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manitowoc company inc (MTW) Key Developments

The Manitowoc Company, Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014; Provides Earnings Guidance for the Full Year of 2015

The Manitowoc Company, Inc. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2014. For the quarter, the company reported net sales of $1,037.4 million against $1,104.3 million a year ago. Operating earnings were $68.5 million against $98.5 million a year ago. Earnings from continuing operations before taxes on income were $38.4 million against $60.7 million a year ago. Earnings from continuing operations were $33.5 million or $33.5 per diluted share against $59.4 million or $59.4 per diluted share a year ago. Net earnings attributable to the company were $33.6 million or $0.25 per basic and diluted share against $20.9 million or $0.15 per basic and diluted share a year ago. Net cash provided from operating activities of continuing operations was $237.6 million against $273.0 million a year ago. Net cash provided by operating activities was $237.7 million against $270.6 million a year ago. Capital expenditures were $26.9 million against $38.0 million a year ago. Net earnings before special items were $37.5 million or $0.27 per diluted share against $63.9 million or $0.47 per diluted share a year ago. Cash flow provided from operating activities from continuing operations was driven by cash from profitability and improvements in working capital, particularly in inventory levels within the Crane business. For the full year, the company reported net sales of $3,886.5 million against $4,048.1 million a year ago. Operating earnings were $298.8 million against $364.4 million a year ago. Earnings from continuing operations before taxes on income were $169.4 million against $225.2 million a year ago. Earnings from continuing operations were $160.8 million or $160.8 per diluted share against $189.1 million or $189.1 per diluted share a year ago. Net earnings attributable to the company were $144.5 million or $0.25 per basic and diluted share against $141.8 million or $0.15 per basic and diluted share a year ago. Net cash provided from operating activities of continuing operations was $105.4 million against $334.1 million a year ago. Net cash provided by operating activities was $98.3 million against $323.1 million a year ago. Capital expenditures were $84.8 million against $110.7 million a year ago. Net earnings before special items were $159.2 million or $1.16 per diluted share against $195.9 million or $1.45 per diluted share a year ago. Adjusted EBITDA was $403.6 million. The company provided earnings guidance for the full year of 2015. The company expects capital expenditures approximately $85 million, depreciation & amortization approximately $110 million, interest expense of approximately $80 million, amortization of deferred financing fees of approximately $4 million and effective tax rate mid-to-high of 20% range.

Manitowoc Co. Plans to Split its Cranes and Food-Service Businesses

The Manitowoc Co. Inc. announced that it intends to split its two businesses - construction cranes and food service equipment - by spinning off one of the units into a separate publicly owned company. The food service unit through a tax-free spin-off expected to be completed in the first quarter of 2016. The food-service business manufactures commercial food-service equipment serving the ice, beverage, refrigeration, food prep and cooking needs of restaurants, convenience stores, hotels, hospitals and other institutions. Its more than 24 brands include Manitowoc, Garland, Cleveland, Lincoln, Merrychef, Frymaster, Servend, Multiplex, KitchenCare and Koolaire.

Manitowoc To Spin Off Foodservice Business Into A Publicly Traded Company

The Manitowoc Company, Inc. (NYSE:MTW) palns to spinoff its high-margin foodservice business into a publicly traded company. Manitowoc Company expects the spinoff to be completed in the first quarter of 2016.

The Manitowoc Company, Inc. to Report Q4, 2014 Results on Jan 29, 2015

The Manitowoc Company, Inc. announced that they will report Q4, 2014 results at 5:00 PM, Eastern Standard Time on Jan 29, 2015

The Manitowoc Company, Inc., Q4 2014 Earnings Call, Jan 29, 2015

The Manitowoc Company, Inc., Q4 2014 Earnings Call, Jan 29, 2015

 

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