$MTW
MANITOWOC CO INC

2019 Q2 Form 10-Q Financial Statement

#000156459019031117 Filed on August 09, 2019

View on sec.gov

Income Statement

Concept 2019 Q2 2018 Q2 2018 Q1
Revenue $504.7M $495.3M $386.1M
YoY Change 1.9% 25.52% 26.26%
Cost Of Revenue $409.5M $404.8M $317.7M
YoY Change 1.16% 27.18% 25.13%
Gross Profit $95.20M $90.50M $68.40M
YoY Change 5.19% 18.61% 31.79%
Gross Profit Margin 18.86% 18.27% 17.72%
Selling, General & Admin $50.50M $62.10M $60.40M
YoY Change -18.68% 6.34% -4.58%
% of Gross Profit 53.05% 68.62% 88.3%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $8.600M $9.100M $9.100M
YoY Change -5.49% -2.15% -14.15%
% of Gross Profit 9.03% 10.06% 13.3%
Operating Expenses $50.60M $62.20M $60.50M
YoY Change -18.65% 6.32% -5.32%
Operating Profit $41.90M $24.10M $1.700M
YoY Change 73.86% 102.52% -107.8%
Interest Expense $7.500M $9.400M $10.00M
YoY Change -20.21% -3.09% -0.99%
% of Operating Profit 17.9% 39.0% 588.24%
Other Income/Expense, Net $8.000M -$15.40M -$7.800M
YoY Change -151.95% 123.19% -38.58%
Pretax Income $49.90M $8.700M -$6.100M
YoY Change 473.56% 190.0% -82.32%
Income Tax $3.900M -$1.200M $3.900M
% Of Pretax Income 7.82% -13.79%
Net Earnings $46.00M $9.700M -$10.00M
YoY Change 374.23% 1840.0% -72.22%
Net Earnings / Revenue 9.11% 1.96% -2.59%
Basic Earnings Per Share $1.29 $0.27 -$0.28
Diluted Earnings Per Share $1.29 $0.27 -$0.28
COMMON SHARES
Basic Shares Outstanding 35.60M 35.53M 35.37M
Diluted Shares Outstanding 35.73M 36.06M 35.37M

Balance Sheet

Concept 2019 Q2 2018 Q2 2018 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $35.00M $83.70M $95.00M
YoY Change -58.18% 218.25% 163.16%
Cash & Equivalents $35.00M $83.70M $99.40M
Short-Term Investments
Other Short-Term Assets $37.20M $57.80M $49.60M
YoY Change -35.64% 4.33% -5.7%
Inventory $552.3M $469.6M $471.5M
Prepaid Expenses
Receivables $265.1M $210.2M $168.6M
Other Receivables $17.90M $24.90M $28.90M
Total Short-Term Assets $907.5M $846.2M $818.0M
YoY Change 7.24% 7.59% 11.22%
LONG-TERM ASSETS
Property, Plant & Equipment $283.5M $292.2M $306.1M
YoY Change -2.98% -6.85% -0.03%
Goodwill $232.7M $317.8M $323.9M
YoY Change -26.78% 1.7% 6.93%
Intangibles $117.5M $119.7M $123.7M
YoY Change -1.84% 0.84% 7.75%
Long-Term Investments
YoY Change
Other Assets $63.80M $62.40M $72.20M
YoY Change 2.24% 40.86% 61.88%
Total Long-Term Assets $745.1M $792.1M $825.9M
YoY Change -5.93% 0.37% 7.2%
TOTAL ASSETS
Total Short-Term Assets $907.5M $846.2M $818.0M
Total Long-Term Assets $745.1M $792.1M $825.9M
Total Assets $1.653B $1.638B $1.644B
YoY Change 0.87% 3.97% 9.16%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $265.1M $264.6M $253.8M
YoY Change 0.19% 22.96% 28.31%
Accrued Expenses $168.4M $168.4M $149.3M
YoY Change 0.0% 8.23% 8.19%
Deferred Revenue $10.60M $15.30M $14.40M
YoY Change -30.72%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $8.700M $7.000M $7.600M
YoY Change 24.29% -36.36% -41.09%
Total Short-Term Liabilities $508.9M $513.6M $484.3M
YoY Change -0.92% 11.73% 13.23%
LONG-TERM LIABILITIES
Long-Term Debt $309.6M $265.4M $266.1M
YoY Change 16.65% -4.57% -0.93%
Other Long-Term Liabilities $42.70M $183.1M $60.00M
YoY Change -76.68% 209.81% 2.74%
Total Long-Term Liabilities $524.0M $448.5M $476.3M
YoY Change 16.83% -13.73% -6.15%
TOTAL LIABILITIES
Total Short-Term Liabilities $508.9M $513.6M $484.3M
Total Long-Term Liabilities $524.0M $448.5M $476.3M
Total Liabilities $1.033B $972.3M $960.6M
YoY Change 6.23% -0.75% 2.72%
SHAREHOLDERS EQUITY
Retained Earnings $208.9M $246.7M
YoY Change 16.75%
Common Stock $589.2M $579.4M
YoY Change 1.28%
Preferred Stock
YoY Change
Treasury Stock (at cost) $62.20M $57.50M
YoY Change -5.74%
Treasury Stock Shares $5.446M $5.275M
Shareholders Equity $619.7M $666.0M $683.3M
YoY Change
Total Liabilities & Shareholders Equity $1.653B $1.638B $1.644B
YoY Change 0.87% 3.97% 9.16%

Cashflow Statement

Concept 2019 Q2 2018 Q2 2018 Q1
OPERATING ACTIVITIES
Net Income $46.00M $9.700M -$10.00M
YoY Change 374.23% 1840.0% -72.22%
Depreciation, Depletion And Amortization $8.600M $9.100M $9.100M
YoY Change -5.49% -2.15% -14.15%
Cash From Operating Activities $31.90M -$99.90M -$168.4M
YoY Change -131.93% 22.43% 54.07%
INVESTING ACTIVITIES
Capital Expenditures $5.300M $8.800M $6.400M
YoY Change -39.77% 8.64% 68.42%
Acquisitions
YoY Change
Other Investing Activities $0.00 $96.10M $150.3M
YoY Change -100.0% 31.11% -13763.64%
Cash From Investing Activities -$5.300M $87.30M $143.9M
YoY Change -106.07% 33.9% 92.64%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $2.100M
YoY Change -36.36%
Cash From Financing Activities -39.90M -200.0K -800.0K
YoY Change 19850.0% -103.17% 0.0%
NET CHANGE
Cash From Operating Activities 31.90M -99.90M -168.4M
Cash From Investing Activities -5.300M 87.30M 143.9M
Cash From Financing Activities -39.90M -200.0K -800.0K
Net Change In Cash -13.30M -12.80M -23.60M
YoY Change 3.91% 26.73% -32.18%
FREE CASH FLOW
Cash From Operating Activities $31.90M -$99.90M -$168.4M
Capital Expenditures $5.300M $8.800M $6.400M
Free Cash Flow $26.60M -$108.7M -$174.8M
YoY Change -124.47% 21.18% 54.55%

Facts In Submission

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<p style="margin-bottom:0pt;margin-top: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;"><span style="text-decoration:underline;">22.  Recent Accounting Changes and Pronouncements</span></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 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2018-15 “Intangibles – Goodwill and Other – Internal-use Software (Subtopic 250-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract.” The amendments in this ASU align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The standard is effective for annual periods beginning after December 15, 2019. The Company is evaluating the impact the adoption this ASU will have on its condensed 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 June 2018, the FASB issued ASU No. 2018-07 “Compensation – Stock Compensation (Topic 718): Improvements to Nonemployee Share-based Payment Accounting,” which aligns the accounting for nonemployee share-based payments with employee share-based payments under Topic 718. The Company adopted this ASU as of January 1, 2019. The adoption of the ASU did not have a material impact on the Company’s condensed consolidated financial statements. </p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><br/></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;"><span style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In February 2018, the FASB issued ASU No. 2018-02 “Income Statement-Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. This new standard permits an entity to reclassify to retained earnings the tax effects stranded in </span><span style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">accumulated other comprehensive income (loss)</span><span style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> as a result of U.S. tax reform. The Company adopted this ASU as of January 1, 2019 and chose not to reclassify the stranded tax effects related to the U.S. tax reform change in the federal corporate tax rate from </span><span style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">accumulated other comprehensive income (loss) </span><span style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">to retained earnings. The Company has elected the portfolio approach to release stranded income tax effects in </span><span style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">accumulated other comprehensive income (loss)</span><span style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">. </span></p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;"> </p> <p style="margin-bottom:0pt;margin-top: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 “Targeted Improvements to Accounting for Hedging Activities,” which amends ASC 815, “Derivatives and Hedging.” The purpose of this ASU is to better align a company’s risk management activities and financial reporting for hedging relationships, simplify the hedge accounting requirements, and improve the disclosures of hedging arrangements. The Company adopted this ASU as of January 1, 2019. The adoption of this ASU did not have a material impact on the Company’s condensed 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. 2017-08 “Receivables - Nonrefundable Fees and Other Costs (Subtopic 310-20):  Premium Amortization on Purchased Callable Debt Securities,” to shorten the amortization period for the premium to the earliest call date instead of the contractual life of the instrument. The Company adopted this ASU as of January 1, 2019. The adoption of the ASU did not have a material impact on the Company’s condensed consolidated financial statements. </p> <p style="margin-top:12pt;line-height:11pt;margin-bottom:0pt;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="Background-color:#FFFFFF;">In June 2016, the FASB issued ASU 2016-13, “Financial Instruments - Credit Losses,” which requires the Company to measure all expected credit losses for financial instruments held at the reporting date based on historical experience, current conditions and reasonable supportable forecasts. The new guidance is applicable to financial assets measured at amortized cost, net investments in leases and certain off-balance sheet credit exposures. The standard is effective for annual periods beginning after December 15, 2019. The Company is evaluating the impact the adoption this ASU will have on its condensed consolidated financial statements. </span></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 - “Leases,” <span style="Background-color:#FFFFFF;color:#000000;">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. The Company adopted this ASU as of January 1, 2019. The adoption of this ASU did not have a material impact on the Company’s Condensed Consolidated Statement of Operations and Condensed Consolidated Statement of Cash Flows. The updated disclosures are included in Note 20, “Leases.”</span></p>

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