$MTW
MANITOWOC CO INC

2021 Q1 Form 10-Q Financial Statement

#000156459021024730 Filed on May 06, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q1
Revenue $354.3M $329.2M
YoY Change 7.62% -21.24%
Cost Of Revenue $285.9M $266.0M
YoY Change 7.48% -21.26%
Gross Profit $68.40M $63.20M
YoY Change 8.23% -21.2%
Gross Profit Margin 19.31% 19.2%
Selling, General & Admin $57.70M $55.90M
YoY Change 3.22% -5.89%
% of Gross Profit 84.36% 88.45%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $10.00M $9.000M
YoY Change 11.11% 2.27%
% of Gross Profit 14.62% 14.24%
Operating Expenses $57.80M $56.00M
YoY Change 3.21% -5.88%
Operating Profit $10.70M $5.700M
YoY Change 87.72% -64.81%
Interest Expense -$7.500M -$7.600M
YoY Change -1.32% -169.72%
% of Operating Profit -70.09% -133.33%
Other Income/Expense, Net -$9.600M -$11.60M
YoY Change -17.24% -70.71%
Pretax Income $1.100M -$5.900M
YoY Change -118.64% -74.79%
Income Tax $4.200M $1.900M
% Of Pretax Income 381.82%
Net Earnings -$3.100M -$7.800M
YoY Change -60.26% -70.79%
Net Earnings / Revenue -0.87% -2.37%
Basic Earnings Per Share -$0.09 -$0.22
Diluted Earnings Per Share -$0.09 -$0.22
COMMON SHARES
Basic Shares Outstanding 34.81M 35.14M
Diluted Shares Outstanding 34.81M 35.14M

Balance Sheet

Concept 2021 Q1 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $158.5M $103.6M
YoY Change 52.99% 111.43%
Cash & Equivalents $158.5M $103.6M
Short-Term Investments
Other Short-Term Assets $30.60M $29.20M
YoY Change 4.79% -31.78%
Inventory $520.4M $545.6M
Prepaid Expenses
Receivables $188.4M $169.3M
Other Receivables $12.80M $15.10M
Total Short-Term Assets $910.7M $862.8M
YoY Change 5.55% -2.87%
LONG-TERM ASSETS
Property, Plant & Equipment $286.3M $277.6M
YoY Change 3.13% -2.97%
Goodwill $234.8M $230.3M
YoY Change 1.95% -1.29%
Intangibles $118.7M $114.9M
YoY Change 3.31% -1.54%
Long-Term Investments
YoY Change
Other Assets $42.10M $53.50M
YoY Change -21.31% -11.42%
Total Long-Term Assets $717.1M $721.2M
YoY Change -0.57% -3.27%
TOTAL ASSETS
Total Short-Term Assets $910.7M $862.8M
Total Long-Term Assets $717.1M $721.2M
Total Assets $1.628B $1.584B
YoY Change 2.77% -3.05%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $224.1M $211.5M
YoY Change 5.96% -22.3%
Accrued Expenses $154.6M $146.9M
YoY Change 5.24% -8.07%
Deferred Revenue $21.60M $21.00M
YoY Change 2.86% 57.89%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $10.10M $3.900M
YoY Change 158.97% -33.9%
Total Short-Term Liabilities $478.4M $451.9M
YoY Change 5.86% -10.57%
LONG-TERM LIABILITIES
Long-Term Debt $300.1M $307.9M
YoY Change -2.53% -9.97%
Other Long-Term Liabilities $53.80M $44.10M
YoY Change 22.0% 7.04%
Total Long-Term Liabilities $516.4M $515.4M
YoY Change 0.19% -6.77%
TOTAL LIABILITIES
Total Short-Term Liabilities $478.4M $451.9M
Total Long-Term Liabilities $516.4M $515.4M
Total Liabilities $994.8M $967.3M
YoY Change 2.84% -8.58%
SHAREHOLDERS EQUITY
Retained Earnings $213.8M $228.2M
YoY Change -6.31% 40.09%
Common Stock $596.8M $594.1M
YoY Change 0.45% 1.31%
Preferred Stock
YoY Change
Treasury Stock (at cost) $69.50M $72.20M
YoY Change -3.74% 31.27%
Treasury Stock Shares $6.059M $6.285M
Shareholders Equity $633.0M $616.7M
YoY Change
Total Liabilities & Shareholders Equity $1.628B $1.584B
YoY Change 2.77% -3.05%

Cashflow Statement

Concept 2021 Q1 2020 Q1
OPERATING ACTIVITIES
Net Income -$3.100M -$7.800M
YoY Change -60.26% -70.79%
Depreciation, Depletion And Amortization $10.00M $9.000M
YoY Change 11.11% 2.27%
Cash From Operating Activities $40.80M -$78.60M
YoY Change -151.91% -70.59%
INVESTING ACTIVITIES
Capital Expenditures $8.000M $3.600M
YoY Change 122.22% -18.18%
Acquisitions
YoY Change
Other Investing Activities $100.0K
YoY Change -99.92%
Cash From Investing Activities -$8.000M -$3.500M
YoY Change 128.57% -102.76%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $12.00M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 -12.40M
YoY Change -100.0% -124.95%
NET CHANGE
Cash From Operating Activities 40.80M -78.60M
Cash From Investing Activities -8.000M -3.500M
Cash From Financing Activities 0.000 -12.40M
Net Change In Cash 29.80M -95.70M
YoY Change -131.14% 4.82%
FREE CASH FLOW
Cash From Operating Activities $40.80M -$78.60M
Capital Expenditures $8.000M $3.600M
Free Cash Flow $32.80M -$82.20M
YoY Change -139.9% -69.75%

Facts In Submission

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<p style="margin-top:6pt;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;"><span style="text-decoration:underline;">2.  Recent Accounting Changes and Pronouncements</span></p> <p style="margin-top:6pt;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 December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2019-12 “Income Taxes (Topic 740).” The amendments in this ASU simplify accounting for income taxes by removing certain exceptions to the general principles in Topic 740. The amendments also improve consistent application of and simplify GAAP for other areas of Topic 740 by clarifying and amending existing guidance. The standard is effective for annual periods beginning after December 15, 2020. The adoption of ASU 2019-02 did not have a material impact on the Company’s consolidated financial statements.</span></p>
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CY2021Q1 us-gaap Goodwill
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CY2020Q4 us-gaap Long Term Debt And Capital Lease Obligations
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CY2021Q1 mtw Accounts Receivable Securitization Program Maximum Capacity
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CY2021Q1 us-gaap Proceeds From Accounts Receivable Securitization
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CY2021Q1 us-gaap Income Tax Expense Benefit
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CY2020Q1 us-gaap Income Tax Expense Benefit
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CY2021Q1 us-gaap Unrecognized Tax Benefits
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CY2020Q4 us-gaap Unrecognized Tax Benefits
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CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
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CY2021Q1 us-gaap Allocated Share Based Compensation Expense
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CY2020Q1 us-gaap Allocated Share Based Compensation Expense
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CY2021Q1 us-gaap Number Of Reportable Segments
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CY2021Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2020Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2021Q1 us-gaap Depreciation
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CY2020Q1 us-gaap Depreciation
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CY2021Q1 us-gaap Payments To Acquire Property Plant And Equipment
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CY2020Q1 us-gaap Payments To Acquire Property Plant And Equipment
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CY2021Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2021Q1 us-gaap Common Stock Shares Authorized
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CY2021Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
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CY2021Q1 us-gaap Preferred Stock Shares Issued
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CY2021Q1 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
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CY2020Q1 us-gaap Standard Product Warranty Accrual Payments
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CY2021Q1 us-gaap Standard Product Warranty Accrual
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CY2021Q1 us-gaap Restructuring Charges
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CY2020Q1 us-gaap Restructuring Charges
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CY2021Q1 us-gaap Restructuring Charges
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CY2020Q1 us-gaap Restructuring Charges
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CY2020Q1 us-gaap Payments For Restructuring
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CY2021Q1 us-gaap Restructuring Reserve
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CY2020Q1 us-gaap Restructuring Reserve
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