MTW

Manitowoc's Anti-Dumping Petition: Manitowoc Co., Inc. has filed an anti-dumping petition against Japanese producers of lattice-boom crawler cranes, claiming their practices are harming U.S. operations.

CEO's Statement and Stock Impact: CEO Aaron Ravenscroft emphasized the negative impact of Kobelco's actions on their business, while the company's stock fell by 6% to $7.60 following the announcement.

U.S. Stock Market Performance: U.S. stocks rose on Thursday, with the Nasdaq Composite gaining approximately 100 points, driven by strong financial results from several companies, including Robinhood Markets, which saw an 11.9% increase in shares after reporting record revenue and earnings.

Notable Stock Gains: Other significant stock gains included AppLovin Corporation (up 33.7%), Dutch Bros Inc. (up 30.6%), and SBC Medical Group Holdings (up 28.5%), all following better-than-expected quarterly financial results.

Stock Ratings Update: Validea's Value Investor model, based on Benjamin Graham's strategy, has upgraded Avis Budget Group Inc. and Manitowoc Company Inc. to ratings of 86%, indicating strong interest due to their solid fundamentals and valuations.

About Benjamin Graham and Validea: Benjamin Graham, known as the "Father of Value Investing," significantly influenced investment strategies and mentored notable investors like Warren Buffett; Validea utilizes his methods for stock analysis and portfolio management.

U.S. Stock Market Overview: U.S. stock futures rose this morning, with the Dow Jones gaining about 150 points, while Tesla shares fell 1.2% amid tax evasion allegations addressed by CEO Elon Musk and VP of Finance Sendil Palani.

Pre-Market Trading Declines: Several stocks experienced significant declines in pre-market trading, including Pliant Therapeutics down 54.5%, Semtech Corporation down 25.2%, and Replimune Group down 19.6%.

BP's Stock Surge: BP p.l.c. shares rose 6% in pre-market trading after Elliott Management acquired a stake and plans to advocate for significant changes within the company.

Pre-Market Stock Movements: Several stocks experienced notable fluctuations, with Patriot National Bancorp gaining 70.6% and Fennec Pharmaceuticals falling 54.8% in pre-market trading.

Caterpillar's Financial Performance: Caterpillar Inc. reported an 8% decline in shares following a disappointing fourth quarter of 2024, with year-over-year revenue and earnings declines attributed to lower volumes across segments. Despite this, the company achieved a 3% increase in annual earnings for 2024 but anticipates slightly lower revenues for 2025.

Market Challenges and Opportunities: The company faces challenges from weak demand in China, prolonged contraction in the U.S. manufacturing sector, and tariff concerns; however, it is positioned to benefit from infrastructure spending and energy transition trends, supported by a solid cash position and a focus on growing service revenues.

Acquisition Announcement: Manitowoc Company, Inc. has acquired certain crane assets from Ring Power Corporation through its subsidiary MGX Equipment Services, expanding its customer reach in Georgia, North Carolina, and South Carolina.

Company Background: Founded in 1902, Manitowoc is a leading global manufacturer of cranes and lifting solutions, offering a wide range of products and services under various brand names.

U.S. Stock Market Overview: U.S. stock futures are slightly lower, with Nasdaq futures down 0.1%, while several companies, including Ericsson and Mineralys Therapeutics, saw significant pre-market declines after disappointing earnings reports.

Ericsson's Financial Results: Ericsson reported a 1% year-over-year sales growth to 72.9 billion Swedish Krona but missed analyst expectations for both sales and EPS, leading to an 8.7% drop in its share price during pre-market trading.

Consent Decree Agreement: Manitowoc Company has reached a Consent Decree with the EPA and DOJ, agreeing to pay a $42.6 million civil penalty and undertake an emissions mitigation project due to alleged violations of the Clean Air Act related to the TPEM program.

Background Information: The settlement resolves issues stemming from an internal investigation that indicated non-compliance with TPEM requirements for engines sold between 2014 and 2017, and Manitowoc has set aside financial reserves for this settlement.

Recognition of Manitowoc Company: The Manitowoc Company has been named one of America’s Most Responsible Companies for the third consecutive year, advancing 298 places to rank 227th in 2025 according to Newsweek and Statista Inc.

Criteria for Selection: The award is based on key performance indicators related to corporate social responsibility, sustainability, and an independent survey assessing public perception of company activities in these areas.

Recognition of Achievement: The Manitowoc Company has been named one of America's Most Responsible Companies for the third consecutive year by Newsweek, advancing 298 places to rank 227th in 2025.

Criteria for Selection: The selection was based on key performance indicators related to Corporate Social Responsibility and Sustainability, along with an independent survey assessing public perception of the company's responsible practices.

Recognition of Manitowoc: The Manitowoc Company has been named one of the 2024 "Best for Vets" Employers by Military Times, highlighting its commitment to supporting veterans through initiatives like the Veteran Employee Resource Group and partnerships with organizations such as Heroes Make America.

Survey-Based Rankings: The rankings are based on a survey that evaluates companies' policies, practices, and benefits for veterans, focusing on what is most important to service members transitioning to civilian employment.

Recognition for Veterans: The Manitowoc Company has been named one of the 2024 "Best for Vets" Employers by Military Times, highlighting its commitment to supporting veterans through initiatives like the Veteran Employee Resource Group and partnerships with organizations such as Heroes Make America.

Company Background: Founded in 1902 and headquartered in Milwaukee, Wisconsin, Manitowoc is a leading provider of engineered lifting solutions, offering a range of products including cranes and support services.

Earnings Performance: The Manitowoc Company reported a quarterly loss of $0.08 per share, missing the Zacks Consensus Estimate of $0.10, and has not surpassed consensus EPS estimates in the last four quarters, while revenues slightly exceeded expectations at $524.8 million.

Market Outlook: The company's stock has underperformed significantly this year, with a 41.3% decline, and currently holds a Zacks Rank #3 (Hold), indicating expected performance in line with the market; future stock movements will depend on earnings estimate revisions and industry outlook.

Financial Performance: The Manitowoc Company reported a third-quarter net loss of $7.0 million, with orders decreasing by 20% year-over-year to $424.7 million, while net sales remained flat at $524.8 million. Adjusted EBITDA fell by 21.3% from the previous year to $26.2 million.

Future Outlook: Despite current challenges, including slowed demand for new cranes due to economic uncertainties, the company remains optimistic about long-term growth driven by infrastructure investments and aging crane fleets, while focusing on strengthening its balance sheet.

Earnings Performance: Manitowoc Company Inc. reported a loss of $7.0 million in Q3, down from a profit of $10.4 million last year, with an EPS of -$0.20 compared to $0.29 previously. Adjusted earnings were -$2.9 million or -$0.08 per share.

Revenue Figures: The company's revenue for Q3 was $524.8 million, slightly up from $520.9 million in the same period last year, despite analysts expecting an EPS of $0.06.

Earnings Release Announcement: The Manitowoc Company will release its third-quarter 2024 results on October 30, 2024, and hold a conference call to discuss the results on October 31, 2024, at 10:00 a.m. ET.

Company Overview: Founded in 1902, Manitowoc is a leading provider of engineered lifting solutions, offering a range of products including mobile hydraulic cranes and tower cranes under various brand names.

Private Offering Announcement: Manitowoc Company has priced a private offering of $300 million in senior secured second lien notes due 2031, with an interest rate of 9.250% per annum, expected to close on September 19, 2024, pending market conditions and the establishment of an amended credit facility.

Use of Proceeds and Risks: The net proceeds from the offering will be used to redeem existing notes and cover related expenses; however, forward-looking statements highlight various risks that could impact Manitowoc's financial performance and operational capabilities.

Insider Transactions: Caterpillar's president, Anthony D. Fassino, sold shares worth $1.1 million and exercised options for additional shares, which may indicate financial planning rather than a lack of confidence in the company's prospects.

Company Performance and Outlook: Despite weak volumes affecting revenues, Caterpillar has shown strong earnings growth, a robust backlog, and plans to capitalize on infrastructure spending and energy transition trends, while maintaining a solid dividend yield for shareholders.

Investor Meeting Announcement: The Manitowoc Company will host 1x1 investor meetings at the Midwest IDEAS Conference in Chicago on August 29, 2024, with a presentation scheduled for 10:15 a.m. ET.

Company Overview: Founded in 1902 and headquartered in Milwaukee, Manitowoc is a leading provider of engineered lifting solutions, offering a range of products including cranes under various brand names.