This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

The Manitowoc Company Reports Financial Results For 2012

“We expect a modest growth environment in 2013, which should produce continuing mid-teens margins given our ongoing investments in new technologies, operational improvements, and Lean initiatives. We remain true to the multiple strategies we have identified for Manitowoc Foodservice, and will continue to drive future performance through market share gains, greater innovation around our core brands, and improving operational efficiencies across our global footprint,” Tellock explained.

Cash Flow & Credit Statistics

Cash flow from operating activities in the fourth quarter of 2012 was $233.2 million, compared to $197.9 million in the fourth quarter of 2011. The increase was primarily generated by cash from profitability and reduced working capital levels. Debt reduction during the fourth quarter was $204 million, resulting in full-year debt reduction of approximately $80 million. Full-year 2012 earnings before interest, taxes, depreciation, and amortization (EBITDA) were $408.1 million, an increase of 16.9 percent over $349.2 million for full-year 2011. The combination of 2012 debt reduction and improving EBITDA resulted in a greater than one turn reduction in total leverage to 4.8 times at year-end. “I am pleased that we met our objective for more than one turn of leverage reduction in 2012. While our 2012 total debt reduction fell short of our full-year target, this metric was negatively impacted by a high volume of crane shipments occurring very late in the fourth quarter. As a result, our cash collections during the quarter were lower than anticipated, but are reflected in our accounts receivable. The realization of that cash will have a positive impact on our cash flow during the first quarter of 2013,” Tellock explained.

2013 Guidance

For the full-year 2013, Manitowoc expects:

■ Crane revenue – high single-digit percentage growth

■ Crane operating margins – high single-digit percentage

■ Foodservice revenue – mid single-digit percentage growth

3 of 5

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,712.66 +34.43 0.19%
S&P 500 2,061.02 +4.87 0.24%
NASDAQ 4,891.2190 +27.8570 0.57%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs