Manitowoc Announces Pre-2Q Results

Friday, July 11, 2003
The Manitowoc Company, Inc. stated that it expects second quarter earnings to be in the range of $0.30 to $0.35 per share, excluding special charges. The average of published analyst estimates is $0.56 per share. The company also anticipates for the full year, earnings per share to fall in the $0.80 to $1.00 range versus a published analyst average of $1.48.

These estimates reflect ongoing adverse conditions and increased pricing pressure in the company's crane markets. Therefore Manitowoc plans to take special charges of $15 to $20 million, principally for consolidation, restructuring and other actions designed to eliminate excess manufacturing capacity, improve operational efficiency, quickly generate positive cash flow, and enhance future earnings. The bulk of these changes will be recorded in the second quarter, but due to accounting rules, the remainder will be recorded during the balance of the year.

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