Manitowoc Reports Record Results For 1999

Friday, January 28, 2000
The Manitowoc Company, Inc. reported record financial results for both the fourth quarter and full year ended December 31, 1999. This was the company's fifth year of record financial results and its 17th consecutive quarter of improved year-over-year earnings growth. Net earnings for 1999 increased 30 percent to $66.8 million, or $2.55 per diluted share, from $51.4 million, or $1.97 per diluted share, in 1998. Net sales increased by 16 percent to $805.5 million in 1999 from $694.8 in 1998. Each of the company's three business segments - foodservice equipment, cranes and marine services - reported strong year-over-year net sales and earnings gains. Net earnings for the fourth quarter of 1999 increased over 22 percent to $14.0 million, or $0.53 per diluted share, from $11.4 million, or $0.44 per diluted share, for the fourth quarter of 1998. All share and per share amounts have been restated to reflect the three-for-two stock split effective April 1, 1999. Net sales increased 8 percent to $181.1 million in the fourth quarter of 1999 from $167.8 million for the same period in 1998. The weighted average shares outstanding used to calculate the year-to-date and quarterly diluted earnings per share for 1999 and 1998 were 26.2 million and 26.1 million, respectively. "Each of our segments contributed to our fifth consecutive year of record financial results,'' said Terry D. Growcock, Manitowoc president and chief executive officer. "During 1999, we made impressive strides in strengthening our operations; further positioning us for another solid year in 2000," he added. "Our marine segment had another strong year with sales up 22 percent, compared with its already strong performance in 1998," Growcock said. Highlights of the year included completion of the New York dipper dredge and delivery of the 140,000-barrel, double-hull tank barge Seneca to ExxonMobil this quarter, about four months ahead of schedule. "Also during the fourth quarter," he said, "we signed a contract with Great Lakes Dredge & Dock to build a 5,000-cubic-meter hopper dredge at our Bay Shipbuilding facility in Sturgeon Bay, Wisconsin. Construction of this 315-foot, highly automated ship will keep our yards busy until 2001. Our yards are now booked to capacity for the 1999/2000 winter lay-up season and quoting activity remains high throughout our marine operations." Manitowoc' s marine services division specializes in ship repair, conversion, and new-construction services for the Great Lakes maritime industry.
Maritime Reporter April 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

New CEO for Evergas

Evergas has appointed Steffen Jacobsen as CEO of the company as of 8 May 2015 Mr. Jacobsen joined Evergas 1 February 2015 as Vice President, Fleet after almost 35 years in Maersk.

NCSP Group Cargo Traffic Up 6% in Q1 2015

Novorossiysk Commercial Sea Port Group (NCSP Group or the Group) (LSE: NCSP, Moscow Exchange: NMTP) reports that Group’s consolidated cargo turnover in Q1 2015 increased by 2 million tonnes or 6.

Naming Ceremony of Evergreen's EVER LYRIC

Evergreen Group today held the naming ceremony for EVER LYRIC, the eighth of its L-type vessels built by CSBC Corporation in Taiwan. The ceremony took place

Finance

Seaspan Takes Delivery of New Containership

Seaspan Corporation (SSW) has accepted delivery of a 14000 TEU containership, the YM Wellhead.    The new containership, which was constructed at Hyundai Heavy Industries Co.

'Make in India’ - the Newbuzzword in Indian Shipping Sector

The Prime Minister Narendra Modi's  'Make in India’ initiative offers a plethora of opportunities in the maritime sector, particularly in shipbuilding, with the

Baltic Index Perks up on Increased Rates for Bigger Vessels

The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, edged higher on Thursday as rates for bigger vessels rose.

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Naval Architecture Navigation Offshore Oil Pipelines Pod Propulsion Port Authority Sonar
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: 0.1476 sec (7 req/sec)