3 Important Things Manitowoc Company Inc. Management Wants You to Know презентация

Manitowoc

source: Company website

demand is unlike any cycle we've seen in the recent past. Uncertainty among our customers is mounting due to emerging market peers, ongoing question over Chinese growth outlook, persistent depressed oil prices and slowing domestic growth.”

Interim Chairman, President, and CEO Kenneth W. Krueger

in the Chinese construction market
Middle East and North America: Dramatic declines in capital spending by oil and gas companies, which means lower demand for Manitowoc’s off-highway cranes
Manitowoc’s crane operating margin in Q3 dropped to 1% from 7.3% a year ago as sales dipped

Manitowoc’s Q3 orders plunged 40% year over year even as backlog declined 12%
Outlook: 15%-20% drop in 2015 crane revenue. Management expects “the global macroeconomic backdrop to remain difficult through most of 2016.”

business could be turning around

turning the corner. Many of the issues that negatively impacted its performance over the last 12 months have been remedied, which contributed to our solid margin improvement this quarter.”

Kenneth W. Krueger

14.8% a year ago, thanks to rigorous cost control.

The company’s ongoing restructuring is expected to save it $100 million over the next three years.

Meanwhile, recently-launched products like Convotherm and Merrychef e2s ovens and 25 new launches lined up for next year should boost Manitowoc’s revenues going forward.

Images from company website

the spin and we remain on track to complete our business separation in the first quarter of 2016, notwithstanding the recent performance within Cranes.”

Kenneth W. Krueger

Cranes sales could drop further in 2016 with end markets deteriorating
Restructuring benefits won’t show up until 2017

Management, however, is proceeding with the separation as planned as it already has the split-related tax and legal processes in place. It is yet to appoint a CEO for the cranes business.

Given the backdrop, shareholders may not find much value in a standalone cranes company.

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