Manitowoc (MTW) Tops Q4 EPS Views; Offers FY16 Outlook

Manitowoc (NYSE: MTW) reported Q4 EPS of $0.43, $0.22 better than the analyst estimate of $0.21. Revenue for the quarter came in at $934.8 million versus the consensus estimate of $936.95 million.

2016 Guidance

The company is initiating separate full-year 2016 guidance in anticipation of the separation of the Crane and Foodservice businesses. This guidance is inclusive of each business’s portion of corporate costs, as well as dis-synergies associated with establishing two independent public companies. These costs are expected to be approximately $30 million in each business at an annual run-rate effective on the date of the separation. In addition, the guidance for Foodservice excludes the Kysor Panel business (KPS), which was divested on December 7, 2015 and generated approximately $122 million in sales and $12.8 million in operating earnings, which are included in 2015 results.

For the full-year 2016, Manitowoc Foodservice expects:

• Organic Revenue – up 2% - 4% over 2015 net sales – as adjusted (excludes KPS);
• Organic operating margin – between 16% and 17% (excludes KPS, includes corporate costs);
• Depreciation – between $21 and $24 million;
• Amortization expense – between $30 and $33 million; and
• Capital expenditures – between $23 and $27 million.

For earnings history and earnings-related data on Manitowoc (MTW) click here.

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