Manitowoc Reports 4Q Results

Tuesday, February 11, 2003
The Manitowoc Company, Inc. reported increased revenues and strong cash flow for the fourth quarter and full year ended December 31, 2002. Net sales for the fourth quarter were $400.4 million, increasing 47 percent from $271.8 million in the fourth quarter last year. Including special items, the company reported a net loss for the quarter of $25.1 million, or a loss of $0.94 per diluted share. Excluding special items, earnings were $5.3 million, or $0.20 per diluted share, compared with $8.6 million, or $0.35 per diluted share, in the fourth quarter of 2001.

Full-year net sales increased 34 percent to $1.41 billion from $1.05 billion in 2001, primarily as a result of the Grove and Potain acquisitions. Including special items, the company reported a net loss of $20.5 million, or $0.80 per diluted share, compared with earnings of $45.5 million, or $1.86 per diluted share, in 2001. Excluding the special items, full-year 2002 earnings were $49.2 million, or $1.91 per diluted share, compared with $1.99 in 2001 before extraordinary items. Special items in the fourth quarter included a $25.5-million provision for discontinued operations, net of tax, principally for loss on the sale of Manitowoc Boom Trucks, Inc., and a $7.7-million provision for restructuring the Crane operations pursuant to the company's integration plan ($4.9 million, net of tax). Full-year special items include the above along with a $36.8-million charge, net of tax, related to a change in accounting for goodwill and a $3.9-million provision for Multiplex closure and consolidation costs ($2.5 million, net of tax).

Maritime Reporter November 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

WSC CEO Koch to Retire in 2015

Chris Koch, current president and CEO of the World Shipping Council (WSC), will retire from his position on July 31, 2015, and WSC Senior Vice-President and General Counsel,

Cecon Secures Finances to Complete Newbuild

Cecon ASA has petitioned for a debt restructuring agreement (in Norwegian: gjeldsforhandling). Certain funds managed by York Capital Management Global Advisors,

HII Board of Directors Elects Two VPs

Huntington Ingalls Industries’ (HII) board of directors has elected Kellye Walker to serve as corporate vice president and general counsel and Charles R. “Chuck” Monroe Jr.

Finance

Cecon Secures Finances to Complete Newbuild

Cecon ASA has petitioned for a debt restructuring agreement (in Norwegian: gjeldsforhandling). Certain funds managed by York Capital Management Global Advisors,

Libyan State Oil Firm NOC Will Remain Independent

Libya's Tripoli-based state firm National Oil Corp (NOC) will remain independent, it said on Thursday, in an apparent attempt to reassure foreign oil buyers it will stay out of the country's conflict.

Oil Prices Retreat from Short-covering Rebound

Global crude prices fell more than $1 a barrel on Thursday, retreating from a short-covering charged rally as traders bet the market had not shaken off a six-month long rout on oversupply concerns.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Naval Architecture Navigation Pod Propulsion Port Authority Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | 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: 0.1783 sec (6 req/sec)