Manitowoc(US:MTW)2021-11-04 20:32Sales Performance - Americas net sales increased 26.5% for Q3 2021 to $190.6 million from $150.7 million in Q3 2020, driven by higher crane shipments [105]. - EURAF net sales decreased 3.0% for Q3 2021 to $150.0 million from $154.7 million in Q3 2020, primarily due to supply chain constraints [109]. - MEAP net sales increased 27.3% for Q3 2021 to $63.9 million from $50.2 million in Q3 2020, attributed to higher crane shipments [113]. - For the nine months ended September 30, 2021, Americas net sales increased 13.0% to $516.0 million from $456.5 million in the same period of 2020 [107]. - EURAF net sales increased 17.5% for the nine months ended September 30, 2021 to $485.3 million from $413.1 million in the same period of 2020 [111]. - MEAP net sales increased 54.1% for the nine months ended September 30, 2021 to $221.1 million from $143.5 million in the same period of 2020 [115]. - Net sales for the three months ended September 30, 2021 increased 13.8% to $404.5 million from $355.6 million in the same period in 2020 [121]. - Net sales for the nine months ended September 30, 2021 increased 20.7% to $1,222.4 million from $1,013.1 million for the same period in 2020 [122]. Operating Income and Loss - Americas operating income increased 104.0% for Q3 2021 to $15.3 million from $7.5 million in Q3 2020, due to increased volume and favorable mix [106]. - EURAF operating loss decreased to $(5.4) million for Q3 2021 from income of $7.3 million in Q3 2020, impacted by higher costs [110]. - MEAP operating income decreased 16.7% for Q3 2021 to $6.5 million from $7.8 million in Q3 2020, primarily due to increased costs [114]. Orders and Backlog - Orders for the three months ended September 30, 2021 increased 37.3% to $535.2 million from $389.9 million for the same period in 2020 [118]. - Orders for the nine months ended September 30, 2021 increased 54.2% to $1,546.0 million from $1,002.8 million for the same period in 2020 [119]. - Total backlog as of September 30, 2021 was $890.6 million, a 91.6% increase from $464.8 million as of September 30, 2020 [120]. Profit and Expenses - Gross profit for the three months ended September 30, 2021 was $69.0 million, an increase of $3.9 million compared to $65.1 million for the same period in 2020 [123]. - Gross profit for the nine months ended September 30, 2021 was $227.8 million, an increase of $51.1 million compared to $176.7 million for the same period in 2020 [125]. - Engineering, selling and administrative expenses increased 20.6% to $59.7 million for the three months ended September 30, 2021 compared to $49.5 million for the same period in 2020 [127]. Cash Flow and Liquidity - Cash flows provided by operating activities for the nine months ended September 30, 2021 were $68.1 million, driven by net income and a net decrease in working capital [136]. - The Company's liquidity position as of September 30, 2021 was $388.9 million, sufficient to meet expected working capital and operational needs in the subsequent twelve months [141]. - The maximum availability under the ABL Revolving Credit Facility is $275.0 million, with a term of five years [143]. - As of September 30, 2021, total debt is $408.3 million, an increase from $310.9 million as of December 31, 2020 [145]. - Long-term debt as of September 30, 2021 is $399.9 million, up from $300.4 million as of December 31, 2020 [145]. - The Company has access to non-committed overdraft facilities totaling $43.0 million as of September 30, 2021 [144]. EBITDA and Income - Adjusted EBITDA for the three months ended September 30, 2021 is $20.0 million, compared to $24.8 million for the same period in 2020 [146]. - The adjusted EBITDA margin percentage for the three months ended September 30, 2021 is 4.9%, down from 7.0% in 2020 [146]. - Free cash flows for the three months ended September 30, 2021 is $11.5 million, a decrease from $20.5 million in 2020 [147]. - Net income for the three months ended September 30, 2021 is a loss of $0.2 million, an improvement from a loss of $0.4 million in 2020 [146]. Challenges - The company continues to face supply chain disruptions and cost pressures due to the COVID-19 pandemic, impacting its ability to meet customer demand [101]. - The Company believes it will comply with covenants under the ABL Revolving Credit Facility and 2026 Notes during the subsequent twelve months [145].