Manitowoc Company, Inc. (MTW) - NYSE
  • Tue, Jan. 26, 2:12 PM
    • Terex (TEX +43%) shares resume trading after a halt, soaring higher as the company confirms receiving a $30/share takeover offer from Zoomlion of China.
    • TEX says it has entered into a confidentiality agreement with Zoomlion and is discussing the proposal, which values the company at ~$3.3B; TEX says it will not comment further until the board has completed its review.
    • TEX had entered into an agreement to merge with industrial crane maker Konecranes (OTC:KNCRF) and TEX's board says it continues to support the proposed deal.
    • Word of the proposal had been reported earlier by Bloomberg.
    • Peers Manitowoc (MTW +14.3%) and Joy Global (JOY +8.6%) also trade higher on the news.
    | Tue, Jan. 26, 2:12 PM | 7 Comments
  • Dec. 28, 2015, 4:59 PM
    • Manitowoc (NYSE:MTW) appoints Barry Pennypacker as President & CEO of Manitowoc Cranes replacing Larry Weyers who will continue as EVP. Mr. Pennypacker joins the firm from Quantum Lean, LLC which he founded and served as President & CEO.
    | Dec. 28, 2015, 4:59 PM | 1 Comment
  • Dec. 7, 2015, 8:51 AM
    • Manitowoc (NYSE:MTW) has sold its Kysor Panel Systems business, a producer of wood frame and high-density rail panels, to an affiliate of the D Cubed Group for approximately $85M.
    • The company intends to use proceeds from the sale to further reduce debt and financial leverage.
    | Dec. 7, 2015, 8:51 AM
  • Nov. 13, 2015, 12:28 PM
    • Manitowoc (MTW +3.1%) shares rack up strong gains as Jefferies analyst Stephen Volkmann raises his price target to $21 from $17 and says the company is getting no credit for its weak Cranes business.
    • "MTW will split food from crane in mid 1Q16, and the market at this point is basically valuing the crane business near zero, which we find absurd given the strong global franchise, leading brands and significant installed base supported by a broad and deep distribution capability," Volkmann writes.
    • MTW’s depressed crane business should generate at least $1.5B in revenue in 2016, according to the analyst.
    | Nov. 13, 2015, 12:28 PM
  • Oct. 28, 2015, 6:17 PM
    • Manitowoc (NYSE:MTW) declares $0.08/share annual dividend, in line with previous.
    • Forward yield 0.54%
    • Payable Dec. 10; for shareholders of record Nov. 27; ex-div Nov. 24.
    | Oct. 28, 2015, 6:17 PM
  • Oct. 28, 2015, 5:58 PM
    • Manitowoc (NYSE:MTW) says Glen Tellock has resigned as Chairman, President and CEO to pursue other opportunities, and names board member Kenneth Krueger to assume all three positions on an interim basis, effective immediately.
    • Krueger most recently served as COO at Bucyrus International before retiring; he had been CFO at A.O. Smith and Rockwell Automation.
    • Earlier: Manitowoc misses by $0.01, misses on revenue
    | Oct. 28, 2015, 5:58 PM | 1 Comment
  • Oct. 28, 2015, 5:38 PM
    • Manitowoc (NYSE:MTW): Q3 EPS of $0.09 misses by $0.01.
    • Revenue of $863.5M (-12.5% Y/Y) misses by $17.93M.
    | Oct. 28, 2015, 5:38 PM
  • Oct. 27, 2015, 5:35 PM
  • Oct. 27, 2015, 11:25 AM
    • Select vehicle stocks are weaker after Paccar (PCAR -5.9%) fell short of revenue estimates with Q3 earnings and Cummins (CMI -8.5%) warned on demand trends in Brazil and China.
    • Paccar reported deliveries to the U.S. and Canada were up 3% during the quarter. New truck deliveries to Europe increased 11%. The story at Cummins was darker as revenue guidance was dropped.
    • There's a bit of a contagion effect as truck, heavy-duty machinery, and RV sellers such as Navistar (NAV -13.2%), Winnebago (WGO -3.5%), Thor Industries (THO -1.6%), Caterpillar (CAT -0.8%), Manitowoc (MTW -3.6%), Polaris Industries (PII -0.8%), Arctic Cat (ACAT -4.6%), and Spartan Motors (SPAR -4.3%) are all weaker.
    • Ford is also down off after an earnings miss and GM issued another million-car plus recall.
    • Previously: Ford Motor misses by $0.02, beats on revenue (Oct. 27 2015)
    • Previously: GM recalls 1.4M older vehicles due to fire risk (Oct. 27 2015)
    | Oct. 27, 2015, 11:25 AM
  • Oct. 26, 2015, 9:19 AM
    • Manitowoc (NYSE:MTW) is shuttering its manufacturing facility in Cleveland, Ohio, and expects to close its Irwindale, California distribution warehouse, as part of the next steps in its global Foodservice manufacturing strategy.
    | Oct. 26, 2015, 9:19 AM
  • Oct. 15, 2015, 2:58 PM
    • Manitowoc (MTW -10.7%) is downgraded at Stifel and Baird following the company's worse than expected preliminary Q3 revenue guidance amid a "deteriorating" demand environment in its Cranes segment.
    • Stifel cuts MTW to Hold from Buy, noting the company has issued two preannouncements this year alone that have dampened the hopes for a crane recovery during this cycle; while the planned split of the foodservice and crane businesses should help support shares in the mid-teens, the firm now sees no identifiable demand catalyst on the near-term horizon.
    • Baird cuts shares to Neutral from Outperform with a $15 price target, lowered from $22, are crane fundamentals deteriorate more than expected, adding risk to the business separation as the foodservice unit likely will be saddled with more than 5x debt-to-EBITDA while risk aversion is creeping back into high yield markets.
    | Oct. 15, 2015, 2:58 PM | 4 Comments
  • Oct. 15, 2015, 12:46 PM
    | Oct. 15, 2015, 12:46 PM
  • Oct. 15, 2015, 9:14 AM
    • Terex (NYSE:TEX) -3.6% premarket after Manitowoc (NYSE:MTW) pre-announced lower than expected Q3 revenue following yesterday's close, pointing specifically to weakness in its cranes segment.
    • MTW said its cranes segment continues to be hurt by a deteriorating demand environment, particularly in the Middle East and Asia, and lower than expected tower and crawler crane shipments exacerbated the Q3 shortfall in revenues.
    • Other companies in the commercial equipment sector include Accuride (NYSE:ACW), Meritor (NYSE:MTOR), Deere (NYSE:DE) and Caterpillar (NYSE:CAT).
    • MTW -14.4% premarket.
    | Oct. 15, 2015, 9:14 AM
  • Oct. 15, 2015, 9:13 AM
    | 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.
    | Oct. 14, 2015, 7:14 PM | 2 Comments
  • 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. 25, 2015, 11:20 AM | 15 Comments
Company Description
Manitowoc Co., Inc. produces capital goods. It provides crawler cranes, tower cranes and mobile cranes for the heavy construction industry and also manufactures commercial foodservice equipment. The company operates through two business segments: Cranes and Related Products, and Foodservice... More
Industry: Farm & Construction Machinery
Country: United States