Manitowoc Reports 2001 Results

Wednesday, January 30, 2002
The Manitowoc Company, Inc. reported record revenue and cash flow for the full year ended December 31, 2001. Net sales for the year increased 27.9 percent to $1.1 billion from $873.3 million for 2000. Earnings, excluding a one-time charge, were $48.9 million, or $1.99 per diluted share, compared with $60.3 million, or $2.40 per diluted share, for the comparable period in 2000. Including the one-time, after-tax charge of $3.3 million for prepayment of the company’s credit facilities related to the Potain acquisition, net earnings for 2001 were $45.5 million, or $1.86 per diluted share. EVA totaled $19.0 million for the full year 2001, compared with $35.4 million for the same period one year ago.

For the fourth quarter, net sales increased 37.6 percent to $288.0 million, from $209.3 million for the same period in 2000. Earnings for the quarter were $8.6 million, or $0.35 per diluted share, compared with $10.5 million, or $0.42 per diluted share in the fourth quarter of 2000. “During this challenging quarter and year, we have been pleased with our overall performance, our strong cash generation, and our market share gains,” said Terry D. Growcock, president and chief executive officer. “In 2001, we exceeded $1 billion in revenues for the first time, while posting our seventh consecutive year of record sales. Equally important, our diversified business model proved to be a tremendous advantage in balancing the strengths and weaknesses of each of our business units throughout the year. Manitowoc’s Marine segment reported a 51.2 percent increase in sales and a 23.6 percent increase in operating earnings for the quarter compared to the same period in 2000. The rise in revenues resulted from the excellent growth in project work due to the acquisition of Marinette Marine, which was acquired in November 2000. Operating margins for the quarter declined nearly two percentage points to 7.9 percent, as a significant majority of the quarter’s revenue came from lower-margin shipbuilding projects rather than higher-margin repairs. During the fourth quarter, Manitowoc won more than $200 million in new contracts, including a new Great Lakes icebreaker and two seagoing buoy tenders. “Thanks to the multiple contract wins by our Marine business this year, we have a new-project backlog that carries us into 2005,” said Growcock. “This should help offset a weaker ship-repair market, which is struggling due to steel industry issues, low lake levels, and current economic conditions. In addition, we are actively quoting and bidding other shipbuilding opportunities in the government and commercial sectors, which would dovetail well with our existing slate of work.”

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