$MTW
MANITOWOC CO INC Stock $mtw

$mtw Overview Financials Valuation SEC Filings Company Website

2017 Q1 Form 10-Q Financial Statement

#000006198617000013 Filed on May 09, 2017

Income Statement

Concept	2017 Q1	2016 Q1
Revenue	$305.8M	$427.4M
YoY Change	-28.45%	5.09%
Cost Of Revenue	$253.9M	$347.7M
YoY Change	-26.98%	5.59%
Gross Profit	$51.90M	$79.70M
YoY Change	-34.88%	2.97%
Gross Profit Margin	16.97%	18.65%
Selling, General & Admin	$63.30M	$72.40M
YoY Change	-12.57%	-12.45%
% of Gross Profit	121.97%	90.84%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization	$10.60M	$12.20M
YoY Change	-13.11%	3.39%
% of Gross Profit	20.42%	15.31%
Operating Expenses	$63.90M	$74.50M
YoY Change	-14.23%	-10.78%
Operating Profit	-$21.80M	$800.0K
YoY Change	-2825.0%	-112.7%
Interest Expense	$10.10M	$9.700M
YoY Change	4.12%	-58.37%
% of Operating Profit		1212.5%
Other Income/Expense, Net	-$12.70M	-$85.80M
YoY Change	-85.2%	248.78%
Pretax Income	-$34.50M	-$85.00M
YoY Change	-59.41%	175.08%
Income Tax	$1.500M	$107.7M
% Of Pretax Income
Net Earnings	-$36.00M	-$195.9M
YoY Change	-81.62%	2232.14%
Net Earnings / Revenue	-11.77%	-45.84%
Basic Earnings Per Share	-$1.03	-$1.43
Diluted Earnings Per Share	-$1.03	-$1.43
COMMON SHARES
Basic Shares Outstanding	35.02M	136.6M shares
Diluted Shares Outstanding	35.02M	136.6M shares

Balance Sheet

Concept	2017 Q1	2016 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments	$36.10M	$87.20M
YoY Change	-58.6%	27.86%
Cash & Equivalents	$36.10M	$87.20M
Short-Term Investments
Other Short-Term Assets	$52.60M	$110.1M
YoY Change	-52.23%	-30.49%
Inventory	$461.3M	$498.9M
Prepaid Expenses
Receivables	$138.1M	$185.6M
Other Receivables	$47.40M	$0.00
Total Short-Term Assets	$735.5M	$899.0M
YoY Change	-18.19%	-28.15%
LONG-TERM ASSETS
Property, Plant & Equipment	$306.2M	$416.9M
YoY Change	-26.55%	-26.34%
Goodwill	$302.9M	$312.7M
YoY Change	-3.13%	-73.58%
Intangibles	$114.8M	$121.3M
YoY Change	-5.36%	-82.51%
Long-Term Investments
YoY Change
Other Assets	$44.60M	$64.80M
YoY Change	-31.17%	-47.19%
Total Long-Term Assets	$770.4M	$921.4M
YoY Change	-16.39%	-64.09%
TOTAL ASSETS
Total Short-Term Assets	$735.5M	$899.0M
Total Long-Term Assets	$770.4M	$921.4M
Total Assets	$1.506B	$1.820B
YoY Change	-17.28%	-52.31%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable	$197.8M	$262.9M
YoY Change	-24.76%	-32.93%
Accrued Expenses	$138.0M	$144.7M
YoY Change	-4.63%	-52.2%
Deferred Revenue
YoY Change
Short-Term Debt	$0.00	$0.00
YoY Change
Long-Term Debt Due	$12.90M	$33.70M
YoY Change	-61.72%	-49.32%
Total Short-Term Liabilities	$427.7M	$526.6M
YoY Change	-18.78%	-43.64%
LONG-TERM LIABILITIES
Long-Term Debt	$268.6M	$269.3M
YoY Change	-0.26%	-83.25%
Other Long-Term Liabilities	$58.40M	$76.70M
YoY Change	-23.86%	-29.83%
Total Long-Term Liabilities	$507.5M	$525.9M
YoY Change	-3.5%	-75.24%
TOTAL LIABILITIES
Total Short-Term Liabilities	$427.7M	$526.6M
Total Long-Term Liabilities	$507.5M	$525.9M
Total Liabilities	$935.2M	$1.053B
YoY Change	-11.14%	-65.58%
SHAREHOLDERS EQUITY
Retained Earnings	$211.3M	$386.3M
YoY Change	-45.3%	-19.27%
Common Stock	$572.1M	$561.7M
YoY Change	1.85%	2.48%
Preferred Stock
YoY Change
Treasury Stock (at cost)	$61.00M	$70.50M
YoY Change	-13.48%	-1.81%
Treasury Stock Shares	22.64M shares	26.16M shares
Shareholders Equity	$570.7M	$767.9M
YoY Change
Total Liabilities & Shareholders Equity	$1.506B	$1.820B
YoY Change	-17.28%	-52.31%

Cashflow Statement

Concept	2017 Q1	2016 Q1
OPERATING ACTIVITIES
Net Income	-$36.00M	-$195.9M
YoY Change	-81.62%	2232.14%
Depreciation, Depletion And Amortization	$10.60M	$12.20M
YoY Change	-13.11%	3.39%
Cash From Operating Activities	-$109.3M	-$210.2M
YoY Change	-48.0%	54.9%
INVESTING ACTIVITIES
Capital Expenditures	$3.800M	$10.90M
YoY Change	-65.14%	28.24%
Acquisitions
YoY Change
Other Investing Activities	-$1.100M	$0.00
YoY Change		-100.0%
Cash From Investing Activities	$74.70M	-$12.10M
YoY Change	-717.36%	24.74%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net	$3.300M	$1.345B
YoY Change	-99.75%	5852.21%
Cash From Financing Activities	-800.0K	$244.5M
YoY Change	-100.33%	61.92%
NET CHANGE
Cash From Operating Activities	-109.3M	-$210.2M
Cash From Investing Activities	74.70M	-$12.10M
Cash From Financing Activities	-800.0K	$244.5M
Net Change In Cash	-34.80M	$22.20M
YoY Change	-256.76%	296.43%
FREE CASH FLOW
Cash From Operating Activities	-$109.3M	-$210.2M
Capital Expenditures	$3.800M	$10.90M
Free Cash Flow	-$113.1M	-$221.1M
YoY Change	-48.85%	53.33%

Facts In Submission

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CY2017Q1	us-gaap	Other Postretirement Defined Benefit Plan Liabilities Noncurrent OtherPostretirementDefinedBenefitPlanLiabilitiesNoncurrent	37400000	USD
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CY2017Q1	us-gaap	Description Of New Accounting Pronouncements Not Yet Adopted DescriptionOfNewAccountingPronouncementsNotYetAdopted	<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;text-decoration:underline;">Recent Accounting Changes and Pronouncements</font></div><div style="line-height:120%;padding-bottom:8px;padding-top:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In March 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. - 2017-07 “Compensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost.” This ASU amends ASC 715, Compensation – Retirement Benefits, to require employers that present a measure of operating income in their statement of income to include only the service cost component of net periodic pension cost and net periodic postretirement benefit cost in operating expenses (together with other employee compensation costs). The other components of net benefit cost, including amortization of prior service cost/credit and settlement and curtailment effects, are to be included in nonoperating expenses. This ASU also allows only the service cost component of net benefit cost to be capitalized (for example, as a cost of inventory). The amendments in this ASU should be applied retrospectively for the presentation of the service cost component and the other components of net periodic pension cost and net periodic postretirement benefit cost in the income statement and prospectively, on and after the effective date, for the capitalization of the service cost component of net periodic pension cost and net periodic postretirement benefit in assets, and is effective for public companies for fiscal years beginning after December 15, 2017; early adoption is permitted. The Company plans to adopt this ASU in the first quarter of 2018. </font></div><div style="line-height:120%;padding-bottom:8px;padding-top:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In January 2017, the FASB issued ASU No. 2017-04 - “Intangibles – Goodwill and Other (Topic 350): Simplifying the Accounting for Goodwill Impairment.” This ASU simplifies the accounting for goodwill impairment. The guidance removes Step 2 of the goodwill impairment test, which requires a hypothetical purchase price allocation. A goodwill impairment will now be the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill.  ASU 2017-04 will be effective for annual or interim goodwill impairment tests in fiscal years beginning after December 15, 2019. Early adoption is permitted for any impairment tests performed after January 1, 2017. The Company has early adopted  ASU No. 2017-04 effective the first quarter of 2017.</font></div><div style="line-height:120%;padding-bottom:8px;padding-top:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In November 2016, the FASB issued ASU No. 2016-18 - “Statement of Cash Flows (Topic 230): Restricted Cash (a consensus of the FASB Emerging Issues Task Force).” The amendments of this ASU address the diversity of presentation of restricted cash by requiring a statement of cash flows to explain the change during the period in the total cash, cash equivalents and amounts generally described as restricted cash or restricted cash equivalents. ASU 2016-18 will be effective for fiscal years beginning after December 15, 2017. The Company is evaluating the impact the adoption of this ASU will have on its consolidated financial statements.</font></div><div style="line-height:120%;padding-bottom:8px;padding-top:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In October 2016, the FASB issued ASU No. 2016-16 - “Income Taxes (Topic 740): Intra-Entity Transfer of Assets Other than Inventory,” which requires the recognition of the income tax consequences of an intra-entity transfer of an asset, other than inventory, when the transfer occurs. ASU 2016-06 will be effective for fiscal years beginning after December 15, 2017. The Company is currently evaluating the impact the adoption of this ASU will have on its consolidated financial statements.</font></div><div style="line-height:120%;padding-bottom:8px;padding-top:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In August 2016, the FASB issued ASU No. 2016-15 - “Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments.” This update addresses eight specific cash flow issues with the objective of reducing the existing diversity in practice and affects all entities required to present a statement of cash flows under Topic 230. This standard will be effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The Company is evaluating the impact the adoption of this ASU will have on its consolidated financial statements.</font></div><div style="line-height:120%;padding-bottom:8px;padding-top:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In May 2014, the FASB issued ASU No. 2014-09 - “Revenue from Contracts with Customers” (Topic 606), which supersedes the revenue recognition requirements in ASC 605, Revenue Recognition. This was further clarified with technical corrections issued within ASU 2015-14, ASU 2016-08, ASU 2016-10, ASU 2016-11, ASU 2016-12, ASU 2016-20 and ASU 2017-05. The new revenue recognition guidance was issued to provide a single, comprehensive revenue recognition model for all contracts with customer. Under the new guidance, an entity will recognize revenue to depict the transfer of promised goods or services to customer at an amount that the entity expects to be entitled to in exchange for those goods or services. A five-step model has been introduced for an entity to apply when recognizing revenue. The new guidance also includes enhanced disclosure requirements and is effective January 1, 2018, with early adoption permitted as of January 1, 2017. Entities have the option to apply the new guidance under a retrospective approach to each prior reporting period presented, or a modified retrospective approach with the cumulative effect of initially applying the new guidance recognized at the date of initial application within the Consolidated Statement of Changes in Stockholder's Equity. The Company plans to adopt the new guidance effective January 1, 2018 utilizing the modified retrospective approach and is in the process of evaluating the financial impact of the adoption on its financial statements. The Company expects to conclude its assessment on the impact of adoption in the first half of 2017.</font></div><div style="line-height:120%;padding-bottom:8px;padding-top:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In March 2016, the FASB issued ASU 2016-09 - “Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting.” This update is part of the FASB's Simplification Initiative, and its objective is to identify, evaluate and improve areas of GAAP for which cost and complexity can be reduced while maintaining or improving usefulness of the information provided to users of financial statements. The update involves several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities and classification on the statement of cash flows. The effective date for this ASU is for annual periods beginning after December 15, 2016 and interim periods within those annual periods. The adoption of this ASU did not have a material impact on the Company's consolidated financial statements.</font></div><div style="line-height:120%;padding-bottom:8px;padding-top:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In March 2016, the FASB issued ASU No. 2016-06 - “Derivatives and Hedging: Contingent Put and Call Options in Debt Instruments.” The amendments clarify the steps required to assess whether a call or put option meets the criteria for bifurcation as an embedded derivative. The ASU is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016. The adoption of this ASU did not have a material impact on the Company's consolidated financial statements.</font></div><div style="line-height:120%;padding-bottom:8px;padding-top:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In February 2016, the FASB issued ASU 2016-02 - “Leases”, which is intended to improve financial reporting on leasing transactions. This standard requires a lessee to record on the balance sheet the assets and liabilities for the rights and obligations created by lease terms of more than 12 months. This standard will be effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The Company is evaluating the impact the adoption of this ASU will have on its consolidated financial statements.</font></div><div style="line-height:120%;padding-bottom:8px;padding-top:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In January 2016, the FASB issued ASU 2016-01 - “Financial Instruments-Overall: Recognition and Measurement of Financial Assets and Financial Liabilities.” ASU 2016-01 amends various aspects of the recognition, measurement, presentation and disclosure for financial instruments. Most significantly, ASU 2016-01 requires equity investments (except those accounted for under the equity method of accounting or those that result in consolidation of an investee) to be measured at fair value with changes in fair value recognized in net income (loss). ASU 2016-01 is effective for annual reporting periods and interim periods within those years beginning after December 15, 2017. The Company is evaluating the impact the adoption of this ASU will have on its consolidated financial statements.</font></div><div style="line-height:120%;padding-bottom:8px;padding-top:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In July 2015, the FASB issued ASU No. 2015-11 - “Inventory (Topic 330): Simplifying the Measurement of Inventory.” This update changes the guidance on accounting for inventory accounted for on a first-in first-out (FIFO) basis. Under the revised standard, an entity should measure FIFO inventory at the lower of cost and net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. Subsequent measurement is unchanged for inventory measured on a last-in, first-out (LIFO) basis. The amendments in this ASU are effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2016. The adoption of this ASU did not have a material impact on the Company's consolidated financial statements.</font></div></div>

Files In Submission

Name	View Source	Status
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$MTW
MANITOWOC CO INC Stock $mtw

2017 Q1 Form 10-Q Financial Statement

#000006198617000013 Filed on May 09, 2017

Income Statement

Balance Sheet

Cashflow Statement

Facts In Submission

Files In Submission

$MTW MANITOWOC CO INC Stock $mtw

2017 Q1 Form 10-Q Financial Statement

#000006198617000013 Filed on May 09, 2017

Income Statement

Balance Sheet

Cashflow Statement

Facts In Submission

Files In Submission

$MTW
MANITOWOC CO INC Stock $mtw