Manitowoc Assesses Impact From Marinette Work Stoppage

Wednesday, March 26, 2003
After assessing the effects of the recent strike at Marinette Marine Corporation along with difficult domestic crane markets, The Manitowoc Company, Inc. announced that it now expects first-quarter earnings per share to be approximately break even. The 44-day strike at the company's Marinette Marine facility, which ended March 7, is expected to reduce first-quarter earnings per share by approximately $0.12 to $0.15. This is due primarily to lost absorption, inefficiencies, and delays in starting new shipbuilding projects. The strike involved approximately 700 shipyard workers who are represented by Boilermakers Union Local 696.

The company said it also continues to be affected by difficult domestic crane markets -- principally for its crawler cranes -- and an unstable geopolitical environment. "Despite our lowered earnings expectations for the first quarter, we remain committed to achieving cash flow from operations of at least $100 million for the year as our diversified model continues to provide stability in challenging times," said Terry D. Growcock, chairman and chief executive officer. "In addition, we are continuing to focus on our proven strategies of operational excellence and new-product development to position ourselves to excel when our markets and the economy improve."

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter May 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

DP World to Manage Somaliland Port for 30 Years

DP World has reached an agreement to manage the Berbera port in Somaliland, which would allow it to become a major hub for goods to transit to and from the Horn of Africa,

Abu Dhabi Ports Try to Lure Chinese Businessmen

Abu Dhabi Ports - the master developer, operator and manager of ports and Khalifa Industrial Zone in the Emirate - presented the integrated offerings of Khalifa

NASSCO Lays Keel for Jones Act Tanker Liberty

U.S. shipbuilder General Dynamics NASSCO hosted a keel laying ceremony on Thursday, May 26 for the Liberty, one of three new ECO Class Jones Act tankers under a

Contracts

Wärtsilä Electrical Systems for SIEM RoRo Ferries

Wärtsilä has been awarded the contract to provide integrated turnkey electrical solutions for four new RoRo ferries being built at the Flensburger Schiffbau-Gesellschaft (FSG) yard in Germany.

Mermaid Maritime Bags Subsea Contracts, Delays Newbuilding

Thailand’s Mermaid Maritime said it has been awarded a number of subsea contracts in the Middle East with a total worth of $11million.   It has also reached

Diana Charters Out Two Bulkers

Diana Shipping Inc. today announced that, through a separate wholly-owned subsidiary, it entered into a time charter contract with Bunge S.A., Geneva, for one of its Panamax dry bulk vessels,

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Navigation Pod Propulsion Port Authority Salvage Ship Electronics Ship Simulators
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0998 sec (10 req/sec)