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Dec 31, 2021
Manitowoc Q4 2021 Earnings Report
Manitowoc reported a net sales increase of 15.7% year-over-year, with adjusted EBITDA at 6.9% of net sales. Orders increased by 21.0% year-over-year, resulting in a backlog of $1,010.9 million.
Key Takeaways
Manitowoc reported a mixed Q4 2021, with increased net sales and orders but a net loss partially due to a legal matter. The company's backlog reached its highest level in over 10 years, and adjusted EBITDA was positive.
Net sales increased 15.7% year-over-year to $497.8 million, despite unfavorable currency exchange rates.
Orders increased 21.0% year-over-year to $615.2 million, with backlog reaching $1,010.9 million.
The company reported a net loss of $(3.6) million, or $(0.10) per diluted share, impacted by a $13.9 million charge related to a legal matter.
Adjusted EBITDA was $34.2 million, representing 6.9% of net sales.
Forward Guidance
Manitowoc introduced 2022 guidance based on the current economic environment and expectations for the remainder of 2022.
Positive Outlook
- Net sales approximately $2.0 billion to $2.2 billion
- Adjusted EBITDA approximately $130 million to $160 million
- Adjusted diluted earnings per share approximately $0.65 to $1.35
Challenges Ahead
- Depreciation and amortization approximately $65 million
- Interest expense approximately $28 million to $30 million
- Provision for income taxes approximately $13 million to $17 million
- Capital expenditures approximately $85 million, of which approximately $35 million will be funded from sales of the existing rental fleet
Historical Earnings Impact
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Avg. Return Before/After Earnings
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