manitowoc company inc (MTW) Key Developments
The Manitowoc Company, Inc. Presents at RBC Capital Markets 2014 Global Industrials Conference, Sep-09-2014 08:00 AM
Sep 4 14
The Manitowoc Company, Inc. Presents at RBC Capital Markets 2014 Global Industrials Conference, Sep-09-2014 08:00 AM. Venue: The Mandarin Oriental Hotel, 3752 Las Vegas Blvd, Las Vegas, Nevada, United States. Speakers: Carl J. Laurino, Chief Financial Officer and Senior Vice President, Steven C. Khail, Director of Investor Relations & Corporate Communications.
The Manitowoc Company, Inc. Approves Amendment to its Articles of Incorporation
Jul 31 14
On July 29, 2014, the Board of Directors of The Manitowoc Company, Inc. approved amendments to the Restated By-Laws of the company to, among other things, effect the following: revise the annual meeting date By-Law so that the annual meeting will be held on the prescribed date of the first Tuesday in May or another date that the Board approves; provide that shareholder information required under the notice provisions of Section 1 of Article II of the By-Laws and Section 3 of Article III of the By-Laws must include information regarding derivative instruments; amend Article II of the By-Laws to provide that the Chairman may adjourn a shareholders meeting; expressly provide that the Board has the authority to specify the number of directors within the range set forth in Section 2 of Article III of the By-Laws; provide that a majority of the directors, rather than two directors, may call a special meeting of the Board; amend Section 12 of Article III to make the list of proscribed Board committee actions and the minimum number of directors on a committee consistent with amendments to Section 180.0825 of the Wisconsin Business Corporation Law; provide that senior officers may appoint Assistant Treasurers and Assistant Secretaries; amend Section 16 of Article IV of the By-Laws to clarify and enhance the company's procedures with respect to its indemnification and reimbursement of, and advancement of expenses to, the company's officers and directors, including in certain proceedings where an officer or director is a witness or a party or is threatened to be made a party; allow for book-entry delivery of shares of stock; and make certain conforming and clarifying changes related to the foregoing.
Manitowoc Company Plans Acquisitions
Jul 31 14
The Manitowoc Company, Inc. (NYSE:MTW) intends to make acquisitions. Carl Laurino, Chief Financial Officer of the company said: “In terms of capital allocation we remain dedicated to maintaining a strong balance sheet while making prudent capital investments. As we continue to pay down debt our lower leverage will enable us to evaluate our capital deployment that generates the highest risk adjustment returns. These include strategic acquisitions to grow our industry-leading position, share repurchases, and/or dividends strategies.”
The Manitowoc Company, Inc. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2014; Provides Capital Expenditures Guidance for the Full Year 2014
Jul 30 14
The Manitowoc Company, Inc. reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2014. For the quarter, the company reported net sales of $1,012.8 million against $1,037.1 million a year ago. Operating earnings were $95.4 million against $106.7 million a year ago. Earnings from continuing operations before taxes on income were $66.1 million against $71.4 million a year ago. Earnings from continuing operations were $46.9 million against $62.1 million a year ago. Net earnings attributable to the company were $46.6 million or $0.34 per diluted share against $57.6 million or $0.43 per diluted share a year ago. Earnings per diluted share from continuing operations attributable to the company were $0.34 against $0.46 a year ago. Capital expenditures were $18.3 million against $25.6 million a year ago.
For the six months, the company reported net sales of $1,862.8 million against $1,931.7 million a year ago. Operating earnings were $149.0 million against $162.6 million a year ago. Earnings from continuing operations before taxes on income were $74.7 million against $93.7 million a year ago. Earnings from continuing operations were $52.9 million against $75.9 million a year ago. Net earnings attributable to the company were $37.8 million or $0.28 per diluted share against $68.0 million or $0.50 per diluted share a year ago. Earnings per diluted share from continuing operations attributable to the company were $0.35 against $0.57 a year ago. Capital expenditures were $35.0 million against $46.5 million a year ago.
The company provided capital expenditures guidance for the full year 2014. For the period, the company expects capital expenditures of approximately $90 million, depreciation & amortization of approximately $120 million and interest expense is expected to be less than $100 million. The company expects effective tax rate in the mid-teens percent range driven by expected third quarter discrete items.
The Manitowoc Company, Inc. Appoints Ion Warner as Vice President, Global Marketing
Jul 14 14
The Manitowoc Company, Inc. has appointed Ion Warner as vice president, global marketing. Warner brings 28 years of automotive and industrial manufacturing experience to Manitowoc. He will help Manitowoc enhance its global reputation and better develop its marketing activities. Prior to joining Manitowoc, Warner built a successful career at Ford Motor Company before moving to Case New Holland Industrial, where he held the role of senior director, marketing. His most recent position was with global industrial equipment manufacturer Pentair, where he held the position of vice president, global infrastructure/building services. Warner’s responsibilities cover a broad spectrum of marketing across Manitowoc’s global markets and brands, including marketing strategy, sales training, trade show participation, advertising, brand management, public relations, digital marketing and market research.