The Manitowoc Company, Inc. Announces Consolidated Unaudited Earnings Results for Fourth Quarter and Full Year Ended Dec. 31, 2013; Provides Earnings Guidance for the Full Year 2014
January 31, 2014 at 02:55 am IST
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The Manitowoc Company, Inc. announced consolidated unaudited earnings results for fourth quarter and full year ended Dec. 31, 2013. For the quarter, the company reported net sales of $1,104.3 million, operating earnings of $98.5 million, earnings from continuing operations before taxes on income of $60.7 million, earnings from continuing operations of $59.4 million or $0.18 per diluted share, net earnings attributable to company shareholders of $20.9 million or $0.15 per diluted share, net cash provided from operating activities of $270.6 million, capital expenditures of $38 million compared to the net sales of $1,128.1 million, operating earnings of $78 million, earnings from continuing operations before taxes on income of $34.1 million, earnings from continuing operations of $36.5 million or $0.27 per diluted share, net earnings attributable to company shareholders of $34.5 million or $0.26 per diluted share, net cash provided from operating activities of $233.9 million, capital expenditures of $22.7 million, for the same quarter a year ago. Excluding special items, the adjusted earnings from continuing operations were $63.9 million, or $0.47 per diluted share, in the fourth quarter of 2013, versus adjusted earnings from continuing operations of $36.7 million, or $0.27 per diluted share, in the fourth quarter of 2012.
For the year, the company reported net sales of $4,048.1 million, operating earnings of $364.4 million, earnings from continuing operations before taxes on income of $225.2 million, earnings from continuing operations of $189.1 million or $1.14 per diluted share, net earnings attributable to company shareholders of $141.8 million or $1.05 per diluted share, net cash provided from operating activities of $323.1 million, capital expenditures of $110.7 million compared to the net sales of $3,913.3 million, operating earnings of $296.9 million, earnings from continuing operations before taxes on income of $146.9 million, earnings from continuing operations of $108.9 million or $0.82 per diluted share, net earnings attributable to company shareholders of $101.7 million or $0.76 per diluted share, net cash provided from operating activities of $162.4 million, capital expenditures of $72.9 million for the previous year. Adjusted EBITDA was $468.5 million. Excluding the special items described in the reconciliation below, adjusted earnings from continuing operations in 2013 were $195.9 million or $1.45 per share, versus adjusted earnings from continuing operations of $110.7 million, or $0.83 per share in 2012.
For the full-year 2014, the company expects capital expenditures of approximately $90 million. The company expects effective tax rate in the mid-to-high 20% range. Depreciation & amortization expects approximately $120 million and interest expense expects approximately $100 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.
The Manitowoc Company, Inc. Announces Consolidated Unaudited Earnings Results for Fourth Quarter and Full Year Ended Dec. 31, 2013; Provides Earnings Guidance for the Full Year 2014