Overview
Manitowoc Q3 net sales rise 5.4% yr/yr, beating analyst expectations
Net income for Q3 improves by $12 mln yr/yr, reaching $5 mln
Adjusted EBITDA for Q3 increases 30.2% yr/yr, driven by favorable product mix
Outlook
Manitowoc expects to finish the year at the lower end of adjusted EBITDA guidance
Result Drivers
PRODUCT MIX - Favorable product mix contributed to improved financial results
MGX DISTRIBUTION - Strong execution by MGX distribution business supported Q3 results
NON-NEW MACHINE SALES - Continued growth in non-new machine sales bolstered revenue
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q3 Sales | Beat | $553.40 mln | $514 mln (1 Analyst) |
Q3 EPS | $0.14 | ||
Q3 Net Income | $5 mln | ||
Q3 Adjusted EBITDA | $34.10 mln | ||
Q3 Gross Profit | $102.60 mln | ||
Q3 Orders | $491.40 mln |
Analyst Coverage
The one available analyst rating on the shares is "sell"
The average consensus recommendation for the heavy machinery & vehicles peer group is "buy."
Wall Street's median 12-month price target for Manitowoc Company Inc is $10.00, about 3.1% below its November 5 closing price of $10.31
The stock recently traded at 15 times the next 12-month earnings vs. a P/E of 23 three months ago
Press Release: ID:nBw8Gp9HVa
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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)