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Oct. 15, 2015, 9:13 AM
Oct. 14, 2015, 7:14 PM
- Manitowoc (NYSE:MTW) -6.8% AH after issuing below consensus Q3 results,
- MTW now sees Q3 revenues of ~$863M, -12.5% Y/Y and well below the $945M analyst consensus estimate, and earnings of ~$5M from $73M in Q3 2014.
- MTW says improvement in its Foodservice business continues, but its Cranes segment continues to be hurt by a deteriorating demand environment, particularly in the Middle East and Asia; lower than expected tower and crawler crane shipments exacerbated Q3's revenue shortfall.
- MTW expects Cranes full-year 2015 revenues to fall 15%-20% Y/Y, with operating margins in the low single-digits; it reaffirms guidance for Foodservice revenues to come in roughly flat for the full year, with operating margins in the mid-teens.
Sep. 25, 2015, 11:20 AM
- Barclays analyst Robert Wertheimer begins coverage of the U.S. machinery sector with a negative view, seeing consensus estimates too high across the board with revenue for the current cycle already peaking for most of the sector.
- The analyst expects a sharper than expected downturn for North American trucks, with another peak level eight years away; the tractor supercycle is only two years in a downturn, while the prior two supercycles saw seven consecutive down years in machinery sales, Wertheimer says.
- Of the 15 companies in the firm's sector coverage universe, only two are rated Overweight: United Rentals (URI +1.5%) and Allison Transmission (ALSN +0.4%).
- Started with Equal Weight ratings: Actuant (ATU -1.2%), AGCO (AGCO +1%), Caterpillar (CAT -1%), Joy Global (JOY -2.9%), Lincoln Electric (LECO -0.8%), Manitowoc (MTW -1.9%), Terex (TEX -0.7%) and WABCO (WBC -1.2%).
- Rated Underweight: Deere (DE -0.3%), CNH Industrial (CNHI +1.5%), Cummins (CMI -0.8%), PACCAR (PCAR -1%) and Navistar (NAV -2.9%).
Sep. 2, 2015, 7:50 AM
Jul. 29, 2015, 5:18 PM
- Manitowoc (NYSE:MTW): Q2 EPS of $0.22 misses by $0.09.
- Revenue of $885.4M (-12.3% Y/Y) misses by $66.82M.
Jul. 27, 2015, 12:29 PM
- Goldman Sachs analyst Jerry Revich cuts his view on the machinery sector to Cautious from Neutral given a continued challenging environment, and downgrades Manitowoc (MTW -2.8%), Terex (TEX -3.6%) and Navistar (NAV -1.2%) to Sell from Neutral.
- Revich notes a challenging crane demand outlook due to a challenging outlook for commodity capital expenditure, a slowing infrastructure investment for commodity export regions, and high crane capital stock following a 10-plus year build-out cycle.
- On NAV, the company's debt, pension, warranty and truck trade-ins are "high and rising" amid softening used truck prices and U.S. trucking rates, which could push out its margin recovery story, Revich writes.
- Deere (DE -0.7%) and AGCO (AGCO -0.6%) are upgraded to Neutral from Sell even as the analyst is negative on the end market outlook for agriculture equipment.
Jun. 1, 2015, 5:58 PM
- Manitowoc (NYSE:MTW) +2.7% AH after hedge fund Glenview Capital discloses a 7.06% active stake totaling more than 9.6M shares in the company, up from the more than 8.6M shares held as of March 31.
- Larry Robbins' fund says it may discuss with MTW options for exploring alternatives that could enhance shareholder value.
Apr. 29, 2015, 5:09 PM
- Manitowoc (NYSE:MTW): Q1 EPS of -$0.05 misses by $0.03.
- Revenue of $752.1M (-11.5% Y/Y) misses by $10.01M.
Apr. 16, 2015, 6:43 PM
- Manitowoc (NYSE:MTW) -3.5% AH after saying it now expects flat revenue from its food service segment this year, after projecting in January that revenue from the segment would improve modestly in the mid single-digits; last year, MTW reported $1.6B in food service revenue, representing 41% of overall sales.
- MTW also says it expects an overall Q1 pre-tax loss from continuing operations of $9.5M and Q1 revenues of $752M, down 17% Y/Y and below analyst consensus estimate of $835M in revenues; a year ago, MTW booked a pretax profit of $8.6M.
- MTW blames the reduced outlook on two strong product rollouts that benefited food service in 2014 and reduced spending by large restaurant chains.
Apr. 16, 2015, 5:37 PM
Mar. 27, 2015, 5:38 PM
Feb. 9, 2015, 9:59 AM
Jan. 29, 2015, 5:35 PM
Jan. 29, 2015, 4:50 PM
- Manitowoc (NYSE:MTW) +9.4% AH on its plan to separate into two stand-alone publicly-traded companies.
- MTW's Cranes business reported 2014 revenue of $2.3B; for 2015, MTW forecasts revenues to decline by mid-single digits.
- The Foodservice business reported 2014 revenue of $1.6B; for 2015, MTW expects revenues to grow by mid-single digit percentage.
- The move comes amid pressure from Carl Icahn, who disclosed a month ago that he owned a 7.77% stake in MTW and would seek a separation of the two businesses.
- Earlier: Manitowoc misses by $0.05, misses on revenue
Jan. 29, 2015, 4:20 PM
- Manitowoc (NYSE:MTW): Q4 EPS of $0.27 misses by $0.05.
- Revenue of $1.04B (-5.5% Y/Y) misses by $20M.
- Shares +8.4%.
Jan. 28, 2015, 5:35 PM
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