Manitowoc Co Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Manitowoc Co Inc. filed its 2023 10-K, detailing financial performance and segment data.</b>

AI Summary

MANITOWOC CO INC (MTW) filed a Annual Report (10-K) with the SEC on February 23, 2024. The Manitowoc Company, Inc. filed its annual report for the fiscal year ended December 31, 2023. The filing covers the fiscal year 2023, with data points extending back to 2019 for certain financial instruments and segments. Key dates mentioned include December 31, 2023, as the fiscal year end and February 23, 2024, as the filing date. The report details various financial instruments, including ABL Revolving Credit Facility and Government and Agency Bonds. Segments like Americas and Middle East & Asia Pacific are referenced with their respective fiscal year data.

Why It Matters

For investors and stakeholders tracking MANITOWOC CO INC, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Manitowoc's financial health and operational performance for the fiscal year 2023, crucial for investors assessing the company's stability and future prospects. The detailed segment information and financial instrument data offer insights into the company's revenue streams, asset management, and debt structure, which are key factors in evaluating its business strategy and market position.

Risk Assessment

Risk Level: medium — MANITOWOC CO INC shows moderate risk based on this filing. The filing is a standard 10-K, which is a comprehensive annual report. While it contains detailed financial information, it does not inherently signal immediate positive or negative trends without further analysis of the specific numbers and narrative sections not provided here.

Analyst Insight

Review the detailed financial statements and management's discussion and analysis within the full 10-K to understand Manitowoc's performance drivers, risks, and strategic initiatives for 2023.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed period of report)
• 2024-02-23 — Filing Date (Filed as of date)
• 3531 — SIC Code (Standard Industrial Classification)
• 001-11978 — SEC File Number (SEC file number)

Key Players & Entities

• MANITOWOC CO INC (company) — Filer name
• MTW (company) — Ticker symbol
• 20231231 (date) — Conformed period of report
• 20240223 (date) — Filed as of date
• CONSTRUCTION MACHINERY & EQUIP (industry) — Standard Industrial Classification
• WI (location) — State of incorporation
• 11270 WEST PARK PLACE (address) — Business address street 1
• MILWAUKEE (location) — Business address city

FAQ

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-02-23: Filing Date — Date the 10-K was officially submitted to the SEC.

Glossary

10-K

An annual report required by the U.S. Securities and Exchange Commission (SEC), which gives a comprehensive summary of a company's financial performance. (This filing provides the official annual financial and business overview for Manitowoc Co Inc.)

SIC

Standard Industrial Classification code used to classify businesses based on their primary activity. (Indicates Manitowoc Co Inc. operates in the Construction Machinery & Equipment industry.)

Key Financial Figures

• $18.83 — based on the closing per share price of $18.83 on that date. The number of shares ou
• $2.5 billion — s: Increase our net sales target from $2.5 billion to $3.0 billion. Increase our non-new
• $3.0 billion — r net sales target from $2.5 billion to $3.0 billion. Increase our non-new machine sales t
• $675 million — e our non-new machine sales target from $675 million to $1 billion. Increase our adjusted
• $1 billion — chine sales target from $675 million to $1 billion. Increase our adjusted EBITDA margin
• $27.7 million — rental fleet original equipment cost by $27.7 million. The Company continues to enhance the p

Filing Documents

• mtw-20231231.htm (10-K) — 4054KB
• mtw-ex21.htm (EX-21) — 61KB
• mtw-ex23_1.htm (EX-23.1) — 3KB
• mtw-ex23_2.htm (EX-23.2) — 2KB
• mtw-ex31.htm (EX-31) — 24KB
• mtw-ex32_1.htm (EX-32.1) — 7KB
• mtw-ex32_2.htm (EX-32.2) — 7KB
• mtw-ex97.htm (EX-97) — 29KB
• img164456251_0.jpg (GRAPHIC) — 11KB
• img164456251_1.jpg (GRAPHIC) — 157KB
• 0000950170-24-019452.txt (&nbsp;) — 20540KB
• mtw-20231231.xsd (EX-101.SCH) — 2557KB
• mtw-20231231_htm.xml (XML) — 4766KB

Business

Business 5 Item 1A

Risk Factors

Risk Factors 10 Item 1B Unresolved Staff Comments 21 Item 1C Cybersecurity 21 Item 2

Properties

Properties 23 Item 3

Legal Proceedings

Legal Proceedings 23 Item 4 Mine Safety Disclosure 23 Information About Our Executive Officers 23 PART II Item 5 Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 25 Item 6 Reserved 26 Item 7

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 27 Item 7A Quantitative and Qualitative Disclosure about Market Risk 40 Item 8

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 41 Item 9 Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 81 Item 9A

Controls and Procedures

Controls and Procedures 81 Item 9B Other Information 83 Item 9C Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 83 PART III Item 10 Directors, Executive Officers and Corporate Governance 84 Item 11

Executive Compensation

Executive Compensation 84 Item 12

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 84 Item 13 Certain Relationships and Related Transactions, and Director Independence 85 Item 14 Principal Accounting Fees and Services 85 PART IV Item 15 Exhibits and Financial Statement Schedules 86 Item 16 Form 10-K Summary 91 Table of Contents Cautionary Statements Regardin g Forward-Looking Information All of the statements in this Annual Report on Form 10-K, other than historical facts, are forward-looking statements, including, without limitation, the statements made in the "Management's Discussion and Analysis of Financial Condition and Results of Operations." As a general matter, forward-looking statements are those focused upon anticipated events or trends, expectations and beliefs relating to matters that are not historical in nature. The words "could," "should," "may," "feel," "anticipate," "aim," "preliminary," "expect," "believe," "estimate," "intend," "intent," "plan," "will," "foresee," "project," "forecast," or the negative thereof or variations thereon, and similar expressions identify forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for these forward-looking statements. In order to comply with the terms of the safe harbor, The Manitowoc Company, Inc. ( "Manitowoc," the "Company," "we," "us," or "our" ) notes that forward-looking statements are subject to known and unknown risks, uncertainties and other factors relating to the Company's operations and business environment, all of which are difficult to predict and many of which are beyond the control of the Company. These known and unknown risks, uncertainties and other factors could cause actual results to differ materially from those matters expressed in, anticipated by or implied by such forward-looking statements. These risks, uncertainties and other factors include, but are not limited to: Macroeconomic cond

BUSINESS

Item 1. BUSINESS General The Manitowoc Company, Inc. ("Manitowoc," the "Company," "we," "us," or "our") was founded in 1902 and has over a 120-year tradition of providing high-quality, customer-focused products and aftermarket support services to its markets. Manitowoc is one of the world's leading providers of engineered lifting solutions. Manitowoc, through its wholly owned subsidiaries, designs, manufactures, markets, distributes, and supports comprehensive product lines of mobile hydraulic cranes, lattice-boom crawler cranes, boom trucks, and tower cranes under the Aspen Equipment, Grove, Manitowoc, MGX Equipment Services, National Crane, Potain, and Shuttlelift brand names. Reporting Segments The Company has three reportable segments, the Americas segment, the Europe and Africa ("EURAF") segment and the Middle East and Asia Pacific ("MEAP") segment. The Americas reporting segment includes the North America and South America continents. The EURAF reporting segment includes the Europe and Africa continents, excluding the Middle East region. The MEAP reporting segment includes the Asia and Australia continents and the Middle East region. The segments were identified using the "management approach," which designates the internal organization that is used by management for making operating decisions and assessing performance. Refer to Part II, Item 7. "Management's Discussion and Analysis of Financial Condition and Results of Operations" and Note 18, "Segments," for additional information on our reporting segments. The Manitowoc Way Manitowoc plays an integral role in building the physical communities and structures for current and future generations. Our Mission is integral to this vision, aspiring to deliver the highest level of customer confidence and trust in the lifting industry. Our Core Values are the guiding principles for our employees to ensure that we meet our Vision and Mission. These Core Values are: (1) Do what is right: We work in a safe

View Full Filing

View this 10-K filing on SEC EDGAR