Manitowoc Reports Fourth-Quarter and Full-Year Results
February 5, 2004
The Manitowoc Company, Inc. has reported record sales, cash from operations, and net
debt reduction for the full year 2003. For the fourth quarter, the company
reported net sales of $395.9 million, increasing from $386.0 million during
the same period last year. Including special charges, the company reported a
net loss of $5.5 million, or $0.21 per diluted share for the quarter,
compared with a net loss of $25.1 million, or $0.94 per diluted share, in
the year-ago period. Excluding special items totaling $0.32 per share in the
fourth quarter of 2003, earnings were $0.11 per diluted share. Cash from
operations for the fourth quarter totaled $57.1 million, up 40 percent from
the same period last year. A reconciliation of GAAP earnings per share to
earnings per share excluding special items is included later in this
Fourth-quarter sales increased 3 percent despite continued weak demand for
crawler cranes in U.S. markets and the impact of delays affecting the
company's ship-construction business. The special charges primarily relate
to the company's decision to rationalize its aerial work platform (AWP)
business, restructuring costs, and costs associated with early debt
retirement. These charges were partially offset by gains in curtailment of
certain post-retirement benefits.
For the full year, net sales were $1.6 billion, increasing 17 percent from
$1.4 billion last year. Including special items, the company reported net
earnings of $3.5 million, or $0.13 per diluted share, compared with a loss
of $20.5 million, or $0.80 per diluted share, last year. Excluding special
items, earnings for 2003 were $20.7 million, or $0.77 per diluted share,
modestly above the company's previous guidance range.
Maritime Reporter and Engineering News’ first edition was published in New York City in 1883 and became our flagship publication in 1939.
It is the world’s largest audited circulation magazine serving the global maritime industry, delivering more insightful editorial and news to more industry decision makers than any other source.