
1.0
3.7
Other non-recurring items - net (1)
2.6
0.2
8.1
11.0
18.9
Other (income) expense - net (2)
4.9
(1.1
)
3.9
10.0
6.9
Adjusted EBITDA
$
26.2
$
33.3
$
93.5
$
138.8
$
130.0
Adjusted EBITDA margin percentage
5.0
%
6.4
%
5.9
%
8.5
%
6.0
%
(1)
Other non-recurring items - net for the
three months ended September 30, 2024 relate to $2.6 million of
costs associated with a legal matter with the U.S. EPA. Other
non-recurring items - net for the nine months ended September 30,
2024 relate to $7.9 million of costs associated with a legal matter
with the U.S. EPA and $0.2 million of one-time costs. Other
non-recurring items - net for the three months ended September 30,
2023 relate to $0.2 million of one-time costs. Other non-recurring
items - net for the nine months ended September 30, 2023 relate to
$10.8 million of costs associated with a legal matter with the U.S.
EPA and $0.2 million of one-time costs. Other non-recurring items –
net for the trailing twelve months relate to $18.3 million of costs
associated with a legal matter with the U.S. EPA and $0.6 million
of one-time costs.
(2)
Other (income) expense - net includes net
foreign currency gains (losses), other components of net periodic
pension costs, and other items in the three, nine, and trailing
twelve months ended September 30, 2024 and the three and nine
months ended September 30, 2023. Other expense – net for the nine
and trailing twelve months ended September 30, 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/20241030566930/en/
Ion Warner SVP, Marketing and Investor Relations +1
414-760-4805
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