Manitowoc(US:MTW)2021-08-06 15:19Sales Performance - Americas net sales increased 23.9% to $185.3 million for the three months ended June 30, 2021, compared to $149.6 million for the same period in 2020[103] - EURAF net sales increased 33.4% to $180.8 million for the three months ended June 30, 2021, compared to $135.5 million for the same period in 2020, with a favorable impact of approximately $15.0 million from foreign currency exchange rates[107] - MEAP net sales increased 125.7% to $97.5 million for the three months ended June 30, 2021, compared to $43.2 million for the same period in 2020, with a favorable impact of approximately $6.2 million from foreign currency exchange rates[111] - For the six months ended June 30, 2021, Americas net sales increased 6.4% to $325.4 million from $305.8 million for the same period in 2020[105] - EURAF net sales increased 29.8% to $335.3 million for the six months ended June 30, 2021, compared to $258.4 million for the same period in 2020, with a favorable impact of approximately $26.8 million from foreign currency exchange rates[109] - MEAP net sales increased 68.5% to $157.2 million for the six months ended June 30, 2021, compared to $93.3 million for the same period in 2020, with a favorable impact of approximately $9.9 million from foreign currency exchange rates[113] - Net sales for the three months ended June 30, 2021 increased 41.2% to $463.6 million from $328.3 million in the same period in 2020, driven by higher crane shipments[120] Operating Income - Americas operating income increased 356.3% to $21.9 million for the three months ended June 30, 2021, compared to $4.8 million for the same period in 2020[104] - EURAF operating income improved to $5.7 million for the three months ended June 30, 2021, from a loss of $4.4 million for the same period in 2020, with a favorable impact of approximately $1.7 million from foreign currency exchange rates[108] - MEAP operating income increased 48.5% to $9.8 million for the three months ended June 30, 2021, compared to $6.6 million for the same period in 2020[112] - The company reported an adjusted operating income of $30.9 million for the three months ended June 30, 2021, compared to a loss of $1.4 million in the same period of 2020[148] Orders and Backlog - Orders for the three months ended June 30, 2021 increased 125.8% to $537.2 million from $237.9 million for the same period in 2020, primarily due to higher global demand[117] - Total backlog as of June 30, 2021 was $736.1 million, a 71.0% increase from $430.5 million on June 30, 2020, with favorable impacts from foreign currency exchange rates[119] Profitability and Cash Flow - Gross profit for the three months ended June 30, 2021 was $90.4 million, an increase of 86.8% compared to $48.4 million for the same period in 2020, primarily due to increased net sales[122] - Adjusted EBITDA for the three months ended June 30, 2021, was $40.7 million, up from $7.8 million in the same period of 2020, reflecting a significant improvement in operational performance[148] - Free cash flows for the three months ended June 30, 2021, were $1.5 million, a recovery from a negative $24.6 million in the same period of 2020[148] - The adjusted EBITDA margin percentage for the three months ended June 30, 2021, was 8.8%, compared to 2.4% in the same period of 2020, indicating improved profitability[148] Expenses and Tax - Engineering, selling and administrative expenses increased 28.0% to $63.6 million for the three months ended June 30, 2021 compared to $49.7 million for the same period in 2020[126] - Provision for income taxes for the three months ended June 30, 2021 was $4.0 million, significantly higher than $0.7 million for the same period in 2020[132] - Other income (expense) - net was $2.8 million during the three months ended June 30, 2021, compared to $(2.9) million for the same period in 2020[130] Debt and Liquidity - As of June 30, 2021, total debt amounted to $303.7 million, a decrease from $310.9 million as of December 31, 2020[146] - Long-term debt remained stable at $300.0 million as of June 30, 2021, compared to $300.4 million as of December 31, 2020[146] - The company's total liquidity as of June 30, 2021 was $454.1 million, an increase from $411.7 million as of December 31, 2020[142] - The company has access to a total of $45.0 million in U.S. dollar availability from six non-committed overdraft facilities as of June 30, 2021[145] - The company expects to comply with its debt covenants over the next twelve months based on current plans and outlook[146] Cybersecurity Incident - The company experienced delays and disruptions due to a cybersecurity incident in June 2021, which impacted business operations during the quarter[100] Capital Expenditures - Capital expenditures for the six months ended June 30, 2021, were $15.4 million, compared to $8.0 million in the same period of 2020[148]