Manitowoc Company, Inc. (the) · NYSE:MTW
Manitowoc Company, Inc. (the) — Q3 2023 Earnings Presentation
19 slides from Manitowoc Company, Inc. (the)'s earnings presentation, Nov 2, 2023
Slide 1: Third-Quarter 2023 Earnings Conference Call
Third-Quarter 2023 Earnings Conference Call November 2, 2023
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: Third-Quarter 2023 Highlights
Third-Quarter 2023 Highlights $521M $33M 6.4% $155M Adjusted Adjusted Non-New Net Sales EBITDA EBITDA Margin Machine Sales Up Up Up Up 15% 39% 110 bps 21% Y/Y Y/Y Y/Y Y/Y STRONG REVENUE AND ADJUSTED EBITDA; CRANES+50 CONTINUING TO GROW 3
Slide 4: Non-New Machine Sales Growth Highlights
Non-New Machine Sales Growth Highlights GREAT SUCCESS ON GROWTH STRATEGY 4
Slide 5: Third-Quarter The Manitowoc Way Highlights
Third-Quarter The Manitowoc Way Highlights Niella Wilhelmshaven Rough-terrain crane All-terrain crane line line optimization evolution GLOBAL ADOPTION OF THE MANITOWOC WAY 5
Slide 6: Regional Market Conditions
Regional Market Conditions North America Europe - Strong crane demand - Continued weakness in Tower - Higher utilization and good rates business - Sufficient dealer inventory levels - Mobile business mixed by market - Awaiting government stimulus - Positive customer feedback on projects to start new
Slide 7: August 2023 French and German Housing Data
August 2023 French and German Housing Data Source: Ministry of Ecology France, Bloomberg Finance L.P., J.P. Morgan Source: Destatis, J.P. Morgan YOY DECLINES OF 37% AND 34% IN FRANCE AND GERMANY, RESPECTIVELY 7
Slide 8: Regional Market Conditions
Regional Market Conditions North America Europe - Strong crane demand - Continued weakness in Tower - Higher utilization and good rates business - Sufficient dealer inventory levels - Mobile business mixed by market - Awaiting government stimulus - Positive customer feedback on projects to start new
Slide 9: Third-Quarter Financial & Other Key Metrics
Third-Quarter Financial & Other Key Metrics ($ millions, ex per share amounts) $531 $1,028 $33 $0.22 $521 $24 +13% +9% +120% +15% +39% $0.10 $472 $943 $455 2022 2023 2022 2023 2022 2023 2022 2023 2022 2023 Orders Backlog Net Sales Adjusted EBITDA Adjusted EPS SIGNIFICANT YEAR-OVER-YEAR IMPROVEMENT 9
Slide 10: Third-Quarter Financial & Other Key Metrics: Net Working Capital
Third-Quarter Financial & Other Key Metrics ($ millions) Net Working Capital NWC $429M $720 NWC $486M (22% of Sales1) (22% of Sales1) $672 ($487) ($454) $253 $211 2022 2023 Net Inventory Net Receivables Accounts Payable and Accrued Expenses and Customer Advances 1 Trailing-twelve month sales TARGETI
Slide 11: Updated 2023 Full-Year Guidance
Updated 2023 Full-Year Guidance Net Sales $2.175 to $2.225 billion Prior $2.1 to $2.2 billion Adjusted EBITDA $160 to $180 million Prior $150 to $180 million INCREASING EXPECTATIONS 11
Slide 12: Key Takeaways
Key Takeaways • U.S. market driven by solid backlog and aftermarket growth • EU challenging due to softening tower crane cycle • Megatrends catalysts for growth cycle • Aging fleet needs to be refreshed • 2024 determined by: a. resilience of U.S. economy in an election year b. EU intervention to imp
Slide 13: Manitowoc's Vision for the Future
Manitowoc’s Vision for the Future Aspirational Targets Grow EU Grow our Leverage Expand Tower Belt & Road Aftermarket All-Terrain • $3.0B Revenue Crane Presence Crane NPD in North • $1.0B Non-new machine sales Rental & (Middle to Grow America Aftermarket East focus) Aftermarket • 12% Adjusted EBITDA
Slide 14: Appendix
Appendix
Slide 15: Manitowoc's Vision for the Future
Manitowoc’s Vision for the Future 15
Slide 16: Appendix – GAAP to Non-GAAP Reconciliation
Appendix – GAAP to Non-GAAP Reconciliation Three Months Ended September 30, 2023 2022 As reported Adjustments Adjusted As reported Adjustments Adjusted Gross profit $ 96.8 $ — $ 96.8 $ 74.3 $ 1.0 $ 75.3 Engineering, selling and administrative expenses (77.4) 0.2 (77.2) (65.8) — (65.8) Amortization o
Slide 17: Appendix – GAAP to Non-GAAP Reconciliation
Appendix – GAAP to Non-GAAP Reconciliation Three Months Ended Nine Months Ended TTM Ended September 30, September 30, September 30, 2023 2022 2023 2022 2023 Net income (loss) $ 10.4 $ 2.3 $ 47.1 $ 20.5 $ (97.0) Interest expense and amortization of deferred financing fees 8.7 8.3 26.5 24.3 35.2 Provi
Slide 18: Appendix – GAAP to Non-GAAP Reconciliation
Appendix – GAAP to Non-GAAP Reconciliation Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Net cash provided by (used for) operating activities $ 26.3 $ (6.2) $ 23.2 $ (0.5) Capital expenditures (23.6) (15.0) (59.9) (31.8) Free cash flows $ 2.7 $ (21.2) $ (36.7)
Slide 19: 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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