MILWAUKEE--(BUSINESS WIRE)--The Manitowoc Company, Inc. (NYSE: MTW), (the “Company” or “Manitowoc”) a leading global manufacturer of cranes and lifting solutions, today reported that its Board of Directors authorized a share repurchase program of up to $30 million of the Company’s common stock with no stated expiration. Under the program, shares may be repurchased in the open market at times and amounts determined by the Company based on its evaluation of market conditions, continued compliance with its debt covenants, and other factors. Manitowoc is not obligated to make any repurchases and may discontinue the program at any time.
“Our new capital structure provides us with financial flexibility which allows us to return capital to shareholders while also enabling us to make strategic investments to pursue growth,” commented Barry L. Pennypacker, President and Chief Executive Officer of The Manitowoc Company, Inc. “The decision by Manitowoc’s Board of Directors to implement a share repurchase program demonstrates confidence in our business strategy and enables us to deliver additional value to shareholders.”
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:
• 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;
• unanticipated changes in revenues, margins, costs, and capital expenditures;
• the ability to increase operational efficiencies across Manitowoc’s businesses and to capitalize on those efficiencies;
• the ability to significantly improve profitability;
• the risks associated with economic growth or contraction;
• changes in raw material and commodity prices;
• impairment of goodwill and/or intangible assets;
• foreign currency fluctuation and its impact on reported results and hedges in place with Manitowoc;
• the ability to focus on customers, new technologies, and innovation; and
• risks and factors detailed in Manitowoc's 2018 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, 2018.
About The Manitowoc Company, Inc.
The Manitowoc Company, Inc. was founded in 1902 and has over a 116-year tradition of providing high-quality, customer-focused products and support services to its markets and for the year ended December 31, 2018 had net sales of approximately $1.8 billion. Manitowoc is one of the world's leading providers of engineered lifting solutions. Manitowoc designs, manufactures, markets, and supports one of the most comprehensive product lines of mobile telescopic cranes, tower cranes, lattice-boom crawler cranes, and boom trucks.