Manitowoc Co Inc Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Manitowoc Co Inc (MTW) filed its Q1 2024 10-Q, detailing financial instruments, equity awards, and fair value disclosures.</b>

AI Summary

MANITOWOC CO INC (MTW) filed a Quarterly Report (10-Q) with the SEC on May 8, 2024. Filing is a 10-Q for Manitowoc Co Inc (MTW) for the period ending March 31, 2024. The filing includes data related to Senior Notes Due 2026 and Senior Secured Second Lien Notes Due 2026. Information on fair value measurements recurring for Level 1, Level 2, and Level 3 inputs is provided. Data pertains to various equity instruments including Restricted Stock Units and Performance Shares. The filing references specific accounting standards and financial instruments like foreign exchange contracts.

Why It Matters

For investors and stakeholders tracking MANITOWOC CO INC, this filing contains several important signals. This filing provides a snapshot of MTW's financial health and obligations as of Q1 2024, including details on its debt instruments. Investors can analyze the company's equity compensation and fair value accounting practices to assess financial transparency and risk.

Risk Assessment

Risk Level: — MANITOWOC CO INC shows moderate risk based on this filing. The filing contains detailed financial data, including debt instruments and fair value measurements, which require careful analysis to fully understand the company's financial position and associated risks.

Analyst Insight

Review the detailed breakdown of debt instruments and fair value disclosures to assess the company's financial stability and potential risks.

Key Numbers

• 2024-03-31 — Reporting Period End Date (Conformed Period of Report)
• 2024-05-08 — Filing Date (Filed as of Date)

Key Players & Entities

• MANITOWOC CO INC (company) — Filer
• MTW (company) — Ticker Symbol
• 2024-03-31 (date) — Conformed Period of Report
• 2024-05-08 (date) — Filed as of Date
• Senior Notes Due 2026 (dollar_amount) — Debt Instrument
• Senior Secured Second Lien Notes Due 2026 (dollar_amount) — Debt Instrument

FAQ

Industry Context

Manitowoc Co Inc operates in the construction machinery and equipment industry. This filing provides insights into its financial performance and obligations within this sector.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring public companies to submit regular financial reports to the SEC.

What Investors Should Do

1. Analyze the company's debt structure, specifically the Senior Notes Due 2026 and Senior Secured Second Lien Notes Due 2026.
2. Examine the fair value disclosures for Level 1, Level 2, and Level 3 inputs to understand asset and liability valuations.
3. Review any disclosures related to equity compensation, such as Restricted Stock Units and Performance Shares.

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-05-08: Filing Date — Date the 10-Q was officially filed with the SEC.

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC). (Provides a regular update on the company's financial performance and condition.)

Fair Value Measurements

The process of determining the market value of an asset or liability. (Crucial for understanding the valuation of assets and liabilities on the balance sheet.)

Senior Notes Due 2026

A type of debt security issued by Manitowoc Co Inc with a maturity date in 2026. (Indicates a specific debt obligation of the company and its repayment timeline.)

Year-Over-Year Comparison

This is the Q1 2024 10-Q filing. Previous filings would provide comparative data for prior periods.

Filing Documents

• mtw-20240331.htm (10-Q) — 1754KB
• mtw-ex31.htm (EX-31) — 24KB
• mtw-ex32_1.htm (EX-32.1) — 7KB
• mtw-ex32_2.htm (EX-32.2) — 7KB
• img165350942_0.jpg (GRAPHIC) — 11KB
• 0000950170-24-055669.txt (&nbsp;) — 8993KB
• mtw-20240331.xsd (EX-101.SCH) — 1311KB
• mtw-20240331_htm.xml (XML) — 1771KB

FINANCI AL INFORMATION

PART I. FINANCI AL INFORMATION

Financ ial Statements

Item 1. Financ ial Statements THE MANITOWOC COMPANY, INC. Condensed Consolidated S tatements of Operations For the three months ended March 31, 2024 and 2023 (Unaudited) (In millions, except per share and share amounts) Three Months Ended March 31, 2024 2023 Net sales $ 495.1 $ 508.3 Cost of sales 402.6 402.0 Gross profit 92.5 106.3 Operating costs and expenses: Engineering, selling, and administrative expenses 76.0 75.1 Amortization of intangible assets 0.7 1.0 Restructuring expense 0.6 — Total operating costs and expenses 77.3 76.1 Operating income 15.2 30.2 Other income (expense): Interest expense ( 9.2 ) ( 8.1 ) Amortization of deferred financing fees ( 0.3 ) ( 0.3 ) Other income (expense) - net 0.7 ( 1.1 ) Total other expense ( 8.8 ) ( 9.5 ) Income before income taxes 6.4 20.7 Provision for income taxes 1.9 4.2 Net income $ 4.5 $ 16.5 Per Share Data and Share Amounts Basic net income per common share $ 0.13 $ 0.47 Diluted net income per common share $ 0.12 $ 0.46 Weighted average shares outstanding - basic 35,265,449 35,121,473 Weighted average shares outstanding - diluted 36,060,640 35,748,021 The accompanying notes are an integral part to these Condensed Consolidated Financial Statements. 2 THE MANITOWOC COMPANY, INC. Condensed Consolidated Statement s of Comprehensive Income (Loss) For the three months ended March 31, 2024 and 2023 (Unaudited) (In millions) Three Months Ended March 31, 2024 2023 Net income $ 4.5 $ 16.5 Other comprehensive income (loss), net of income tax: Unrealized losses on derivatives, net of income tax provision of $ 0.0 and $ 0.0 , respectively ( 1.6 ) ( 3.3 ) Employee pension and postretirement benefit income (expense), net of income tax provision of $ 0.0 and $ 0.0 , respectively 0.1 ( 1.0 ) Foreign currency translation

View Full Filing

View this 10-Q filing on SEC EDGAR