economy kills
9年前
HAHA!
Zoomlion Has Other Crane Options -- Mark Talk
5:27 pm ET May 27, 2016 (Dow Jones) Print
17:27 ET - After striking out at buying Terex (TEX), China's Zoomlion could turn its attention to TEX's US rival, Manitowoc (MTW), says William Blair. Zoomlion has said it "will continue to seek strategic opportunities." That could include MTW, which made itself more attractive as a pure crane acquisition by recently spinning off its commercial food equipment unit. MTW's long-slumping crane business makes it a fixer-upper that could look like a bargain if crane demand finally comes back. Applying a 10X EBITA multiple to MTW implies a purchase of $6.50-$6.60 a share, or a 14%-16% premium over MTW's current price. "While an offer from Zoomlion is far from certain, MTW could be an opportunity for speculative investors," Blair says. MTW closed down 1% at $5.68. (robert.tita@wsj.com)
(END) Dow Jones Newswires
May 27, 2016 17:27 ET (21:27 GMT)
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Enterprising Investor
9年前
Challenge: Reviving Manitowoc Cranes (4/02/16)
The new CEO has a plan to restructure the company and improve margins, which could hoist shares.
By David Englander
The heavy crane market, which relies on residential and commercial construction activity, has yet to eclipse its peak level reached in 2007, when construction around the world was booming.
While a recovery was apparent for a number of years, the sharp drop in oil prices, along with weak economies around the world, has again dented demand.
Despite the difficult environment, newly independent Manitowoc (ticker: MTW) is worth a look.
The industrial crane maker was formed about a month ago, when its parent, Manitowoc, broke into two companies, spinning off its food-service equipment business as Manitowoc Foodservice (MFS). The breakup, long anticipated, had first been championed by activist firm Relational Investors, and, more recently, by investor Carl Icahn, who owns about 8% of the new Manitowoc.
In the wake of the March 4 spinoff, shares of the less cyclical food-service business have risen 7%, and Manitowoc has gained 6% to a recent $4.30. While the crane market is expected to log another weak year, Manitowoc’s shares look undervalued. They could shoot higher over the next few years.
The company’s new CEO, Barry Pennypacker, a turnaround expert, plans to restructure the business and improve margins. His initiatives could lead to higher profitability, even if demand remains subdued. Improving markets would give the shares a lift.
Manitowoc, based in Manitowoc, Wis., has a strong franchise and generates plenty of cash, even at trough earnings levels. While updated financials won’t be released until later this month, the balance sheet appears manageable.
Management has guided for debt levels of 2.1 times this year’s depressed Ebitda—earnings before interest, taxes, depreciation, and amortization—which could come in around $120 million. On net debt, leverage might be lower, though Wall Street estimates vary.
In a March 14 report, one of the few bulls on the stock, Jefferies analyst Stephen Volkmann, estimates net debt at $80 million, or 8% of total capitalization. That reflects a decent cash position.
On his estimates, the stock trades for an enterprise value of 30% of sales, well below the 40% that comparable businesses usually fetch in a trough. At a peak, the figure can go as high as 120% for deep cyclical businesses, implying substantial upside as the crane market rebounds. Volkmann values the shares at $5.50.
THE OLD MANITOWOC had operated a couple of businesses. It expanded its food-service equipment operation in 2008, with the purchase of U.K.–based Enodis. The same year, it sold its shipbuilding division.
Manitowoc is a global leader in cranes and makes about 50% of its sales internationally. It sells mobile telescopic, tower, and lattice-boom crawler cranes under the Manitowoc, Potain, and National Crane brands. With an installed base of 140,000 cranes, the company generates about 20% of its revenue from aftermarket parts and services, which is a less cyclical business.
In 2013, the last up year, the business generated $2.5 billion in sales, well above this year’s expected $1.8 billion. Most analysts carry a Hold on the shares. For 2016, they see earnings coming in at 10 cents a share before rebounding to 18 cents next year, on better margins and slightly higher sales.
Manitowoc has been hit by lower oil prices. In the past year, demand has dropped for its rough-terrain cranes and boom trucks from energy-related customers. In the December quarter, sales fell 18%, from the year-earlier level. One bright spot: tower cranes, which have benefited from stronger trends in residential and commercial construction.
In January, Manitowoc guided for flat revenue in 2016. Still, global crane utilization rates remain low, and most analysts call for a revenue decline.
CEO Pennypacker, who joined in December, is known for fixing troubled industrial businesses. Notably, from 2008 to 2012, he was the chief executive of industrial-equipment maker Gardner Denver; its operating margins rose significantly during his tenure.
At Manitowoc, he plans to apply lean manufacturing principles to meet the reduced demand environment, and to introduce new products. Over the next three years, Manitowoc targets taking out $50 million in costs. In January, Pennypacker said that he is aiming to generate “double-digit margins in the future, regardless of top-line performance.” In 2013, the business reached 9% operating margins, so the goal represents a significant improvement. Barron’s couldn’t reach management for comment.
While debt levels appear manageable, Manitowoc has some high-cost obligations. In February, it borrowed $260 million at 12.75%. Volkmann estimates Manitowoc’s total debt at $314 million and its cash at $234 million. Those levels will be revealed on the earnings release.
Lately, merger-and-acquisition activity has heated up in the industry. Manitowoc’s U.S.–based competitor, Terex (TEX), last year agreed to a merger with Finland’s Konecranes Oyj. In January, Terex received a competing bid from China’s Zoomlion Heavy Industry Science & Technology, for $30 a share. Last month, Zoomlion bumped up its offer by $1 a share.
In a March report, William Blair analyst Lawrence De Maria notes that the $30-a-share offer values Terex at 12 times Ebitda. At the same multiple, on the company’s implied guidance of $122 million in Ebitda, Manitowoc would fetch $8 a share.
That’s not to say that Manitowoc will be taken out soon. Still, it’s probably worth much more than its stock price indicates.
http://www.barrons.com/articles/towering-challenge-reviving-manitowoc-cranes-1459570690
4/01/16: $4.35
detearing
9年前
The Manitowoc Company, Inc. (MTW) today reported fourth-quarter 2015 sales of $934.8 million, a decrease of 9.9 percent, compared to sales of $1.0 billion in the fourth quarter of 2014. On a GAAP basis, the company reported net earnings of $43.8 million, or $0.32 per diluted share, in the fourth quarter versus net earnings of $33.6 million, or $0.25 per diluted share, in the fourth quarter of 2014. Both periods included special items. Excluding special items, the adjusted earnings from continuing operations were $59.7 million, or $0.43 per diluted share, in the fourth quarter of 2015, versus adjusted earnings from continuing operations of $37.5 million, or $0.27 per diluted share, in the fourth quarter of 2014.
stocky101
10年前
The Manitowoc Company Announces Execution of Senior Management Succession Plan
Source: Business Wire
The Manitowoc Company, Inc. (NYSE: MTW) today announced several management team transitions in line with the company’s long-term succession planning process.
Eric Etchart, who has served as president of Manitowoc Cranes for the past nearly eight years, will move to a new role as senior vice president, business development of The Manitowoc Company effective immediately. Larry Weyers will succeed Mr. Etchart as president of Manitowoc Cranes. Mr. Weyers has most recently served as global executive vice president for Manitowoc Cranes. Since joining the company in 1998, he has held various executive management positions at Manitowoc, including executive vice president of Crane Care.
“Eric has played an integral role in enhancing Manitowoc’s leadership globally. His leadership has helped position the Crane segment as a market leader evidenced by the segment’s ability to deliver innovative products and technologies, execute operational excellence initiatives and expand its global footprint. In his new role, Eric will leverage his multi-faceted expertise and understanding of our customers to expand our business development efforts at an enterprise level. With a planned retirement in the coming years, this transition will allow him to replicate his successes going forward,” commented Glen Tellock, chairman and chief executive officer of The Manitowoc Company. “At the same time, we are pleased to announce the appointment of Larry Weyers to segment president of Manitowoc Cranes. Mr. Weyers’ proven leadership, deep knowledge of the global crane market, and ability to execute on operational goals will undoubtedly support our Crane segment’s ongoing success.”
In addition, Manitowoc has announced the planned retirement of Mark Beffel, vice president, operational excellence effective February 2. Josef Matosevic will assume the role of senior vice president of global operational excellence of The Manitowoc Company and will lead the company’s manufacturing, quality, and safety initiatives upon Mr. Beffel’s retirement.
“We want to thank Mark for his contributions to Manitowoc during his tenure. His commitment to our long-term strategy has further advanced our cost optimization goals. As executive vice president of manufacturing - Cranes, Josef has worked closely with our regional and functional teams worldwide to ensure efficient and cost-effective execution of these strategies, making him the ideal person to lead our efforts going forward,” continued Mr. Tellock. “Our deep management bench and longstanding succession planning process provide a solid foundation to ensure a smooth transition and execution of our long-term strategy.”
About The Manitowoc Company, Inc.
Founded in 1902, The Manitowoc Company, Inc. is a multi-industry, capital goods manufacturer with over 100 manufacturing, distribution, and service facilities in 24 countries. The company is recognized globally as one of the premier innovators and providers of crawler cranes, tower cranes, and mobile cranes for the heavy construction industry, which are complemented by a slate of industry-leading product support services. In addition, Manitowoc is one of the world’s leading innovators and manufacturers of commercial foodservice equipment, which includes 24 market-leading brands of hot- and cold-focused equipment. In 2013, Manitowoc’s revenues totaled $4.0 billion, with more than half of these revenues generated outside of the United States.
Forward-looking Statements
This press release includes "forward-looking statements" intended to qualify for the safe harbor from liability under the Private Securities Litigation Reform Act of 1995. Any statements contained in this press release that are not historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the current expectations of the management of the company and are subject to uncertainty and changes in circumstances. Forward-looking statements include, without limitation, statements typically containing words such as "intends," "expects," "anticipates," "targets," "estimates," and words of similar import. By their nature, forward-looking statements are not guarantees of future performance or results and involve risks and uncertainties because they relate to events and depend on circumstances that will occur in the future. There are a number of factors that could cause actual results and developments to differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results and developments to differ materially include, among others:
the ability to significantly improve profitability;
the ability to direct resources to those areas that will deliver the highest returns;
uncertainties associated with new product introductions, the successful development and market acceptance of new and innovative products that drive growth;
the ability to focus on the customer, new technologies, and innovation;
the ability to focus and capitalize on product quality and reliability;
the ability to increase operational efficiencies across each of Manitowoc’s business segments and to capitalize on those efficiencies;
the ability to capitalize on key strategic opportunities and the ability to implement Manitowoc’s long-term initiatives;
the ability to generate cash and manage working capital consistent with Manitowoc’s stated goals;
the ability to convert order and order activity into sales and the timing of those sales;
pressure of financing leverage;
matters impacting the successful and timely implementation of ERP systems;
foreign currency fluctuations and their impact on reported results and hedges in place with Manitowoc;
changes in raw material and commodity prices;
unexpected issues associated with the quality of materials and components sourced from third parties and the resolution of those issues;
unexpected issues associated with the availability and viability of suppliers;
the risks associated with growth;
geographic factors and political and economic conditions and risks;
actions of competitors;
changes in economic or industry conditions generally or in the markets served by Manitowoc;
unanticipated changes in customer demand, including changes in global demand for high-capacity lifting equipment; changes in demand for lifting equipment and foodservice equipment in emerging economies, and changes in demand for used lifting equipment and foodservice equipment;
global expansion of customers;
the replacement cycle of technologically obsolete cranes;
the ability of Manitowoc's customers to receive financing;
foodservice equipment replacement cycles in national accounts and global chains, including unanticipated issues associated with refresh/renovation plans by national restaurant accounts and global chains;
efficiencies and capacity utilization of facilities;
issues relating to the ability to timely and effectively execute on manufacturing strategies, including issues relating to new plant start-ups, plant closings, and/or consolidations of existing facilities and operations;
issues related to workforce reductions and subsequent rehiring;
work stoppages, labor negotiations, labor rates, and temporary labor costs;
government approval and funding of projects and the effect of government-related issues or developments;
the ability to complete and appropriately integrate restructurings, consolidations, acquisitions, divestitures, strategic alliances, joint ventures, and other strategic alternatives;
realization of anticipated earnings enhancements, cost savings, strategic options and other synergies, and the anticipated timing to realize those savings, synergies, and options;
unanticipated issues affecting the effective tax rate for the year;
unanticipated changes in the capital and financial markets;
risks related to actions of activist shareholders;
changes in laws throughout the world;
natural disasters disrupting commerce in one or more regions of the world;
risks associated with data security and technological systems and protections;
acts of terrorism; and
risks and other factors cited in Manitowoc's filings with the United States Securities and Exchange Commission.
Manitowoc undertakes no obligation to update or revise forward-looking statements, whether as a result of new information, future events, or otherwise. Forward-looking statements only speak as of the date on which they are made. Information on the potential factors that could affect the company's actual results of operations is included in its filings with the Securities and Exchange Commission, including but not limited to its Annual Report on Form 10-K for the fiscal year ended December 31, 2013.
stocktrademan
10年前
$MTW DD Notes ~ http://www.ddnotesmaker.com/MTW
bullish
quick trade
double bottom
bullish divergence
$MTW recent news/filings
## source: finance.yahoo.com
Wed, 24 Dec 2014 23:02:31 GMT ~ NYSE stocks posting largest percentage increases
[AP] - A look at the 10 biggest percentage gainers on New York Stock Exchange at 1 p.m.: Athlon Energy Inc. rose 24.7 percent to $58.27. NiSource Inc. rose 6.8 percent to $41.19. Smart & Final Strs rose 6.5 percent ...
read full: http://sg.finance.yahoo.com/news/nyse-stocks-posting-largest-percentage-175507059--finance.html
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Mon, 22 Dec 2014 17:00:00 GMT ~ 5 Dumbest things I heard in 2014: Finerman
read full: http://finance.yahoo.com/video/5-dumbest-things-heard-2014-170000060.html
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Tue, 16 Dec 2014 13:30:00 GMT ~ Finacity and Wells Fargo Increase Trade Receivables Securitization Facility for The Manitowoc Company to $185 Million
[Marketwired] - Finacity Corporation announced today that it has facilitated the successful increase of an existing trade receivables securitization for The Manitowoc Company, Inc. . The $185 million transaction now incorporates ...
read full: http://finance.yahoo.com/news/finacity-wells-fargo-increase-trade-133000330.html
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Tue, 16 Dec 2014 11:01:03 GMT ~ MANITOWOC CO INC Files SEC form 8-K, Entry into a Material Definitive Agreement, Financial Statements and Exhibits
read full: http://biz.yahoo.com/e/141216/mtw8-k.html
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Mon, 15 Dec 2014 21:44:30 GMT ~ Where is Santa rally?
read full: http://finance.yahoo.com/tumblr/blog-where-is-santa-rally-214432485.html
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$MTW charts
basic chart ## source: stockcharts.com
basic chart ## source: stockscores.com
big daily chart ## source: stockcharts.com
big weekly chart ## source: stockcharts.com
$MTW company information
## source: otcmarkets.com
Link: http://www.otcmarkets.com/stock/MTW/company-info
Ticker: $MTW
OTC Market Place: Not Available
CIK code: 0000061986
Company name: Manitowoc Co., Inc. (The)
Company website: http://www.manitowoc.com
Incorporated In: WI, USA
$MTW share structure
## source: otcmarkets.com
Market Value: $2,718,590,678 a/o Dec 24, 2014
Shares Outstanding: 135,522,965 a/o Sep 30, 2014
Float: Not Available
Authorized Shares: Not Available
Par Value: 0.01
$MTW extra dd links
Company name: Manitowoc Co., Inc. (The)
Company website: http://www.manitowoc.com
## STOCK DETAILS ##
After Hours Quote (nasdaq.com): http://www.nasdaq.com/symbol/MTW/after-hours
Option Chain (nasdaq.com): http://www.nasdaq.com/symbol/MTW/option-chain
Historical Prices (yahoo.com): http://finance.yahoo.com/q/hp?s=MTW+Historical+Prices
Company Profile (yahoo.com): http://finance.yahoo.com/q/pr?s=MTW+Profile
Industry (yahoo.com): http://finance.yahoo.com/q/in?s=MTW+Industry
## COMPANY NEWS ##
Market Stream (nasdaq.com): http://www.nasdaq.com/symbol/MTW/stream
Latest news (otcmarkets.com): http://www.otcmarkets.com/stock/MTW/news - http://finance.yahoo.com/q/h?s=MTW+Headlines
## STOCK ANALYSIS ##
Analyst Research (nasdaq.com): http://www.nasdaq.com/symbol/MTW/analyst-research
Guru Analysis (nasdaq.com): http://www.nasdaq.com/symbol/MTW/guru-analysis
Stock Report (nasdaq.com): http://www.nasdaq.com/symbol/MTW/stock-report
Competitors (nasdaq.com): http://www.nasdaq.com/symbol/MTW/competitors
Stock Consultant (nasdaq.com): http://www.nasdaq.com/symbol/MTW/stock-consultant
Stock Comparison (nasdaq.com): http://www.nasdaq.com/symbol/MTW/stock-comparison
Investopedia (investopedia.com): http://www.investopedia.com/markets/stocks/MTW/?wa=0
Research Reports (otcmarkets.com): http://www.otcmarkets.com/stock/MTW/research
Basic Tech. Analysis (yahoo.com): http://finance.yahoo.com/q/ta?s=MTW+Basic+Tech.+Analysis
Barchart (barchart.com): http://www.barchart.com/quotes/stocks/MTW
DTCC (dtcc.com): http://search2.dtcc.com/?q=Manitowoc+Co.%2C+Inc.+%28The%29&x=10&y=8&sp_p=all&sp_f=ISO-8859-1
Spoke company information (spoke.com): http://www.spoke.com/search?utf8=%E2%9C%93&q=Manitowoc+Co.%2C+Inc.+%28The%29
Corporation WIKI (corporationwiki.com): http://www.corporationwiki.com/search/results?term=Manitowoc+Co.%2C+Inc.+%28The%29&x=0&y=0
WHOIS (domaintools.com): http://whois.domaintools.com/http://www.manitowoc.com
Alexa (alexa.com): http://www.alexa.com/siteinfo/http://www.manitowoc.com#
Corporate website internet archive (archive.org): http://web.archive.org/web/*/http://www.manitowoc.com
## FUNDAMENTALS ##
Call Transcripts (nasdaq.com): http://www.nasdaq.com/symbol/MTW/call-transcripts
Annual Report (companyspotlight.com): http://www.companyspotlight.com/library/companies/keyword/MTW
Income Statement (nasdaq.com): http://www.nasdaq.com/symbol/MTW/financials?query=income-statement
Revenue/EPS (nasdaq.com): http://www.nasdaq.com/symbol/MTW/revenue-eps
SEC Filings (nasdaq.com): http://www.nasdaq.com/symbol/MTW/sec-filings
Edgar filings (sec.gov): http://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000061986&owner=exclude&count=40
Latest filings (otcmarkets.com): http://www.otcmarkets.com/stock/MTW/filings
Latest financials (otcmarkets.com): http://www.otcmarkets.com/stock/MTW/financials
Short Interest (nasdaq.com): http://www.nasdaq.com/symbol/MTW/short-interest
Dividend History (nasdaq.com): http://www.nasdaq.com/symbol/MTW/dividend-history
RegSho (regsho.com): http://www.regsho.com/tools/symbol_stats.php?sym=MTW&search=search
OTC Short Report (otcshortreport.com): http://otcshortreport.com/index.php?index=MTW
Short Sales (otcmarkets.com): http://www.otcmarkets.com/stock/MTW/short-sales
Key Statistics (yahoo.com): http://finance.yahoo.com/q/ks?s=MTW+Key+Statistics
Insider Roster (yahoo.com): http://finance.yahoo.com/q/ir?s=MTW+Insider+Roster
Income Statement (yahoo.com): http://finance.yahoo.com/q/is?s=MTW
Balance Sheet (yahoo.com): http://finance.yahoo.com/q/bs?s=MTW
Cash Flow (yahoo.com): http://finance.yahoo.com/q/cf?s=MTW+Cash+Flow&annual
## HOLDINGS ##
Major holdings (cnbc.com): http://data.cnbc.com/quotes/MTW/tab/8.1
Insider transactions (yahoo.com): http://finance.yahoo.com/q/it?s=MTW+Insider+Transactions
Insider transactions (secform4.com): http://www.secform4.com/insider-trading/MTW.htm
Insider transactions (insidercrow.com): http://www.insidercow.com/history/company.jsp?company=MTW
Ownership Summary (nasdaq.com): http://www.nasdaq.com/symbol/MTW/ownership-summary
Institutional Holdings (nasdaq.com): http://www.nasdaq.com/symbol/MTW/institutional-holdings
Insiders (SEC Form 4) (nasdaq.com): http://www.nasdaq.com/symbol/MTW/insider-trades
Insider Disclosure (otcmarkets.com): http://www.otcmarkets.com/stock/MTW/insider-transactions
## SOCIAL MEDIA AND OTHER VARIOUS SOURCES ##
PST (pennystocktweets.com): http://www.pennystocktweets.com/stocks/profile/MTW
Market Watch (marketwatch.com): http://www.marketwatch.com/investing/stock/MTW
Bloomberg (bloomberg.com): http://www.bloomberg.com/quote/MTW:US
Morningstar (morningstar.com): http://quotes.morningstar.com/stock/s?t=MTW
Bussinessweek (businessweek.com): http://investing.businessweek.com/research/stocks/snapshot/snapshot_article.asp?ticker=MTW
$MTW DD Notes ~ http://www.ddnotesmaker.com/MTW