Manitowoc Co. Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2011; Provides Earnings Guidance for the Full Year of 2012
January 31, 2012 at 05:43 pm
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Manitowoc Co. Inc. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2011. The company reported sales of $1,034.5 million for the fourth quarter of 2011, an increase of 24.5% compared to sales of $830.9 million in the fourth quarter of 2010. The sales increase was driven by a 39.9% increase in Crane segment sales, coupled with a 2.2% increase in Foodservice segment sales. Operating earnings was $55.2 million compared to $50.3 million a year ago. Earnings from continuing operations before taxes on income was $15.3 million compared to loss from continuing operations before taxes on income of $24.6 million a year ago. Earnings from continuing operations were $14.7 million compared to loss from continuing operations of $56.1 million a year ago. Net earnings attributable to the company were $15.3 million compared to net loss attributable to the company of $65.5 million a year ago. Net earnings attributable from continuing operations was $16.8 million compared to net loss attributable from continuing operations of $55.6 million a year ago. Earnings from continuing operations attributable to the company was $0.13 per basic and diluted share compared to loss from continuing operations attributable to the company of $0.43 per basic and diluted share a year ago. Basic and diluted earnings per share were $0.12 compared to basic and diluted loss per share of $0.50 a year ago. Net earnings before special items were $18.5 million or $0.14 per diluted share compared to $13.4 million or $0.10 per diluted share a year ago. Cash flow from operating activities in the fourth quarter of 2011 was $196.3 million due to the combination of cash from profitability, as well as ability to generate cash from working capital. Cash flow used for capital expenditures during the quarter was $32.6 million.
For the full-year 2011, sales were $3,651.9 million, a 16.2% increase from $3,141.7 million in 2010. Operating earnings was $221.9 million compared to $207.2 million a year ago. Earnings from continuing operations before taxes on income was $37.4 million compared to loss from continuing operations before taxes on income of $43.7 million a year ago. Earnings from continuing operations were $21.5 million compared to loss from continuing operations of $74.6 million a year ago. Net loss attributable to the company was $10.5 million compared to $79.5 million a year ago. Net earnings attributable from continuing operations was $28.0 million compared to net loss attributable from continuing operations of $71.9 million a year ago. Earnings from continuing operations attributable to the company was $0.21 per basic and diluted share compared to loss from continuing operations attributable to the company of $0.55 per basic and diluted share a year ago. Basic and diluted loss per share was $0.08 compared to $0.61 a year ago. Adjusted EBITDA was $349.2 million. Net earnings before special items were $50.2 million or $0.38 per diluted share compared to $11.3 million or $0.09 per diluted share a year ago. Net cash provided from operating activities was $11.6 million against $209.3 million a year ago.
For the full year of 2012, the company expects Crane revenue of growth of 10% to 15% year-over-year, Crane operating earnings increase of 30% to 40% year-over-year, Foodservice revenue is high single-digit age growth, Foodservice operating earnings increases 10% to 15% year-over-year. The company also expects capital expenditures is approximately $80 million, depreciation & amortization is approximately $120 million, interest expense reduction of $25 to $30 million, amortization of deferred financing fees is approximately $10 million.
The Manitowoc Company, Inc. is a provider of engineered lifting solutions. The Company, through its wholly owned subsidiaries, designs, manufactures, markets, distributes, and supports comprehensive product lines of mobile hydraulic cranes, lattice-boom crawler cranes, boom trucks, and tower cranes under the Aspen Equipment, Grove, Manitowoc, MGX Equipment Services, National Crane, Potain, and Shuttlelift brand names. Its segments include Americas segment, Europe and Africa (EURAF) segment and Middle East and Asia Pacific (MEAP) segment. The Americas segment includes the North America and South America continents. The EURAF segment includes the Europe and Africa continents, excluding the Middle East region. The MEAP segment includes the Asia and Australia continents and the Middle East region. Its crane products are used in a variety of applications throughout the world, including energy production/distribution and utility, petrochemical and industrial, and infrastructure.
Manitowoc Co. Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2011; Provides Earnings Guidance for the Full Year of 2012