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 January 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Bangladesh Aims to be World's 'First Solar Nation

Residents of Islampur, a remote village in the northern Bangladeshi district of Naogaon, were stunned one night last summer when the darkness was suddenly illuminated

India Not Pressurized by US-China Deal

Indian Prime Minister Narendra Modi said a climate deal between the United States and China does not put pressure on India, but that global warming itself was reason to take action.

U.S., India to Seal Nuclear Deal

The United States and India have reached a breakthrough on two issues holding up civil nuclear cooperation between them, U.S. President Barack Obama told a news conference in New Delhi on Sunday.

Finance

India Not Pressurized by US-China Deal

Indian Prime Minister Narendra Modi said a climate deal between the United States and China does not put pressure on India, but that global warming itself was reason to take action.

U.S. Refinery Workers' Contract Talks Moving Slowly

With just a week of bargaining left until the national contract for U.S. refinery workers expires, the United Steelworkers union (USW) said talks with oil company

Obama, Modi Aim High on India Trip

In a fresh bid to make India an enduring strategic partner, U.S. President Barack Obama lands in New Delhi on Sunday for a highly symbolic parade and to nurture

 
 
Maritime Careers / Shipboard Positions Maritime Security Naval Architecture Navigation Offshore Oil Pipelines Pod Propulsion Salvage Ship Repair Sonar
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: 0.1331 sec (8 req/sec)