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4-Traders Homepage  >  Equities  >  Nyse  >  Manitowoc Company Inc    MTW

Delayed Quote. Delayed  - 05/25 10:02:04 pm
5.79 USD   -0.52%
05/10 MANITOWOC : sales down 28% in first quarter
05/08 THE MANITOWOC C : MTW*) Files An 8-K Results of Operations and Finan..
05/08 MANITOWOC : reports 1Q loss
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Manitowoc : sales down 28% in first quarter

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05/10/2017 | 10:20am CEST

Sales at Manitowoc in the first quarter of 2017 were US$ 305.8 million, down 28 per cent on the $427.4 million in the same period of 2016. An operating loss of $23.7 million was reported for the quarter, against an operating income of $0.8 million in the first quarter of 2016.

Orders received in the first quarter were $488 million, up 17 % on the same period of 2016.

Commenting on the results, Barry Pennypacker, Manitowoc Company president and chief executive officer, said, In the first-quarter, we were pleased by the strong customer reception of our new products, many of which were highlighted at ConExpo. Nearly half of our equipment orders in the quarter were for products introduced since becoming a standalone crane company last year, which drove year-over-year and sequential orders up by 17 % and 40 %, respectively. Although the market has not shown signs of a sustained recovery, we are encouraged by the increased orders we booked in the quarter, and at this time reiterating our full-year financial guidance.

Pennypacker reported historically low levels of crawler crane demand which, the company said, accounted for half of the decline in sales in the latest quarter over Q1 2016.

The mobile crane business remains soft in the Americas and the Middle East as a result of continued low rental rates, weakness in used equipment prices and low oil prices, notwithstanding the increased activity in some of the American shale basins. Our Tower crane business performed in line with our expectations, reflecting market share gains in key product lines, Pennypacker continued.

Lower sales in the USA were partly offset by increases in Europe from new products, and strength in residential and commercial construction, the company said.

For the full year 2017 Manitowoc forecasts a decrease in revenue of 8 to 10 % year-on-year.

(c) 2017 Emirates News Agency (WAM) Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers

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Financials ($)
Sales 2017 1 446 M
EBIT 2017 -0,30 M
Net income 2017 -56,3 M
Debt 2017 164 M
Yield 2017 0,17%
P/E ratio 2017 -
P/E ratio 2018 160,83
EV / Sales 2017 0,68x
EV / Sales 2018 0,63x
Capitalization 814 M
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Mean consensus HOLD
Number of Analysts 15
Average target price 5,83 $
Spread / Average Target 0,63%
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Managers
NameTitle
Barry L. Pennypacker President, Chief Executive Officer & Director
Kenneth W. Krueger Chairman
David J. Antoniuk Chief Financial Officer & Senior Vice President
Donald Marion Condon Independent Director
Robert G. Bohn Independent Director
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