Manitowoc Reports Second-Quarter Results

Wednesday, July 30, 2003
The Manitowoc Company, Inc. has reported net sales of $433.7 million for the second quarter of 2003, increasing 32 percent from $328.3 million during the same period last year. The company also reported net earnings of $1.3 million, or $0.05 per diluted share, compared with net earnings of $20.1 million, or $0.81 per diluted share, in the second quarter of 2002. Excluding special charges totaling $10.8 million ($7.6 million net of tax), second-quarter earnings were $0.33 per diluted share, in line with the preliminary estimate announced earlier this month. A reconciliation of earnings per share from reported GAAP amounts to non-GAAP amounts is included later in this release. The sales growth came as a result of the Grove acquisition. Excluding Grove, total company sales were down 14 percent reflecting continued weakness in the Crane markets and lower Marine project revenues due to deferred orders for new commercial ships. Foodservice sales were down 5 percent, due principally to a new model promotion last year under a private label production contract. Other Foodservice units continue to perform well and improve market share for their key products. The decline in earnings per share before special charges was due to a drop in operating profit from the Crane and Marine businesses, and an increase in interest expense. Foodservice operating profit was up slightly despite lower sales. Second-quarter special charges primarily included a restructuring charge of $4.8 million, principally related to further rationalization and facility closures within the Crane segment, and a $4.9 million goodwill impairment charge. The company will also record additional charges of approximately $5 to $10 million in the second half of the year as these activities are completed. As previously reported, these restructuring efforts are designed to complete the integration of the Crane segment acquisitions, eliminate excess manufacturing capacity, improve operational efficiency, and enhance future financial performance.
Maritime Reporter October 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

OW Bunker Bankruptcy has ‘Limited Impact’ on Monjasa

Though OW Bunker’s collapse has varyingly affected many companies around the globe, Danish bunker fuel provider Monjasa A/S said in a statement that the news holds

Sustainability Report: Carnival Ahead of Emissions Goal

Carnival Corporation & plc released a report today detailing its sustainability efforts, including initiatives which enabled the company to meet its corporate goal

EU Funds Study into New Aberdeen Harbor

The EU's TEN-T Program will invest over $940,000 for development studies for a new harbor at Nigg Bay in Aberdeen, Scotland. The harbor is to support the existing

Fuels & Lubes

OW Bunker Bankruptcy has ‘Limited Impact’ on Monjasa

Though OW Bunker’s collapse has varyingly affected many companies around the globe, Danish bunker fuel provider Monjasa A/S said in a statement that the news holds

Shell Launches Naturelle Stern Tube Fluid

Shell has launched its new range of Environmentally Acceptable Lubricants (EALs), including Shell Naturelle S4 Stern Tube Fluid 100.   The Shell Naturelle range

Energy Storage System Ordered for LNG Battery Hybrid Ferry

Norwegian hybrid to be the first LNG battery ferry to operate on commercial routes Corvus Energy, Siemens AS and Fjord1 have announced the award of the contract for the Fannefjord LNG hybrid ferry.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Naval Architecture Offshore Oil Port Authority Salvage Ship Electronics Ship Repair
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: 0.1439 sec (7 req/sec)