Manitowoc Co Inc (MTW, Financial) released its third-quarter earnings report on November 1, 2023, revealing a significant increase in net sales and net income. The company also announced a new share repurchase program and updated its full-year 2023 guidance.
Financial Highlights
Manitowoc Co Inc (MTW, Financial) reported net sales of $520.9 million in Q3 2023, marking a 14.6% increase year-over-year. The company's net income also saw a substantial rise, reaching $10.4 million, an $8.1 million increase from the previous year. Non-new machine sales also experienced growth, increasing by 21.2% year-over-year to $154.7 million.
Manitowoc Co Inc (MTW, Financial) also reported an adjusted EBITDA of $33.3 million, a 38.8% increase from the prior year. The company's orders were $531.2 million, a 12.5% increase from the prior year, and the backlog increased by $3.5 million to $1,028.1 million.
Company Commentary
Manitowoc’s third-quarter performance builds on the positive momentum from the first half of 2023. Based on these results, we are updating our full-year guidance,” commented Aaron H. Ravenscroft, President and Chief Executive Office of The Manitowoc Company, Inc."
Updated Full-Year 2023 Guidance and Share Repurchase Program
Manitowoc Co Inc (MTW, Financial) updated its full-year 2023 guidance, projecting net sales to be between $2.175 billion to $2.225 billion and adjusted EBITDA to be between $160 million to $180 million.
The company also announced a new share repurchase program of up to $35 million of the Company’s common stock with no stated expiration, replacing the authorization under the previous program.
Financial Tables Summary
Manitowoc Co Inc (MTW, Financial)'s condensed consolidated statements of operations showed a net income of $10.4 million for Q3 2023, compared to $2.3 million for the same period in 2022. The company's net sales for the nine months ended September 30, 2023, amounted to $1,632.0 million, compared to $1,410.9 million for the same period in 2022.
The company's condensed consolidated balance sheets showed total assets of $1,692.2 million as of September 30, 2023, compared to $1,615.5 million as of December 31, 2022. Total liabilities and stockholders' equity also increased to $1,692.2 million from $1,615.5 million over the same period.
The company's condensed consolidated statements of cash flows showed a net increase in cash and cash equivalents of $14.1 million for the three months ended September 30, 2023, compared to a $0.1 million increase for the same period in 2022.
Explore the complete 8-K earnings release (here) from Manitowoc Co Inc for further details.
