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."

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