The Manitowoc Company Provides Business and Financial Update in Response to COVID-19; Withdraws 2020 Financial Guidance
The Manitowoc Company, Inc. (NYSE: MTW), (the “Company” or
“Manitowoc”) a leading global manufacturer of cranes and lifting
solutions, is providing a business update regarding the COVID-19
The Company continues to monitor and comply with all applicable
government health and safety mandates, with the primary goal of
ensuring the safety, health and well-being of all our employees,
their families, suppliers and customers. Manitowoc remains
committed to meeting our customers’ expectations, which include
delivery of cranes and providing essential parts and services.
The continuing spread of the COVID-19 pandemic has begun to
impact Manitowoc’s global operations and supply chain. The pandemic
has impacted the Company’s global manufacturing activities
including the temporary suspension or plans to suspend normal
manufacturing activity at our production facilities around the
world. At this time, the Company is continuing to operate its U.S.
manufacturing facilities and plans to continue operations, as
permitted by local authorities and our ability to procure materials
from our supply chain. Manitowoc’s China manufacturing facility was
closed for several weeks earlier in the first quarter; however, it
has since resumed normal operations.
The magnitude of the COVID-19 pandemic on Manitowoc’s business,
financial position, results of operations and liquidity, which
could be material, cannot be reasonably estimated at this time due
to the rapid pace of developments associated with the pandemic.
Manitowoc’s financial results for 2020 will be determined by the
length of time the pandemic continues, its geographic spread, its
effect on the demand for our products and services, our supply
chain, as well as the effect of governmental regulations imposed in
response to the pandemic. As a result, Manitowoc is withdrawing its
financial outlook for 2020 provided in the press release filed as
Exhibit 99.1 to its Form 8-K filed on February 6, 2020 and
discussed on its February 7, 2020 earnings call.
Manitowoc’s financial position remains strong, ending 2019 with
$199 million of cash on hand and total liquidity of $445 million.
The Company believes it has adequate liquidity to meet its cash
requirements over the foreseeable future and remains in close
contact with its banking partners.
Manitowoc will provide an update to its business operations,
market conditions and financial results during its 2020
first-quarter press release and earnings call.
About The Manitowoc Company, Inc.
The Manitowoc Company, Inc. was founded in 1902 and has over a
117-year tradition of providing high-quality, customer-focused
products and support services to its markets. Manitowoc is one of
the world's leading providers of engineered lifting solutions.
Manitowoc, through its wholly-owned subsidiaries, designs,
manufactures, markets, and supports comprehensive product lines of
mobile telescopic cranes, tower cranes, lattice-boom crawler cranes
and boom trucks under the Grove, Manitowoc, National Crane, Potain,
Shuttlelift and Manitowoc Crane Care brand names.
This press release includes “forward-looking statements”
intended to qualify for the safe harbor from liability under the
Private Securities Litigation Reform Act of 1995. Any statements
contained in this press release that are not historical facts are
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. These statements are
based on the current expectations of the management of the Company
and are subject to uncertainty and changes in circumstances.
Forward-looking statements include, without limitation, statements
typically containing words such as “intends,” “expects,”
“anticipates,” “targets,” “estimates,” and words of similar import.
By their nature, forward-looking statements are not guarantees of
future performance or results and involve risks and uncertainties
because they relate to events and depend on circumstances that will
occur in the future. There are a number of factors that could cause
actual results and developments to differ materially from those
expressed or implied by such forward-looking statements. Factors
that could cause actual results and developments to differ
materially include, among others:
- actions of competitors;
- changes in economic or industry conditions generally or in the
markets served by Manitowoc;
- unanticipated changes in customer demand, including changes in
global demand for high-capacity lifting equipment, changes in
demand for lifting equipment in emerging economies, and changes in
demand for used lifting equipment;
- geographic factors and political and economic conditions and
- the ability to capitalize on key strategic opportunities and
the ability to implement Manitowoc’s long-term initiatives;
- government approval and funding of projects and the effect of
government-related issues or developments;
- unanticipated changes in the capital and financial
- unanticipated changes in revenues, margins and costs;
- the ability to increase operational efficiencies across
Manitowoc and to capitalize on those efficiencies;
- the ability to significantly improve profitability; and
- risks and factors detailed in Manitowoc's 2019 Annual Report on
Form 10-K and its other filings with the United States Securities
and Exchange Commission.
Manitowoc undertakes no obligation to update or revise
forward-looking statements, whether as a result of new information,
future events, or otherwise. Forward-looking statements only speak
as of the date on which they are made. Information on the potential
factors that could affect the Company's actual results of
operations is included in its filings with the Securities and
Exchange Commission, including but not limited to its Annual Report
on Form 10-K for the fiscal year ended December 31, 2019.
version on businesswire.com: https://www.businesswire.com/news/home/20200327005552/en/
Ion Warner VP, Marketing and Investor Relations +1
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