Wisconsin | 1-11978 | 39-0448110 | ||
(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification Number) |
(d) | Exhibit | |||
99.1 | The Manitowoc Company, Inc. press release dated April 16, 2015. |
THE MANITOWOC COMPANY, INC. | ||
(Registrant) | ||
DATE: April 16, 2015 | /s/ Carl J. Laurino | |
Carl J. Laurino | ||
Senior Vice President & Chief Financial Officer |
Exhibit No. | Description | |
99.1 | Press Release dated April 16, 2015, providing updated 2015 full-year guidance for the foodservice segment and preliminary financial results of The Manitowoc Company, Inc. for the quarter ended March 31, 2015. |
• | Crane revenue - mid single-digit percentage decline |
• | Crane operating margins - high single-digit percentage |
• | Capital expenditures - approximately $85 million |
• | Depreciation & amortization - approximately $110 million |
• | Interest expense - approximately $80 million |
• | Amortization of deferred financing fees - approximately $4 million |
• | Total leverage - below 3x debt-to-EBITDA |
• | Effective tax rate - mid-to-high 20 percent range |
• | unanticipated changes in revenues, margins, costs, and capital expenditures; |
• | the ability to significantly improve profitability; |
• | the ability to direct resources to those areas that will deliver the highest returns; |
• | uncertainties associated with new product introductions, the successful development and market acceptance of new and innovative products that drive growth; |
• | the ability to focus on the customer, new technologies, and innovation; |
• | the ability to focus and capitalize on product quality and reliability; |
• | the ability to increase operational efficiencies across each of Manitowoc’s business segments and to capitalize on those efficiencies; |
• | the ability to capitalize on key strategic opportunities and the ability to implement Manitowoc’s long-term initiatives; |
• | the ability to generate cash and manage working capital consistent with Manitowoc’s stated goals; |
• | the ability to convert order and order activity into sales and the timing of those sales; |
• | pressure of financing leverage; |
• | matters impacting the successful and timely implementation of ERP systems; |
• | foreign currency fluctuations and their impact on reported results and hedges in place with Manitowoc; |
• | changes in raw material and commodity prices; |
• | unexpected issues associated with the quality of materials and components sourced from third parties and the resolution of those issues; |
• | unexpected issues associated with the availability and viability of suppliers; |
• | the risks associated with growth; |
• | geographic factors and political and economic conditions and risks; |
• | actions of competitors; |
• | changes in economic or industry conditions generally or in the markets served by Manitowoc; |
• | unanticipated changes in customer demand, including changes in global demand for high-capacity lifting equipment; changes in demand for lifting equipment and foodservice equipment in emerging economies, and changes in demand for used lifting equipment and foodservice equipment; |
• | global expansion of customers; |
• | the replacement cycle of technologically obsolete cranes; |
• | the ability of Manitowoc's customers to receive financing; |
• | unexpected issues and costs related to the launch and ongoing operations of KitchenCare; |
• | changes in capital expenditures and growth plans by large foodservice chains; |
• | foodservice equipment replacement cycles in national accounts and global chains, including unanticipated issues associated with refresh/renovation plans by national restaurant accounts and global chains; |
• | efficiencies and capacity utilization of facilities; |
• | issues relating to the ability to timely and effectively execute on manufacturing strategies, including issues relating to new plant start-ups, plant closings, and/or consolidations of existing facilities and operations; |
• | issues related to workforce reductions and subsequent rehiring; |
• | work stoppages, labor negotiations, labor rates, and temporary labor costs; |
• | government approval and funding of projects and the effect of government-related issues or developments; |
• | the ability to complete and appropriately integrate restructurings, consolidations, acquisitions, divestitures, strategic alliances, joint ventures, and other strategic alternatives; |
• | realization of anticipated earnings enhancements, cost savings, strategic options and other synergies, and the anticipated timing to realize those savings, synergies, and options; |
• | unanticipated issues affecting the effective tax rate for the year; |
• | unanticipated changes in the capital and financial markets; |
• | risks related to actions of activist shareholders; |
• | changes in laws throughout the world; |
• | natural disasters disrupting commerce in one or more regions of the world; |
• | risks associated with data security and technological systems and protections; |
• | acts of terrorism; and |
• | risks and other factors cited in Manitowoc's filings with the United States Securities and Exchange Commission. |