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The Manitowoc Company (MTW Quick QuoteMTW - Free Report) is a $500 million industrial manufacturer of heavy construction equipment with a focus on lift cranes. The company is projected to deliver $2 billion in sales this year, representing 21% annual growth and a price-to-sales ratio of just 0.25. Incorporated in 1902, Manitowoc is a leading provider of engineered lifting solutions, including lattice-boom cranes, tower cranes, mobile telescopic cranes and boom trucks. The company reports for three geographic segments, the Americas, EURAF, and the MEAP segment. Strong Q4 and 2022 Outlook Manitowoc delivered a stunning earnings surprise for its Q4'21 report in late February. The company reported adjusted EPS of 27 cents against the Zacks Consensus Estimate of a loss of 1 cent per share. The bottom line increased 42% from the year-ago quarter's earnings of 19 cents per share. Given improved demand, the company witnessed strong order rates and the highest backlog levels in more than 10 years during the quarter. Cost inflation, parts shortages and logistics disruptions continue to impact results. Including one-time items, the company reported a loss per share of 10 cents in the quarter against the prior-year quarter’s earnings of 5 cents per share. Manitowoc's revenues rose 15.7% year over year to $498 million during the December-end quarter. However, the top line lagged the Zacks Consensus Estimate of $514 million. Revenues were affected by changes in foreign currency translation rates. Orders in the reported quarter increased 21% year over year to $615 million. Backlog at the end of 2021 was $1,010.9 million, up 86.1% from the 2020-end’s levels. MTW is projected to earn $1.14 per share this year, for 32.5% growth. And next year is expected to ramp even more with EPS of $1.74, an advance of 52%. This gives the stock a forward P/E of under 8 times. Operational Update Cost of sales increased 18.7% year over year to $418 million in the reported quarter. Gross profit inched up 1.8% year over year to $79 million. The gross margin was 16% in the reported quarter compared with 18% in the prior-year quarter. Engineering, selling and administrative expenses increased 44% year over year to $78 million. Adjusted operating income was $17.5 million in the quarter, down 28% from $24.2 million in the prior-year quarter’s levels. Adjusted EBITDA in the reported quarter was $34.2 million, flat year over year. Adjusted EBITDA margin contracted to 6.9% from the year-ago quarter’s 7.9%. Financial Updates Manitowoc reported cash and cash equivalents of $75.4 million at the end of 2021, down from $128.7 million at 2020-end. Long-term debt was $399.9 million at the end of 2021, up from $300 million at 2020-end. The company generated $76 million of cash in operating activities in 2021 compared with cash utilization of $35 million in 2020. 2021 Performance Manitowoc reported adjusted EPS of 86 cents in 2021 against the loss per share of 35 cents reported in the prior year. Earnings beat the Zacks Consensus Estimate of 55 cents. Including one-time items, the bottom line came in at 31 cents per share against a loss per share of 55 cents reported in 2020. Sales were up 19% year over year to $1.72 billion. The top line missed the Zacks Consensus Estimate of $1.74 billion. 2022 Outlook Manitowoc is witnessing positive trends in crane demand in 2022. It expects cost inflation, part shortages and supply chain constraints to subside gradually through the year. For the current year, Manitowoc expects revenues in the range of $2.0-$2.2 billion. Adjusted EBITDA is anticipated between $130 million and $160 million. Adjusted EPS is expected between 65 cents and $1.35. Bottom line for MTW: Just because inflation and interest rates are on the rise is no reason to call for a recession in construction. In fact, the rising costs for raw materials, labor and capital may only spur the boom to get projects done for the next 1-2 years and MTW should continue to benefit. Consider the stock now at these bargain levels.
The Manitowoc Company, Inc. (MTW) - free report >>
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