Manitowoc Company, Inc. (the) · NYSE:MTW
Manitowoc Company, Inc. (the) — Q4 2023 Earnings Presentation
21 slides from Manitowoc Company, Inc. (the)'s earnings presentation, Feb 15, 2024
Slide 1: Fourth-Quarter 2023 and Full-Year 2023 Earnings Conference Call
Fourth-Quarter 2023 and Full-Year 2023 Earnings Conference Call February 15, 2024
Slide 2: Forward-Looking Statements
Forward-Looking Statements Safe Harbor Statement Any statements contained in this presentation that are not historical facts are “forward-looking statements.” These statements are based on the current expectations of the management of the Company, only speak as of the date on which they are made and
Slide 3: Full-year 2023 Highlights
Full-year 2023 Highlights $2,228M $175M 7.9% $613M Adjusted Adjusted Non-New Net Sales EBITDA EBITDA Margin Machine Sales Up Up Up Up 10% 23% 90 bps 12% Y/Y Y/Y Y/Y Y/Y 2023 EXCEEDED EXPECTATIONS 3
Slide 4: The Manitowoc Way: 2023 Safety and Environmental Performance
The Manitowoc Way: 2023 Safety and Environmental Performance Environmental Lessons Learned CEO Award Winner Safety Performance Environmental Performance Charlieu Paint Value Stream • Optimize Scheduling • Increased paint capacity 44% • Eliminated bottlenecks • Reduced CO2 by 435 tons Waste-to- Down
Slide 5: 2023 The Manitowoc Way Aftermarket Award: Ankeny, Iowa
2023 The Manitowoc Way Aftermarket Award: Ankeny, Iowa Mobile dielectric testing unit: • Enables safe operation • Increases productivity • Grows service revenue THE POWER OF THE MANITOWOC WAY 5
Slide 6: 2023 The Manitowoc Way CEO Award: Shady Grove Crawler Value Stream
2023 The Manitowoc Way CEO Award: Shady Grove Crawler Value Stream Progressive process: • Enhances welder ergonomics • Enables safety & quality • Eliminates 750 hours from process THE POWER OF THE MANITOWOC WAY 6
Slide 7: Market Conditions
Market Conditions North America Europe - Steady crane demand - Weak housing permits in France & - Strong utilization and good rates Germany - Robust BT demand; AT & RT steady - Towers: high dealer inventory & lower despite slightly elevated dealer rates inventory - Mobiles: steady demand with better
Slide 8: 2023 Full-year Financial & Other Key Metrics
2023 Full-year Financial & Other Key Metrics ($ in millions, ex per share amounts) -1% -13% +10% +22% +39% SIGNIFICANT YEAR-OVER-YEAR IMPROVEMENT 8
Slide 9: 2023 Full-year Financial & Other Key Metrics
2023 Full-year Financial & Other Key Metrics ($ in millions) NWC $410 NWC $469 (20% of Sales) (21% of Sales) FOCUS ON REDUCING FINISHED GOODS INVENTORY 9
Slide 10: 2024 Full-Year Guidance
2024 Full-Year Guidance Net Sales $2.275 to $2.375 billion Adjusted EBITDA $150 to $180 million Depreciation and amortization $63 to $67 million Interest expense $32 to $34 million Provision for income tax expense $18 to $22 million, excluding one-time items Adjusted DEPS $0.95 to $1.55 Capital expe
Slide 11: Four Breakthrough Initiatives
Four Breakthrough Initiatives Grow EU Grow our Leverage Expand Tower Belt & Road All-Terrain Aftermarket Crane Presence Crane NPD in North Rental & (Middle to Grow America Aftermarket East focus) Aftermarket THE MANITOWOC WAY Macro-Trends Infrastructure Strong Commodity Investments Electrification F
Slide 12: Manitowoc's Vision for the Future
Manitowoc’s Vision for the Future Aspirational Targets Grow EU Grow our Leverage • $3.0B Revenue Expand Tower Belt & Road All-Terrain Aftermarket Crane Presence in North Crane NPD • $1.0B Non-new machine sales Rental & (Middle to Grow Aftermarket East focus) America Aftermarket • 12% Adjusted EBITDA
Slide 13: Historical Adjusted Return on Invested Capital
Historical Adjusted Return on Invested Capital(1) 14.0% 12.7% 12.0% 11.2% 10.0% 8.4% 8.0% 7.2% 7.3% 6.0% 4.9% 3.7% 4.0% 2.0% 0.0% -2.0% -2.3% -4.0% 2016 2017 2018 2019 2020 2021 2022 2023 BREAKTHROUGH INITIATIVES SUPPORT ASPIRATIONAL 15% ROIC TARGET _____________________ (1) Adjusted ROIC is defined
Slide 14: Appendix
Appendix
Slide 15: Aspirations
Aspirations Net Sales Non-New Machine Sales $4,000 $1,200 $1,000 $3,000 $1,000 $3,000 $2,228 $800 $2,032 $613 $1,847 $1,834 $1,720 $600 $545 $2,000 $449 $1,443 $405 $403 $376 $400 $1,000 $200 $- $- 2018 2019 2020 2021 2022 2023 Target 2018 2019 2020 2021 2022 2023 Target Adjusted EBITDA % Adjusted R
Slide 16: Appendix – GAAP to Non-GAAP Reconciliation
Appendix – GAAP to Non-GAAP Reconciliation Three Months Ended December 31, 2023 2022 As reported Adjustments Adjusted As reported Adjustments Adjusted Gross profit $ 99.1 $ — $ 99.1 $ 116.5 $ — $ 116.5 Engineering, selling and administrative expenses (88.2) 10.8 (77.4) (79.4) — (79.4) Asset impairme
Slide 17: Appendix – GAAP to Non-GAAP Reconciliation
Appendix – GAAP to Non-GAAP Reconciliation Year Months Ended December 31, 2023 2022 As reported Adjustments Adjusted As reported Adjustments Adjusted Gross profit 425.2 - 425.2 $ 364.5 $ 3.3 $ 367.8 Engineering, selling and administrative expenses (328.3) 21.8 (306.5) (281.0) (4.3) (285.3) Asset imp
Slide 18: Appendix – GAAP to Non-GAAP Reconciliation
Appendix – GAAP to Non-GAAP Reconciliation Three Months Ended Year Ended December 31, December 31, 2023 2022 2023 2022 Net income (loss) $ (7.9) $ (144.1) $ 39.2 $ (123.6) Interest expense and amortization of deferred financing fees 8.7 8.7 35.2 33.0 Provision for income taxes 6.0 4.3 5.0 3.4 Deprec
Slide 19: Appendix – GAAP to Non-GAAP Reconciliation
Appendix – GAAP to Non-GAAP Reconciliation Three Months Ended Year Ended December 31, December 31, 2023 2022 2023 2022 Net cash provided by operating activities $ 39.8 $ 80.2 $ 63.0 $ 76.9 Capital expenditures (17.5) (30.0) (77.4) (61.8) Free cash flows $ 22.3 $ 50.2 $ (14.4) $ 15.1 ________________
Slide 20: Appendix – Adjusted ROIC Calculation
Appendix – Adjusted ROIC Calculation Year Ended December 31, 2023 Operating income $ 92.4 Amortization of intangible assets 3.2 Restructuring expense 1.3 Other non-recurring items – net 21.8 Adjusted operating income 118.7 Provision for income taxes (17.8) Adjusted NOPAT $ 100.9 5-Quarter Average To
Slide 21: Thank you for your interest
Thank you for your interest Additional information: Ion Warner – SVP Marketing & Investor Relations +1 414-760-4805 ion.warner@manitowoc.com www.manitowoc.com
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