$MTW
MANITOWOC CO INC

2018 Q3 Form 10-Q Financial Statement

#000156459018027185 Filed on November 06, 2018

View on sec.gov

Income Statement

Concept 2018 Q3 2017 Q3
Revenue $450.1M $399.4M
YoY Change 12.69% 14.18%
Cost Of Revenue $370.1M $326.9M
YoY Change 13.22% 5.79%
Gross Profit $80.00M $72.50M
YoY Change 10.34% 77.7%
Gross Profit Margin 17.77% 18.15%
Selling, General & Admin $62.10M $59.00M
YoY Change 5.25% -19.18%
% of Gross Profit 77.63% 81.38%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $9.000M $9.200M
YoY Change -2.17% -23.33%
% of Gross Profit 11.25% 12.69%
Operating Expenses $62.10M $59.00M
YoY Change 5.25% -20.49%
Operating Profit $16.90M $9.800M
YoY Change 72.45% -107.3%
Interest Expense $9.900M -$10.10M
YoY Change -198.02% -201.0%
% of Operating Profit 58.58% -103.06%
Other Income/Expense, Net -$16.10M -$3.100M
YoY Change 419.35% -69.0%
Pretax Income $800.0K -$3.400M
YoY Change -123.53% -97.64%
Income Tax -$10.70M -$13.10M
% Of Pretax Income -1337.5%
Net Earnings $11.50M $9.600M
YoY Change 19.79% -106.82%
Net Earnings / Revenue 2.55% 2.4%
Basic Earnings Per Share $0.32 $0.27
Diluted Earnings Per Share $0.32 $0.27
COMMON SHARES
Basic Shares Outstanding 35.56M 35.13M
Diluted Shares Outstanding 35.93M 35.83M

Balance Sheet

Concept 2018 Q3 2017 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $90.60M $29.30M
YoY Change 209.22% -31.7%
Cash & Equivalents $90.60M $29.30M
Short-Term Investments
Other Short-Term Assets $55.60M $65.30M
YoY Change -14.85% 19.82%
Inventory $493.1M $482.2M
Prepaid Expenses
Receivables $157.3M $165.0M
Other Receivables $20.00M $35.60M
Total Short-Term Assets $816.6M $777.4M
YoY Change 5.04% -1.17%
LONG-TERM ASSETS
Property, Plant & Equipment $283.9M $314.1M
YoY Change -9.61% -0.38%
Goodwill $316.4M $317.7M
YoY Change -0.41% 2.55%
Intangibles $118.9M $120.9M
YoY Change -1.65% 1.68%
Long-Term Investments
YoY Change
Other Assets $54.70M $53.10M
YoY Change 3.01% -15.85%
Total Long-Term Assets $773.9M $805.8M
YoY Change -3.96% -0.84%
TOTAL ASSETS
Total Short-Term Assets $816.6M $777.4M
Total Long-Term Assets $773.9M $805.8M
Total Assets $1.591B $1.583B
YoY Change 0.46% -1.0%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $239.1M $210.4M
YoY Change 13.64% 14.16%
Accrued Expenses $152.2M $149.7M
YoY Change 1.67% -6.44%
Deferred Revenue $11.80M
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $6.900M $10.20M
YoY Change -32.35% -33.33%
Total Short-Term Liabilities $466.5M $442.1M
YoY Change 5.52% 1.47%
LONG-TERM LIABILITIES
Long-Term Debt $264.5M $277.4M
YoY Change -4.65% -5.32%
Other Long-Term Liabilities $45.80M $59.20M
YoY Change -22.64% -9.62%
Total Long-Term Liabilities $445.7M $513.2M
YoY Change -13.15% -4.96%
TOTAL LIABILITIES
Total Short-Term Liabilities $466.5M $442.1M
Total Long-Term Liabilities $445.7M $513.2M
Total Liabilities $912.2M $955.3M
YoY Change -4.51% -2.09%
SHAREHOLDERS EQUITY
Retained Earnings $267.9M $221.4M
YoY Change 21.0% -18.33%
Common Stock $583.6M $575.0M
YoY Change 1.5% 1.34%
Preferred Stock
YoY Change
Treasury Stock (at cost) $56.90M $60.40M
YoY Change -5.79% -8.21%
Treasury Stock Shares $5.208M
Shareholders Equity $678.3M $627.9M
YoY Change
Total Liabilities & Shareholders Equity $1.591B $1.583B
YoY Change 0.46% -1.0%

Cashflow Statement

Concept 2018 Q3 2017 Q3
OPERATING ACTIVITIES
Net Income $11.50M $9.600M
YoY Change 19.79% -106.82%
Depreciation, Depletion And Amortization $9.000M $9.200M
YoY Change -2.17% -23.33%
Cash From Operating Activities -$152.2M -$103.2M
YoY Change 47.48% 3340.0%
INVESTING ACTIVITIES
Capital Expenditures $6.200M $5.100M
YoY Change 21.57% -150.5%
Acquisitions
YoY Change
Other Investing Activities $167.1M $115.1M
YoY Change 45.18% 14287.5%
Cash From Investing Activities $160.9M $110.0M
YoY Change 46.27% -1282.8%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.100M -2.900M
YoY Change -62.07% -120.14%
NET CHANGE
Cash From Operating Activities -152.2M -103.2M
Cash From Investing Activities 160.9M 110.0M
Cash From Financing Activities -1.100M -2.900M
Net Change In Cash 7.600M 3.900M
YoY Change 94.87% 85.71%
FREE CASH FLOW
Cash From Operating Activities -$152.2M -$103.2M
Capital Expenditures $6.200M $5.100M
Free Cash Flow -$158.4M -$108.3M
YoY Change 46.26% -1625.35%

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<div> <p style="margin-top:8pt;line-height:11pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:underline;">19.&nbsp;&nbsp;Recent Accounting Changes and Pronouncements</font></p> <p style="margin-top:12pt;line-height:11pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In June 2018, the Financial Accounting Standards Board (&#8220;FASB&#8221;) issued ASU No. 2018-07 &#8220;Compensation &#8211; Stock Compensation (Topic 718): Improvements to Nonemployee Share-based Payment Accounting,&#8221; which aligns the accounting for nonemployee share-based payments with employee share-based payments under Topic 718. The standard is effective for annual periods beginning after December 15, 2018, including interim periods therein. The adoption of the ASU will not have a material impact on the Company&#8217;s consolidated financial statements.</p> <p style="margin-top:12pt;line-height:11pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In August 2017, the FASB issued ASU No. 2017-12 &#8220;Targeted Improvements to Accounting for Hedging Activities,&#8221; which amends ASC 815, &#8220;Derivatives and Hedging.&#8221; The purpose of this ASU is to better align a company&#8217;s risk management activities and financial reporting for hedging relationships, simplify the hedge accounting requirements, and improve the disclosures of hedging arrangements. The effective date is fiscal 2019, with early adoption permitted. The Company is evaluating the impact the adoption of this ASU will have on its consolidated financial statements.&nbsp;&nbsp;</p> <p style="margin-top:12pt;line-height:11pt;margin-bottom:0pt;text-indent:0%;letter-spacing:-0.2pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In May 2017, the FASB issued ASU No. 2017-09 &#8220;Compensation - Stock Compensation (Topic 718):&nbsp;&nbsp;Scope of Modification Accounting,&#8221; to provide clarity and reduce both diversity in practice and cost complexity when applying the guidance in Topic 718 to a change to the terms and conditions of a stock-based payment award. ASU 2017-09 also provides guidance about the types of changes to the terms or conditions of a share-based payment award that require an entity to apply modification accounting in accordance with Topic 718. The standard is effective for annual periods beginning after December 15, 2017, and for interim periods therein. <font style="letter-spacing:-0.1pt;">The adoption of this ASU did not have a material impact on the Company's consolidated financial statements.</font></p> <p style="margin-top:12pt;line-height:11pt;margin-bottom:0pt;text-indent:0%;letter-spacing:-0.2pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In March 2017, the FASB issued ASU No. 2017-08 &#8220;Receivables - Nonrefundable Fees and Other Costs (Subtopic 310-20):&nbsp;&nbsp;Premium Amortization on Purchased Callable Debt Securities,&#8221; to shorten the amortization period for the premium to the earliest call date instead of the contractual life of the instrument. This new guidance will be effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018 with early adoption permitted. Entities will be required to apply the new guidance using the modified retrospective method with a cumulative-effect adjustment to retained earnings upon the adoption date. The Company is evaluating the impact the adoption of this ASU will have on its consolidated financial statements.</p> <p style="margin-top:12pt;line-height:11pt;margin-bottom:0pt;text-indent:0%;letter-spacing:-0.2pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In March 2017, the FASB issued ASU No. 2017-07 &#8220;Compensation - Retirement Benefits (Topic 715):&nbsp;&nbsp;Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost.&#8221;&nbsp;&nbsp;This ASU amends ASC 715, &#8220;Compensation &#8211; Retirement Benefits,&#8221; to require employers that present a measure of operating income in their statement of operations 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 Condensed Consolidated Statement of Operations 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. As a result of the adoption of ASU No. 2017-07, the Company reclassified approximately $1.9 million and $5.8 million to other income (expense) &#8211; net from engineering, selling, and administrative expense on the Condensed Consolidated Statement of Operations for the three and nine months ended September 30, 2018, respectively, as the ASU was retrospectively adopted. The result was an increase in operating income with no impact to net earnings. </p> <p style="margin-top:12pt;line-height:11pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In November 2016, the FASB issued ASU No. 2016-18 - &#8220;Statement of Cash Flows (Topic 230): Restricted Cash (a consensus of the FASB Emerging Issues Task Force).&#8221; 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. <font style="letter-spacing:-0.1pt;">The adoption of ASU 2016-18 resulted in a change in certain disclosures within the Condensed Consolidated Statement of Cash Flows, including cash flows from investing activities and total cash, cash equivalents and restricted cash. </font></p> <p style="margin-top:12pt;line-height:11pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In October 2016, the FASB issued ASU No. 2016-16 - &#8220;Income Taxes (Topic 740): Intra-Entity Transfer of Assets Other than Inventory,&#8221; 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 2016-16 will be effective for fiscal years beginning after December 15, 2017. <font style="letter-spacing:-0.1pt;">The adoption of this ASU did not have a material impact on the Company's consolidated financial statements.</font></p> <p style="margin-top:12pt;line-height:11pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In August 2016, the FASB issued ASU No. 2016-15 - &#8220;Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments.&#8221; 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.&nbsp;&nbsp;This standard will be effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. As a result of the adoption of ASU No. 2016-15 the Company reclassified $259.9 million of operating cash flows to investing cash flows for the nine months ended September 30, 2017. </p> <p style="margin-top:12pt;line-height:11pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In May 2014, the FASB issued ASU No. 2014-09 - &#8220;Revenue from Contracts with Customers&#8221; (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.&nbsp;&nbsp;The new revenue recognition guidance was issued to provide a single, comprehensive revenue recognition model for all contracts with customers.&nbsp;&nbsp;Under the new guidance, an entity will recognize revenue to depict the transfer of promised goods or services to customers 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.&nbsp;&nbsp;The new guidance also includes enhanced disclosure requirements and is effective January 1, 2018.&nbsp;&nbsp;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 has adopted the new guidance effective January 1, 2018 utilizing the modified retrospective approach. Refer to Note 2, &#8220;Revenues&#8221; for further details.</p> <p style="margin-top:12pt;line-height:11pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In February 2016, the FASB issued ASU 2016-02 - &#8220;Leases,&#8221; which is intended to improve financial reporting on leasing transactions. This was further clarified with technical corrections issued within ASU 2018-10 and ASU 2018-11. 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 plans to adopt this guidance effective January 1, 2019 using the modified retrospective approach. The Company is evaluating the impact the adoption of this ASU will have on its consolidated financial statements.</p> <p style="margin-top:12pt;line-height:11pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In January 2016, the FASB issued ASU 2016-01 - &#8220;Financial Instruments-Overall: Recognition and Measurement of Financial Assets and Financial Liabilities.&#8221; 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. <font style="letter-spacing:-0.1pt;">The adoption of this ASU did not have a material impact on the Company's consolidated financial statements.</font></p></div>
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