$MTW
MANITOWOC CO INC

2021 Q2 Form 10-Q Financial Statement

#000156459021041982 Filed on August 06, 2021

View on sec.gov

Income Statement

Concept 2021 Q2 2020 Q2 2020 Q1
Revenue $463.6M $328.3M $329.2M
YoY Change 41.21% -34.95% -21.24%
Cost Of Revenue $373.2M $279.9M $266.0M
YoY Change 33.33% -31.65% -21.26%
Gross Profit $90.40M $48.40M $63.20M
YoY Change 86.78% -49.16% -21.2%
Gross Profit Margin 19.5% 14.74% 19.2%
Selling, General & Admin $59.40M $49.70M $55.90M
YoY Change 19.52% -1.58% -5.89%
% of Gross Profit 65.71% 102.69% 88.45%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $9.700M $9.100M $9.000M
YoY Change 6.59% 5.81% 2.27%
% of Gross Profit 10.73% 18.8% 14.24%
Operating Expenses $59.50M $49.80M $56.00M
YoY Change 19.48% -1.58% -5.88%
Operating Profit $26.70M -$1.600M $5.700M
YoY Change -1768.75% -103.82% -64.81%
Interest Expense -$7.600M -$7.500M -$7.600M
YoY Change 1.33% -200.0% -169.72%
% of Operating Profit -28.46% -133.33%
Other Income/Expense, Net -$4.800M -$2.900M -$11.60M
YoY Change 65.52% -136.25% -70.71%
Pretax Income $21.90M -$12.00M -$5.900M
YoY Change -282.5% -124.05% -74.79%
Income Tax $4.000M $700.0K $1.900M
% Of Pretax Income 18.26%
Net Earnings $17.90M -$12.70M -$7.800M
YoY Change -240.94% -127.61% -70.79%
Net Earnings / Revenue 3.86% -3.87% -2.37%
Basic Earnings Per Share $0.51 -$0.37 -$0.22
Diluted Earnings Per Share $0.50 -$0.37 -$0.22
COMMON SHARES
Basic Shares Outstanding 34.90M 34.52M 35.14M
Diluted Shares Outstanding 35.60M 34.52M 35.14M

Balance Sheet

Concept 2021 Q2 2020 Q2 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $158.5M $128.3M $103.6M
YoY Change 23.54% 266.57% 111.43%
Cash & Equivalents $158.5M $128.3M $103.6M
Short-Term Investments
Other Short-Term Assets $38.40M $33.00M $29.20M
YoY Change 16.36% -11.29% -31.78%
Inventory $529.7M $534.5M $545.6M
Prepaid Expenses
Receivables $233.7M $171.9M $169.3M
Other Receivables $12.30M $14.00M $15.10M
Total Short-Term Assets $972.6M $881.7M $862.8M
YoY Change 10.31% -2.84% -2.87%
LONG-TERM ASSETS
Property, Plant & Equipment $282.8M $277.8M $277.6M
YoY Change 1.8% -2.01% -2.97%
Goodwill $234.8M $232.0M $230.3M
YoY Change 1.21% -0.3% -1.29%
Intangibles $119.3M $115.9M $114.9M
YoY Change 2.93% -1.36% -1.54%
Long-Term Investments
YoY Change
Other Assets $38.90M $39.90M $53.50M
YoY Change -2.51% -37.46% -11.42%
Total Long-Term Assets $709.7M $723.2M $721.2M
YoY Change -1.87% -2.94% -3.27%
TOTAL ASSETS
Total Short-Term Assets $972.6M $881.7M $862.8M
Total Long-Term Assets $709.7M $723.2M $721.2M
Total Assets $1.682B $1.605B $1.584B
YoY Change 4.82% -2.89% -3.05%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $256.1M $177.9M $211.5M
YoY Change 43.96% -32.89% -22.3%
Accrued Expenses $159.1M $154.7M $146.9M
YoY Change 2.84% -8.14% -8.07%
Deferred Revenue $21.00M $15.80M $21.00M
YoY Change 32.91% 49.06% 57.89%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $3.700M $4.300M $3.900M
YoY Change -13.95% -50.57% -33.9%
Total Short-Term Liabilities $508.1M $420.7M $451.9M
YoY Change 20.77% -17.33% -10.57%
LONG-TERM LIABILITIES
Long-Term Debt $300.0M $356.9M $307.9M
YoY Change -15.94% 15.28% -9.97%
Other Long-Term Liabilities $214.4M $47.30M $44.10M
YoY Change 353.28% 10.77% 7.04%
Total Long-Term Liabilities $514.4M $568.5M $515.4M
YoY Change -9.52% 8.49% -6.77%
TOTAL LIABILITIES
Total Short-Term Liabilities $508.1M $420.7M $451.9M
Total Long-Term Liabilities $514.4M $568.5M $515.4M
Total Liabilities $1.026B $989.2M $967.3M
YoY Change 3.73% -4.23% -8.58%
SHAREHOLDERS EQUITY
Retained Earnings $215.5M $228.2M
YoY Change 3.16% 40.09%
Common Stock $596.4M $594.1M
YoY Change 1.22% 1.31%
Preferred Stock
YoY Change
Treasury Stock (at cost) $72.10M $72.20M
YoY Change 15.92% 31.27%
Treasury Stock Shares $6.273M $6.285M
Shareholders Equity $656.2M $615.7M $616.7M
YoY Change
Total Liabilities & Shareholders Equity $1.682B $1.605B $1.584B
YoY Change 4.82% -2.89% -3.05%

Cashflow Statement

Concept 2021 Q2 2020 Q2 2020 Q1
OPERATING ACTIVITIES
Net Income $17.90M -$12.70M -$7.800M
YoY Change -240.94% -127.61% -70.79%
Depreciation, Depletion And Amortization $9.700M $9.100M $9.000M
YoY Change 6.59% 5.81% 2.27%
Cash From Operating Activities $8.900M -$20.10M -$78.60M
YoY Change -144.28% -163.01% -70.59%
INVESTING ACTIVITIES
Capital Expenditures $7.400M $4.400M $3.600M
YoY Change 68.18% -16.98% -18.18%
Acquisitions
YoY Change
Other Investing Activities $100.0K $0.00 $100.0K
YoY Change -99.92%
Cash From Investing Activities -$7.300M -$4.400M -$3.500M
YoY Change 65.91% -16.98% -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 -2.600M 49.00M -12.40M
YoY Change -105.31% -222.81% -124.95%
NET CHANGE
Cash From Operating Activities 8.900M -20.10M -78.60M
Cash From Investing Activities -7.300M -4.400M -3.500M
Cash From Financing Activities -2.600M 49.00M -12.40M
Net Change In Cash -1.000M 24.50M -95.70M
YoY Change -104.08% -284.21% 4.82%
FREE CASH FLOW
Cash From Operating Activities $8.900M -$20.10M -$78.60M
Capital Expenditures $7.400M $4.400M $3.600M
Free Cash Flow $1.500M -$24.50M -$82.20M
YoY Change -106.12% -192.11% -69.75%

Facts In Submission

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<p style="margin-top:12pt;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;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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us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
603829
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
0
CY2021Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
35602042
CY2020Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
34519889
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
35460779
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
34827582
CY2021Q2 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
0
CY2020Q2 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
0
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
0
CY2021Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2021Q2 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
10600000
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
0
CY2021Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
75000000.0
CY2021Q2 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.01
CY2021Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
3500000
CY2021Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
4179107
CY2021Q2 mtw Allocated Share Based Compensation Expense Income
AllocatedShareBasedCompensationExpenseIncome
2300000
CY2020Q2 mtw Allocated Share Based Compensation Expense Income
AllocatedShareBasedCompensationExpenseIncome
2500000
mtw Allocated Share Based Compensation Expense Income
AllocatedShareBasedCompensationExpenseIncome
4800000
mtw Allocated Share Based Compensation Expense Income
AllocatedShareBasedCompensationExpenseIncome
5900000
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
3
CY2021Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
463600000
CY2020Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
328300000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
817900000
CY2021Q2 us-gaap Depreciation
Depreciation
9700000
CY2020Q2 us-gaap Depreciation
Depreciation
9100000
us-gaap Depreciation
Depreciation
19700000
CY2020Q2 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
4400000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
15400000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
8000000.0
us-gaap Insurance Recoveries
InsuranceRecoveries
100000
CY2021Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
26700000
CY2020Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-1600000
us-gaap Operating Income Loss
OperatingIncomeLoss
37400000
us-gaap Operating Income Loss
OperatingIncomeLoss
4100000
mtw Product Liability Self Insurance Retention Levels Fluctuation Period
ProductLiabilitySelfInsuranceRetentionLevelsFluctuationPeriod
P10Y
CY2021Q2 mtw Accrual Product Liability Current
AccrualProductLiabilityCurrent
10000000.0
CY2020Q4 mtw Accrual Product Liability Current
AccrualProductLiabilityCurrent
9200000
CY2021Q2 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
59500000
CY2020Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
63200000
CY2021Q2 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
35800000
CY2020Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
35900000
CY2021Q2 us-gaap Guarantee Obligations Maximum Exposure
GuaranteeObligationsMaximumExposure
37200000
CY2020Q4 us-gaap Guarantee Obligations Maximum Exposure
GuaranteeObligationsMaximumExposure
31700000
CY2021Q2 mtw Loss Guarantees With Maximum Liabilities
LossGuaranteesWithMaximumLiabilities
27600000
CY2020Q4 mtw Loss Guarantees With Maximum Liabilities
LossGuaranteesWithMaximumLiabilities
31800000
mtw Standard Product Warranty Period Low End Of Range
StandardProductWarrantyPeriodLowEndOfRange
P12M
mtw Standard Product Warranty Period High End Of Range
StandardProductWarrantyPeriodHighEndOfRange
P60M
CY2021Q2 us-gaap Standard Product Warranty Accrual Noncurrent
StandardProductWarrantyAccrualNoncurrent
6900000
CY2020Q4 us-gaap Standard Product Warranty Accrual Noncurrent
StandardProductWarrantyAccrualNoncurrent
6200000
CY2021Q1 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
59900000
CY2020Q1 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
59700000
CY2020Q4 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
63200000
CY2019Q4 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
60600000
CY2021Q2 us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
7600000
CY2020Q2 us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
7500000
us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
13400000
us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
16100000
CY2021Q2 us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
8200000
CY2020Q2 us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
7800000
us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
16200000
us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
16600000
CY2021Q2 us-gaap Standard Product Warranty Accrual Foreign Currency Translation Gain Loss
StandardProductWarrantyAccrualForeignCurrencyTranslationGainLoss
200000
CY2020Q2 us-gaap Standard Product Warranty Accrual Foreign Currency Translation Gain Loss
StandardProductWarrantyAccrualForeignCurrencyTranslationGainLoss
700000
us-gaap Standard Product Warranty Accrual Foreign Currency Translation Gain Loss
StandardProductWarrantyAccrualForeignCurrencyTranslationGainLoss
-900000
CY2021Q2 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
59500000
CY2020Q2 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
60100000
CY2021Q2 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
59500000
CY2020Q2 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
60100000
CY2021Q2 us-gaap Restructuring Charges
RestructuringCharges
0
CY2020Q2 us-gaap Restructuring Charges
RestructuringCharges
200000
us-gaap Restructuring Charges
RestructuringCharges
-100000
us-gaap Restructuring Charges
RestructuringCharges
1700000
CY2021Q1 us-gaap Restructuring Reserve
RestructuringReserve
3900000
CY2020Q1 us-gaap Restructuring Reserve
RestructuringReserve
2400000
CY2020Q4 us-gaap Restructuring Reserve
RestructuringReserve
5300000
CY2019Q4 us-gaap Restructuring Reserve
RestructuringReserve
2000000.0
CY2020Q2 us-gaap Restructuring Charges
RestructuringCharges
200000
us-gaap Restructuring Charges
RestructuringCharges
-100000
us-gaap Restructuring Charges
RestructuringCharges
1700000
CY2021Q2 us-gaap Payments For Restructuring
PaymentsForRestructuring
800000
CY2020Q2 us-gaap Payments For Restructuring
PaymentsForRestructuring
700000
us-gaap Payments For Restructuring
PaymentsForRestructuring
2300000
us-gaap Payments For Restructuring
PaymentsForRestructuring
1800000
us-gaap Restructuring Reserve Translation Adjustment
RestructuringReserveTranslationAdjustment
200000
CY2021Q2 us-gaap Restructuring Reserve
RestructuringReserve
3100000
CY2020Q2 us-gaap Restructuring Reserve
RestructuringReserve
1900000
CY2021Q2 us-gaap Restructuring Reserve
RestructuringReserve
3100000
CY2020Q2 us-gaap Restructuring Reserve
RestructuringReserve
1900000

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