Overview

* Manitowoc Q3 net sales rise 5.4% yr/yr, beating analyst expectations

* Net income for Q3 improves by $12 mln yr/yr, reaching $5 mln

* Adjusted EBITDA for Q3 increases 30.2% yr/yr, driven by favorable product mix

Outlook

* Manitowoc expects to finish the year at the lower end of adjusted EBITDA guidance

Result Drivers

* PRODUCT MIX - Favorable product mix contributed to improved financial results

* MGX DISTRIBUTION - Strong execution by MGX distribution business supported Q3 results

* NON-NEW MACHINE SALES - Continued growth in non-new machine sales bolstered revenue

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q3 Sales Beat $553.40 $514 mln

mln (1

Analyst)

Q3 EPS $0.14

Q3 Net $5 mln

Income

Q3 $34.10

Adjusted mln

EBITDA

Q3 Gross $102.60

Profit mln

Q3 $491.40

Orders mln

Analyst Coverage

* The one available analyst rating on the shares is "sell"

* The average consensus recommendation for the heavy machinery & vehicles peer group is "buy."

* Wall Street's median 12-month price target for Manitowoc Company Inc ( MTW ) is $10.00, about 3.1% below its November 5 closing price of $10.31

* The stock recently traded at 15 times the next 12-month earnings vs. a P/E of 23 three months ago

Press Release:

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)