Second-Quarter 2024
Highlights
- Net sales of $562.1 million, down 6.8% year-over-year
- Adjusted EBITDA(1) of $36.0 million, margin percentage of
6.4%
- Adjusted return on invested capital(1) of 7.1%
The Manitowoc Company, Inc. (NYSE: MTW) (the “Company” or
“Manitowoc”) today reported second-quarter net income of $1.6
million, or $0.04 per diluted share. Second-quarter adjusted net
income(1) was $8.8 million, or $0.25 per diluted share.
Net sales in the second quarter decreased 6.8% year-over-year to
$562.1 million and were unfavorably impacted by $2.7 million from
changes in foreign currency exchange rates. Second quarter adjusted
EBITDA(1) was $36.0 million, a decrease of $24.4 million or 40.4%
from the prior year.
Orders in the second quarter were $428.4 million, a 22.2%
decrease from the prior year, resulting in backlog at the end of
the second quarter of $836.3 million. Orders were unfavorably
impacted by $2.0 million from changes in foreign currency exchange
rates.
“During the second quarter, we faced a variety of operational
issues which led to lower-than-anticipated results. In addition,
the Tower Crane business in Europe remained a headwind to our
results. Order intake was sluggish for mobile cranes in Europe and
North America. Mobile customers have been slow to commit to new
cranes in the face of the uncertainties associated with the
upcoming U.S. election and the continued higher interest rate
environment. Looking at the balance of the year, we expect weaker
demand to continue. As a result, and with a focus on inventory
reductions to generate free cash flow, we took actions to adjust
our build schedules in the second half. We have updated our full
year guidance accordingly,” commented Aaron H. Ravenscroft,
President and Chief Executive Officer of The Manitowoc Company,
Inc.
“CRANES+50 is the driving force in our transformation as a
stand-alone crane company. Since its launch, our non-new machine
sales have grown 34%, expanding our higher margin, recurring
revenue streams. We remain focused on continuous improvement
through The Manitowoc Way and growing our aftermarket through
CRANES+50 to drive long-term shareholder value,” added
Ravenscroft.
Updated Full-Year 2024 Guidance
Manitowoc is updating its full-year 2024 guidance as
follows:
Net sales – $2.175 billion to $2.225 billion (previously $2.275
billion to $2.375 billion)
Adjusted EBITDA – $125 million to $140 million (previously $150
million to $180 million)
Depreciation and amortization - $60 million to $63 million
(previously $63 million to $67 million)
Interest expense - $36 million to $38 million (previously $32
million to $34 million)
Provision for income taxes - $9 million to $13 million
(previously $18 million to $22 million)
Adjusted diluted earnings per share - $0.45 to $0.90 (previously
$0.95 to $1.55)
Capital expenditures - $60 million of which approximately $25
million is for the rental fleet
Free cash flows - $30 million to $50 million (previously $30
million to $60 million)
Investor Conference Call
The Manitowoc Company will host a conference call for security
analysts and institutional investors to discuss its second-quarter
2024 earnings results on Thursday, August 8, 2024, at 10:00 a.m. ET
(9:00 a.m. CT). A live audio webcast of the call, along with the
related presentation, will be available via webcast on the
Manitowoc website at http://ir.manitowoc.com in the "Events &
Presentations" section. A replay of the conference call will also
be available at the same location on the website.
About The Manitowoc Company, Inc.
The Manitowoc Company was founded in 1902 and has over a
120-year tradition of providing high-quality, customer-focused
products and support services to its markets. Headquartered in
Milwaukee, Wisconsin, United States, Manitowoc is one of the
world's leading providers of engineered lifting solutions.
Manitowoc, through its wholly-owned subsidiaries, designs,
manufactures, markets, distributes, and supports comprehensive
product lines of mobile hydraulic cranes, lattice-boom crawler
cranes, boom trucks, and tower cranes under the Aspen Equipment,
Grove, Manitowoc, MGX Equipment Services, National Crane, Potain,
and Shuttlelift brand names.
Footnote
(1)Adjusted net income, adjusted diluted net income per share
(“Adjusted DEPS”), EBITDA, adjusted EBITDA, adjusted operating
income, adjusted return on invested capital ("Adjusted ROIC"), and
free cash flows are financial measures that are not in accordance
with U.S. GAAP. For definitions and a reconciliation to the most
comparable U.S. GAAP numbers, please see the schedule of “Non-GAAP
Financial Measures” at the end of this press release.
Forward-looking Statements
This press release includes “forward-looking statements”
intended to qualify for the safe harbor from liability under the
Private Securities Litigation Reform Act of 1995. Any statements
contained in this press release that are not historical facts are
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. These statements are
based on the current expectations of the management of the Company
and are subject to uncertainty and changes in circumstances.
Forward-looking statements include, without limitation, statements
typically containing words such as “intends,” “expects,”
“anticipates,” “targets,” “estimates,” and words of similar import.
By their nature, forward-looking statements are not guarantees of
future performance or results and involve risks and uncertainties
because they relate to events and depend on circumstances that will
occur in the future. There are a number of factors that could cause
actual results and developments to differ materially from those
expressed or implied by such forward-looking statements. Factors
that could cause actual results and developments to differ
materially include, among others:
- Macroeconomic conditions, including inflation, high interest
rates and recessionary concerns, as well as continuing global
supply chain constraints, labor constraints, logistics constraints
and cost pressures such as changes in raw material and commodity
costs, have had, and may continue to have, a negative impact on
Manitowoc’s ability to convert backlog into revenue which could,
and has, impacted its financial condition, cash flows, and results
of operations (including future uncertain impacts);
- actions of competitors;
- changes in economic or industry conditions generally or in the
markets served by Manitowoc;
- geopolitical events, including the ongoing conflicts in Ukraine
and in the Middle East, other political and economic conditions and
risks and other geographic factors, has had and may continue to
lead to market disruptions, including volatility in commodity
prices (including oil and gas), raw material and component costs,
energy prices, inflation, consumer behavior, supply chain, and
credit and capital markets, and could result in the impairment of
assets;
- changes in customer demand, including changes in global demand
for high-capacity lifting equipment, changes in demand for lifting
equipment in emerging economies and changes in demand for used
lifting equipment including changes in government approval and
funding of projects;
- the ability to convert backlog, orders and order activity into
sales and the timing of those sales;
- failure to comply with regulatory requirements related to the
products and aftermarket services the Company sells;
- the ability to capitalize on key strategic opportunities and
the ability to implement Manitowoc’s long-term initiatives;
- impairment of goodwill and/or intangible assets;
- changes in revenues, margins and costs;
- the ability to increase operational efficiencies across
Manitowoc and to capitalize on those efficiencies;
- the ability to generate cash and manage working capital
consistent with Manitowoc’s stated goals;
- work stoppages, labor negotiations, labor rates and labor
costs;
- the Company’s ability to attract and retain qualified
personnel;
- changes in the capital and financial markets;
- the ability to complete and appropriately integrate
acquisitions, strategic alliances, joint ventures or other
significant transactions;
- issues associated with the availability and viability of
suppliers;
- the ability to significantly improve profitability;
- realization of anticipated earnings enhancements, cost savings,
strategic options and other synergies, and the anticipated timing
to realize those savings, synergies and options;
- the ability to focus on customers, new technologies and
innovation;
- uncertainties associated with new product introductions, the
successful development and market acceptance of new and innovative
products that drive growth;
- the replacement cycle of technologically obsolete
products;
- risks associated with high debt leverage;
- foreign currency fluctuation and its impact on reported
results;
- the ability of Manitowoc's customers to receive financing;
- risks associated with data security and technological systems
and protections;
- the ability to direct resources to those areas that will
deliver the highest returns;
- risks associated with manufacturing or design defects;
- natural disasters, other weather events, pandemics and other
public health crises disrupting commerce in one or more regions of
the world;
- issues relating to the ability to timely and effectively
execute on manufacturing strategies, general efficiencies and
capacity utilization of the Company’s facilities;
- the ability to focus and capitalize on product and service
quality and reliability;
- issues associated with the quality of materials, components and
products sourced from third parties and the ability to successfully
resolve those issues;
- issues related to workforce reductions and potential subsequent
rehiring;
- changes in laws throughout the world, including governmental
regulations on climate change;
- the inability to defend against potential infringement claims
on intellectual property rights;
- the ability to sell products and services through distributors
and other third parties;
- issues affecting the effective tax rate for the year;
- acts of terrorism; and
- other risks and factors detailed in Manitowoc's 2023 Annual
Report on Form 10-K and its other filings with the United States
Securities and Exchange Commission.
Manitowoc undertakes no obligation to update or revise
forward-looking statements, whether as a result of new information,
future events, or otherwise. Forward-looking statements only speak
as of the date on which they are made. Information on the potential
factors that could affect the Company's actual results of
operations is included in its filings with the Securities and
Exchange Commission, including but not limited to its Annual Report
on Form 10-K for the fiscal year ended December 31, 2023.
THE MANITOWOC COMPANY,
INC.
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS
(In millions, except per share
and share amounts)
Three Months Ended June
30,
Six Months Ended June
30,
2024
2023
2024
2023
Net sales
$
562.1
$
602.8
$
1,057.2
$
1,111.1
Cost of sales
462.4
479.8
865.0
881.8
Gross profit
99.7
123.0
192.2
229.3
Operating costs and expenses:
Engineering, selling and administrative
expenses
83.7
87.6
159.7
162.7
Amortization of intangible assets
0.8
0.7
1.5
1.7
Restructuring expense
2.3
0.3
2.9
0.3
Total operating costs and expenses
86.8
88.6
164.1
164.7
Operating income
12.9
34.4
28.1
64.6
Other income (expense):
Interest expense
(9.6
)
(9.0
)
(18.8
)
(17.1
)
Amortization of deferred financing
fees
(0.4
)
(0.4
)
(0.7
)
(0.7
)
Other income (expense) - net
0.3
(10.0
)
1.0
(11.1
)
Total other expense
(9.7
)
(19.4
)
(18.5
)
(28.9
)
Income before income taxes
3.2
15.0
9.6
35.7
Provision (benefit) for income taxes
1.6
(5.2
)
3.5
(1.0
)
Net income
$
1.6
$
20.2
$
6.1
$
36.7
Per Share Data and Share
Amounts:
Basic net income per common share
$
0.05
$
0.58
$
0.17
$
1.05
Diluted net income per common share
$
0.04
$
0.57
$
0.17
$
1.03
Weighted average shares outstanding -
basic
35,368,492
35,084,580
35,316,971
35,102,924
Weighted average shares outstanding -
diluted
35,738,322
35,650,143
35,899,481
35,766,952
THE MANITOWOC COMPANY,
INC.
CONDENSED CONSOLIDATED BALANCE
SHEETS
(In millions, except par value
and share amounts)
June 30, 2024
December 31, 2023
Assets
Current Assets:
Cash and cash equivalents
$
38.1
$
34.4
Accounts receivable, less allowances of
$5.6 and $6.1, respectively
257.3
278.8
Inventories — net
759.4
666.5
Notes receivable — net
4.7
6.7
Other current assets
33.0
46.6
Total current assets
1,092.5
1,033.0
Property, plant and equipment — net
355.5
366.1
Operating lease right-of-use assets
56.1
59.7
Goodwill
78.9
79.6
Other intangible assets — net
122.1
125.6
Other non-current assets
42.8
42.7
Total assets
$
1,747.9
$
1,706.7
Liabilities and Stockholders'
Equity
Current Liabilities:
Accounts payable and accrued expenses
$
481.8
$
457.4
Customer advances
17.8
19.2
Short-term borrowings and current portion
of long-term debt
21.4
13.4
Product warranties
38.5
47.1
Other liabilities
19.1
26.2
Total current liabilities
578.6
563.3
Non-Current Liabilities:
Long-term debt
406.3
358.7
Operating lease liabilities
44.0
47.2
Deferred income taxes
7.4
7.5
Pension obligations
51.2
55.8
Postretirement health and other benefit
obligations
5.3
5.6
Long-term deferred revenue
19.6
24.1
Other non-current liabilities
43.2
41.2
Total non-current liabilities
577.0
540.1
Stockholders' Equity:
Preferred stock (authorized 3,500,000
shares of $.01 par value; none outstanding)
—
—
Common stock (75,000,000 shares
authorized, 40,793,983 shares issued, 35,116,857 and 35,094,993
shares outstanding, respectively)
0.4
0.4
Additional paid-in capital
610.1
613.1
Accumulated other comprehensive loss
(100.5
)
(86.4
)
Retained earnings
149.6
143.5
Treasury stock, at cost (5,677,126 and
5,698,990 shares, respectively)
(67.3
)
(67.3
)
Total stockholders' equity
592.3
603.3
Total liabilities and stockholders'
equity
$
1,747.9
$
1,706.7
THE MANITOWOC COMPANY,
INC.
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
(In millions)
Three Months Ended June
30,
Six Months Ended June
30,
2024
2023
2024
2023
Cash Flows from Operating
Activities:
Net income
$
1.6
$
20.2
$
6.1
$
36.7
Adjustments to reconcile net income to
cash provided by (used for) operating activities:
Depreciation expense
14.6
14.2
29.3
28.1
Amortization of intangible assets
0.8
0.7
1.5
1.7
Stock-based compensation expense
1.9
2.3
5.6
5.4
Amortization of deferred financing
fees
0.4
0.4
0.7
0.7
Loss (gain) on sale of property, plant and
equipment
0.1
(0.2
)
0.3
(0.2
)
Deferred income tax benefit
—
(14.0
)
—
(14.0
)
Loss on foreign currency translation
adjustments
—
9.3
—
9.3
Changes in operating assets and
liabilities
Accounts receivable
32.2
(24.2
)
16.9
(7.1
)
Inventories
(15.1
)
(5.5
)
(104.2
)
(107.4
)
Notes receivable
0.6
2.2
2.1
3.9
Other assets
8.9
6.3
10.0
7.9
Accounts payable
(24.3
)
(36.7
)
32.3
19.5
Accrued expenses and other liabilities
(10.7
)
7.8
(20.2
)
12.4
Net cash provided by (used for) operating
activities
11.0
(17.2
)
(19.6
)
(3.1
)
Cash Flows from Investing
Activities:
Capital expenditures
(12.9
)
(27.0
)
(25.1
)
(36.3
)
Proceeds from sale of fixed assets
3.3
3.1
3.5
5.1
Net cash used for investing activities
(9.6
)
(23.9
)
(21.6
)
(31.2
)
Cash Flows from Financing
Activities:
Proceeds from revolving credit facility -
net
23.5
12.0
37.5
12.0
Payments on revolving credit facility
—
—
—
(10.0
)
Proceeds from revolving credit
facility
10.0
—
10.0
—
Proceeds from (payments on) other debt -
net
(19.0
)
0.7
10.1
(1.2
)
Exercise of stock options
—
—
—
0.3
Common stock repurchases
(5.7
)
(2.0
)
(5.7
)
(5.5
)
Other financing activities
(3.3
)
—
(6.2
)
—
Net cash provided by (used for) financing
activities
5.5
10.7
45.7
(4.4
)
Effect of exchange rate changes on cash
and cash equivalents
(0.3
)
(0.2
)
(0.8
)
0.2
Net increase (decrease) in cash and cash
equivalents
6.6
(30.6
)
3.7
(38.5
)
Cash and cash equivalents at beginning of
period
31.5
56.5
34.4
64.4
Cash and cash equivalents at end of
period
$
38.1
$
25.9
$
38.1
$
25.9
Non-GAAP Financial Measures
Adjusted net income, Adjusted DEPS, EBITDA, adjusted EBITDA,
adjusted operating income, Adjusted ROIC, and free cash flows are
financial measures that are not in accordance with U.S. GAAP.
Manitowoc believes these non-GAAP financial measures provide
important supplemental information to both management and investors
regarding financial and business trends used in assessing its
results of operations. Manitowoc believes excluding specified items
provides a more meaningful comparison to the corresponding
reporting periods and internal budgets and forecasts, assists
investors in performing analysis that is consistent with financial
models developed by investors and research analysts, provides
management with a more relevant measure of operating performance,
and is more useful in assessing management performance.
Adjusted Net Income and Adjusted DEPS
The Company defines adjusted net income as net income plus the
addback or subtraction of restructuring and other non-recurring
items. Adjusted DEPS is defined as adjusted net income divided by
diluted weighted average shares outstanding. Diluted weighted
average common shares outstanding are adjusted for the effect of
dilutive stock awards when there is net income on an adjusted
basis, as applicable. The reconciliation of net income and diluted
net income per share to adjusted net income and Adjusted DEPS for
the three and six months ended June 30, 2024 and 2023 are
summarized as follows. All dollar amounts are in millions, except
per share data and share amounts.
Three Months Ended June
30,
2024
2023
As reported
Adjustments
Adjusted
As reported
Adjustments
Adjusted
Gross profit
$
99.7
$
—
$
99.7
$
123.0
$
—
$
123.0
Engineering, selling and administrative
expenses (1)
(83.7
)
5.4
(78.3
)
(87.6
)
10.8
(76.8
)
Amortization of intangible assets
(0.8
)
—
(0.8
)
(0.7
)
—
(0.7
)
Restructuring expense (2)
(2.3
)
2.3
—
(0.3
)
0.3
—
Operating income
12.9
7.7
20.6
34.4
11.1
45.5
Interest expense
(9.6
)
—
(9.6
)
(9.0
)
—
(9.0
)
Amortization of deferred financing
fees
(0.4
)
—
(0.4
)
(0.4
)
—
(0.4
)
Other income (expense) - net (3)
0.3
—
0.3
(10.0
)
9.3
(0.7
)
Income before income taxes
3.2
7.7
10.9
15.0
20.4
35.4
(Provision) benefit for income taxes
(4)
(1.6
)
(0.5
)
(2.1
)
5.2
(14.0
)
(8.8
)
Net income
$
1.6
$
7.2
$
8.8
$
20.2
$
6.4
$
26.6
Diluted weighted average common shares
outstanding
35,738,322
35,738,322
35,650,143
35,650,143
Diluted net income per share
$
0.04
$
0.25
$
0.57
$
0.75
(1)
The adjustment in 2024 represents $5.3
million of costs associated with a legal matter with the U.S. EPA
and $0.1 million of one-time costs. The adjustment in 2023
represents $10.8 million of costs associated with a legal matter
with the U.S. EPA.
(2)
The adjustment in 2024 and 2023 represents
the addback of restructuring expense.
(3)
The adjustment in 2023 represents the
write-off of $9.3 million of non-cash foreign currency translation
adjustments from the curtailment of operations in Russia.
(4)
The adjustment in 2024 represents the net
income tax impacts of items (1) and (2). The adjustment in 2023
represents the net income tax impact of items (1), (2), and (3),
and the removal of a $13.9 million benefit from the release of a
valuation allowance.
Six Months Ended June
30,
2024
2023
As reported
Adjustments
Adjusted
As reported
Adjustments
Adjusted
Gross profit
$
192.2
$
—
$
192.2
$
229.3
$
—
$
229.3
Engineering, selling and administrative
expenses (1)
(159.7
)
5.5
(154.2
)
(162.7
)
10.8
(151.9
)
Amortization of intangible assets
(1.5
)
—
(1.5
)
(1.7
)
—
(1.7
)
Restructuring expense (2)
(2.9
)
2.9
—
(0.3
)
0.3
—
Operating income
28.1
8.4
36.5
64.6
11.1
75.7
Interest expense
(18.8
)
—
(18.8
)
(17.1
)
—
(17.1
)
Amortization of deferred financing
fees
(0.7
)
—
(0.7
)
(0.7
)
—
(0.7
)
Other income (expense) - net (3)
1.0
—
1.0
(11.1
)
9.3
(1.8
)
Income before income taxes
9.6
8.4
18.0
35.7
20.4
56.1
(Provision) benefit for income taxes
(4)
(3.5
)
(0.6
)
(4.1
)
1.0
(14.0
)
(13.0
)
Net income
$
6.1
$
7.8
$
13.9
$
36.7
$
6.4
$
43.1
Diluted weighted average common shares
outstanding
35,899,481
35,899,481
35,766,952
35,766,952
Diluted net income per share
$
0.17
$
0.39
$
1.03
$
1.21
(1)
The adjustment in 2024 represents $5.3
million of costs associated with a legal matter with the U.S. EPA
and $0.2 million of one-time costs. The adjustment in 2023
represents $10.8 million of costs associated with a legal matter
with the U.S. EPA.
(2)
The adjustment in 2024 and 2023 represents
the addback of restructuring expense.
(3)
The adjustment in 2023 represents the
write-off of $9.3 million of non-cash foreign currency translation
adjustments from the curtailment of operations in Russia.
(4)
The adjustment in 2024 represents the net
income tax impacts of items (1) and (2). The adjustment in 2023
represents the net income tax impact of items (1), (2), and (3),
and the removal of a $13.9 million benefit from the release of a
valuation allowance.
Adjusted ROIC
The Company defines Adjusted ROIC as adjusted net operating
profit after tax (“Adjusted NOPAT”) for the trailing twelve-months
ended divided by the five-quarter average of invested capital.
Adjusted NOPAT is calculated for each quarter by taking operating
income plus the addback of amortization of intangible assets and
the addback or subtraction of restructuring expenses, other
non-recurring items - net, and provision for income taxes, which is
determined using a 15% tax rate. Invested capital is defined as net
total assets less cash and cash equivalents and income tax assets -
net plus short-term and long-term debt. Income taxes are defined as
income tax payables/receivables, net deferred tax
assets/liabilities, and uncertain tax positions.
The Company’s Adjusted ROIC as of June 30, 2024 was 7.1%. Below
is the calculation of Adjusted ROIC as of June 30, 2024.
Three Months Ended
June 30, 2024
March 31, 2024
December 31, 2023
September 30, 2023
Trailing Twelve Months
Operating income
$
12.9
$
15.2
$
9.8
$
18.0
$
55.9
Amortization of intangible assets
0.8
0.7
0.8
0.7
3.0
Restructuring expense
2.3
0.6
0.3
0.7
3.9
Other non-recurring items - net1
5.4
0.1
10.8
0.2
16.5
Adjusted operating income
21.4
16.6
21.7
19.6
79.3
Provision for income taxes
(3.2
)
(2.5
)
(3.3
)
(2.9
)
(11.9
)
Adjusted NOPAT
$
18.2
$
14.1
$
18.4
$
16.7
$
67.4
June 30, 2024
March 31, 2024
December 31, 2023
September 30, 2023
June 30, 2023
5-Quarter Average
Total assets
$
1,747.9
$
1,780.6
$
1,706.7
$
1,692.2
$
1,701.1
$
1,725.7
Total liabilities
(1,155.6
)
(1,184.6
)
(1,103.4
)
(1,119.2
)
(1,121.7
)
(1,136.9
)
Net total assets
592.3
596.0
603.3
573.0
579.4
588.8
Cash and cash equivalents
(38.1
)
(31.5
)
(34.4
)
(40.0
)
(25.9
)
(34.0
)
Short-term borrowings and current portion
of long-term debt
21.4
42.5
13.4
30.3
6.7
22.9
Long-term debt
406.3
372.7
358.7
368.5
380.7
377.4
Income tax assets - net
(4.4
)
(3.4
)
(2.6
)
(4.3
)
(2.1
)
(3.3
)
Invested capital
$
977.5
$
976.3
$
938.4
$
927.5
$
938.8
$
951.7
Adjusted ROIC
7.1
%
(1)
Other non-recurring items - net for the
three months ended June 30, 2024 relate to $5.3 million of costs
associated with a legal matter with the U.S. EPA and $0.1 million
of one-time costs. Other non-recurring items – net for the trailing
twelve months relate to $15.7 million of costs associated with a
legal matter with the U.S. EPA and $0.8 million of one-time costs.
Refer to the Company’s previously filed Form 10-K and Form 10-Qs
for a description of other non-recurring items - net for the three
months ended March 31, 2024, December 31, 2023, and September 30,
2023.
Free Cash Flows
The Company defines free cash flows as net cash provided by
(used for) operating activities less cash outflow from investment
in capital expenditures. The reconciliation of net cash provided by
(used for) operating activities to free cash flows for the three
and six months ended June 30, 2024 and 2023 are summarized as
follows. All dollar amounts are in millions.
Three Months Ended June
30,
Six Months Ended June
30,
2024
2023
2024
2023
Net cash provided by (used for) operating
activities
$
11.0
$
(17.2
)
$
(19.6
)
$
(3.1
)
Capital expenditures
(12.9
)
(27.0
)
(25.1
)
(36.3
)
Free cash flows
$
(1.9
)
$
(44.2
)
$
(44.7
)
$
(39.4
)
EBITDA and Adjusted EBITDA
The Company defines EBITDA as net income before interest, taxes,
depreciation, and amortization. The Company defines adjusted EBITDA
as EBITDA plus the addback or subtraction of restructuring expense,
other (income) expense - net, and other non-recurring items - net.
The reconciliation of net income to EBITDA, and further to adjusted
EBITDA for the three and six months ended June 30, 2024 and 2023
and trailing twelve months are summarized as follows. All dollar
amounts are in millions.
Three Months Ended June
30,
Six Months Ended June
30,
Trailing Twelve
2024
2023
2024
2023
Months
Net income
$
1.6
$
20.2
$
6.1
$
36.7
$
8.6
Interest expense and amortization of
deferred financing fees
10.0
9.4
19.5
17.8
36.9
Provision (benefit) for income taxes
1.6
(5.2
)
3.5
(1.0
)
9.5
Depreciation expense
14.6
14.2
29.3
28.1
57.8
Amortization of intangible assets
0.8
0.7
1.5
1.7
3.0
EBITDA
28.6
39.3
59.9
83.3
115.8
Restructuring expense
2.3
0.3
2.9
0.3
3.9
Other non-recurring items - net (1)
5.4
10.8
5.5
10.8
16.5
Other (income) expense - net (2)
(0.3
)
10.0
(1.0
)
11.1
0.9
Adjusted EBITDA
$
36.0
$
60.4
$
67.3
$
105.5
$
137.1
Adjusted EBITDA margin percentage
6.4
%
10.0
%
6.4
%
9.5
%
6.3
%
(1)
Other non-recurring items - net for the three months ended June
30, 2024 relate to $5.3 million of costs associated with a legal
matter with the U.S. EPA and $0.1 million of one-time costs. Other
non-recurring items - net for the six months ended June 30, 2024
relate to $5.3 million of costs associated with a legal matter with
the U.S. EPA and $0.2 million of one-time costs. Other
non-recurring items - net for the three and six months ended June
30, 2023 relate to $10.8 million of costs associated with a legal
matter with the U.S. EPA. Other non-recurring items – net for the
trailing twelve months relate to $15.7 million of costs associated
with a legal matter with the U.S. EPA and $0.8 million of one-time
costs.
(2)
Other (income) expense - net includes net foreign currency gains
(losses), other components of net periodic pension costs, and other
items in the three and trailing twelve months ended June 30, 2024
and the three months ended June 30, 2023. Other expense – net for
the three and six months ended June 30, 2023 includes a $9.3
million write-off of non-cash foreign currency translation
adjustments from the curtailment of operations in Russia.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240807793968/en/
Ion Warner SVP, Marketing and Investor Relations +1
414-760-4805
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