Manitowoc (NYSE: MTW) reported Q4 EPS of $0.35, $0.06 better than the analyst estimate of $0.29. Revenue for the quarter came in at $463.4 million versus the consensus estimate of $493.27 million.

Fourth-quarter 2019 Highlights

• Net sales of $463.4 million
• Adjusted EBITDA(1) of $30.9 million
• Diluted earnings per share of $0.26, $0.35 on an adjusted basis(1)
• Cash flows from operating activities of $144.6 million

“I am pleased to report another quarter of improving year-over-year adjusted EBITDA margin and strong cash generation as we reduced inventory from June 30, 2019 by approximately $91 million, exceeding our expectations. Our fourth-quarter results contributed to what was an outstanding 2019 for Manitowoc. The four strategic priorities of The Manitowoc Way continue to generate results that prove our ability to deliver on our commitments,” commented Barry L. Pennypacker, President and Chief Executive Officer of The Manitowoc Company, Inc.

Pennypacker added, “We will continue to provide our customers with the types of cranes they need to increase their return on invested capital. This will be evident with our new product introductions at the ConExpo trade show in March 2020, where we will showcase six new cranes. While 2019 was a great year from a financial results perspective, our backlog declined 29% year-over-year primarily in the Americas region, setting up a more challenging year ahead. In spite of this, I am confident that through our ongoing lean transformation, Manitowoc has never been in a better position to navigate the market cycle, be it up or down,” concluded Pennypacker.

GUIDANCE:

Manitowoc sees FY2020 revenue of $1.6-1.7 billion, versus the consensus of $1.73 billion.

Full-Year 2020 Guidance:

• Net sales – approximately $1.6 to $1.7 billion;
• Adjusted EBITDA – approximately $85 to $115 million;
• Depreciation – approximately $35 to $37 million;
• Restructuring expense – approximately $4 to $6 million;
• Interest expense – approximately $28 to $30 million;
• Income tax expense – approximately $11 to $15 million, excluding discrete items; and
• Capital expenditures – approximately $30 million.

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