Manitowoc Reports Fourth-Quarter and Full-Year Results

Thursday, February 05, 2004
The Manitowoc Company, Inc. has reported record sales, cash from operations, and net debt reduction for the full year 2003. For the fourth quarter, the company reported net sales of $395.9 million, increasing from $386.0 million during the same period last year. Including special charges, the company reported a net loss of $5.5 million, or $0.21 per diluted share for the quarter, compared with a net loss of $25.1 million, or $0.94 per diluted share, in the year-ago period. Excluding special items totaling $0.32 per share in the fourth quarter of 2003, earnings were $0.11 per diluted share. Cash from operations for the fourth quarter totaled $57.1 million, up 40 percent from the same period last year. A reconciliation of GAAP earnings per share to earnings per share excluding special items is included later in this release. Fourth-quarter sales increased 3 percent despite continued weak demand for crawler cranes in U.S. markets and the impact of delays affecting the company's ship-construction business. The special charges primarily relate to the company's decision to rationalize its aerial work platform (AWP) business, restructuring costs, and costs associated with early debt retirement. These charges were partially offset by gains in curtailment of certain post-retirement benefits. For the full year, net sales were $1.6 billion, increasing 17 percent from $1.4 billion last year. Including special items, the company reported net earnings of $3.5 million, or $0.13 per diluted share, compared with a loss of $20.5 million, or $0.80 per diluted share, last year. Excluding special items, earnings for 2003 were $20.7 million, or $0.77 per diluted share, modestly above the company's previous guidance range.
Maritime Reporter May 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Maersk Line Gets New Head in China

Maersk Line on May 21 announced that Mike Fang become the company's new chief of east - and central China. He joins with effect from 1 July 2015.    Fang has

Navios in Red, but Beats Estimates

Navios Maritime Holdings, vertically integrated seaborne shipping and Logistics Company, slumped to a loss in the Q1 although the result beat by $0.10 per share

Conrad Announces Management Team Changes

Conrad Industries, Inc. announced the appointment of Scott J. Theriot as Executive Vice President and Chief Operating Officer.   Johnny Conrad, President and Chief Executive Officer,

Finance

HSH Nordbank Looking to Split Off Bad Shipping Loans

HSH Nordbank AG, the world’s second-largest financier of ships, plans to split off a "bad bank" for non-performing shipping loans as part of a plan to create a sustainable business model,

Navios in Red, but Beats Estimates

Navios Maritime Holdings, vertically integrated seaborne shipping and Logistics Company, slumped to a loss in the Q1 although the result beat by $0.10 per share

Carrier Schedule Reliability Improves in April

Transport consultant Drewry’s Carrier Performance Insight (CPI) for April records 67.6%, up by 4.1 percentage improvement on the previous month in the aggregate

 
 
Maritime Standards Navigation Offshore Oil Pipelines Pod Propulsion Salvage Ship Repair Ship Simulators Sonar Winch
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: 0.1483 sec (7 req/sec)