Manitowoc Co. Inc. Files Q2 2024 10-Q

TL;DR

MTW Q2 10-Q filed. Shows performance, debt, and stock details.

AI Summary

Manitowoc Co Inc. filed its 10-Q for the period ending June 30, 2024. The filing details financial performance and operational segments, including the Middle East and Asia Pacific segment. It also references specific financial instruments such as Senior Notes Due 2026 and performance shares for 2024.

Why It Matters

This filing provides investors with an update on Manitowoc's financial health and operational performance for the second quarter of 2024, impacting investment decisions.

Risk Assessment

Risk Level: medium — The filing contains details on financial instruments, operating segments, and potential adjustments to defined benefit plans, which can introduce financial risks.

Key Numbers

• 20240630 — Period End Date (Financial reporting period)
• 20240808 — Filing Date (Date the report was submitted)

Key Players & Entities

• MANITOWOC CO INC (company) — Filer
• 20240630 (date) — Period of Report
• 20240808 (date) — Filed as of Date
• MTW (company) — Ticker Symbol
• Middle East and Asia Pacific Segment (company) — Operating Segment
• Senior Notes Due 2026 (dollar_amount) — Debt Instrument
• Performance Shares 2024 (dollar_amount) — Equity Instrument

FAQ

Filing Documents

• mtw-20240630.htm (10-Q) — 2432KB
• mtw-ex31.htm (EX-31) — 24KB
• mtw-ex32_1.htm (EX-32.1) — 7KB
• mtw-ex32_2.htm (EX-32.2) — 7KB
• img165353824_0.jpg (GRAPHIC) — 11KB
• 0000950170-24-094032.txt ( ) — 11265KB
• mtw-20240630.xsd (EX-101.SCH) — 1357KB
• mtw-20240630_htm.xml (XML) — 2540KB

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 and six months ended June 30, 2024 and 2023 (Unaudited) ($ in millions, except per share and share amounts) Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Net sales $ 562.1 $ 602.8 $ 1,057.2 $ 1,111.1 Cost of sales 462.4 479.8 865.0 881.8 Gross profit 99.7 123.0 192.2 229.3 Operating costs and expenses: Engineering, selling and administrative expenses 83.7 87.6 159.7 162.7 Amortization of intangible assets 0.8 0.7 1.5 1.7 Restructuring expense 2.3 0.3 2.9 0.3 Total operating costs and expenses 86.8 88.6 164.1 164.7 Operating income 12.9 34.4 28.1 64.6 Other income (expense): Interest expense ( 9.6 ) ( 9.0 ) ( 18.8 ) ( 17.1 ) Amortization of deferred financing fees ( 0.4 ) ( 0.4 ) ( 0.7 ) ( 0.7 ) Other income (expense) - net 0.3 ( 10.0 ) 1.0 ( 11.1 ) Total other expense ( 9.7 ) ( 19.4 ) ( 18.5 ) ( 28.9 ) Income before income taxes 3.2 15.0 9.6 35.7 Provision (benefit) for income taxes 1.6 ( 5.2 ) 3.5 ( 1.0 ) Net income $ 1.6 $ 20.2 $ 6.1 $ 36.7 Per Share Data and Share Amounts: Basic net income per common share $ 0.05 $ 0.58 $ 0.17 $ 1.05 Diluted net income per common share $ 0.04 $ 0.57 $ 0.17 $ 1.03 Weighted average shares outstanding - basic 35,368,492 35,084,580 35,316,971 35,102,924 Weighted average shares outstanding - diluted 35,738,322 35,650,143 35,899,481 35,766,952 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 and six months ended June 30, 2024 and 2023 (Unaudited

View Full Filing

View this 10-Q filing on SEC EDGAR