manitowoc company inc (MTW) Key Developments
James L. Packard Retires as Director of The Manitowoc Company, Inc
May 7 15
On May 5, 2015, James L. Packard retired as a director of The Manitowoc Company, Inc. in accordance with the company's Corporate Governance Guidelines, which require a director to resign from the Board of Directors at the first Annual Meeting of Shareholders held after reaching age 72.
The Manitowoc Company Seeks Acquisitions
Apr 30 15
The Manitowoc Company, Inc. (NYSE:MTW) is looking for acquisitions. Glen Tellock, Chairman and Chief Executive Officer of The Manitowoc Company states, "Yet at the same time if you want to do things within that industry, it is a little more consolidated industry but there's some pretty good opportunities to focus and look at whether it's acquisitions, mergers, or anything else, you have the opportunity to use that capital structure in and of itself to make those decisions."
The Manitowoc Company, Inc. Reports Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2015; Reaffirms Earnings Guidance for 2015
Apr 29 15
The Manitowoc Company, Inc. reported unaudited consolidated earnings results for the first quarter ended March 31, 2015. For first-quarter of 2015, the company reported sales of $752.1 million, an 11.5% decrease from $850.0 million in the first quarter of 2014. On a GAAP basis, the company reported a net loss of $8.4 million, or $0.06 per diluted share, in the first-quarter 2015 versus a net loss of $8.8 million, or $0.06 per diluted share, in the first quarter of 2014. Excluding special items, the adjusted loss from continuing operations was $6.3 million, or $0.05 per diluted share, in the first quarter of 2015, versus adjusted earnings from continuing operations of $23.7 million, or $0.17 per diluted share, in the first quarter of 2014. Cash flow from operating activities of continuing operations in the first quarter of 2015 was a use of $135.6 million, driven by seasonal working capital requirements that were partially offset by improved inventory levels within the crane business compared to $264.6 million a year ago. First-quarter capital expenditures totaled $11.7 million compared to $16.7 million a year ago. Operating earnings were $12.7 million, loss from continuing operations before taxes on income were $9.5 million against operating earnings of $53.6 million and profit from continuing operations before taxes on income of $22.3 million respectively a year ago. Adjusted EBITDA was $394.1 million.
The company is reaffirming its full-year guidance for 2015. For the full-year 2015, the company expects capital expenditures to be approximately $85 million, effective tax rate to be mid-to-high 20% range, and depreciation & amortization - approximately $110 million.
The Manitowoc Company, Inc. Presents at 2015 Wells Fargo Industrial and Construction Conference, May-05-2015
Apr 20 15
The Manitowoc Company, Inc. Presents at 2015 Wells Fargo Industrial and Construction Conference, May-05-2015 . Venue: The New York Palace, 455 Madison Avenue, New York, NY 10022, United States.
The Manitowoc Company, Inc. Appoints Jesse A. Lynn as New Member of the Board
Apr 20 15
On April 16, 2015, the Board of Directors of The Manitowoc Company, Inc. appointed Jesse A. Lynn as a new member of the Board. Since January 2015, Mr. Lynn has been the General Counsel for Icahn Enterprises, L.P. From September 2004 to January 2015, Mr. Lynn was Assistant General Counsel for Icahn Enterprises, L.P. Mr. Lynn has also been a director of Herbalife Ltd. since April 2014.