Marine Link
Friday, December 9, 2016

Manitowoc Reports Second-Quarter Results

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 (CR) 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 Magazine Cover Nov 2016 - Workboat Edition

Maritime Reporter and Engineering News’ first edition was published in New York City in 1883 and became our flagship publication in 1939. It is the world’s largest audited circulation magazine serving the global maritime industry, delivering more insightful editorial and news to more industry decision makers than any other source.

Subscribe
Maritime Reporter E-News subscription

Maritime Reporter E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

Subscribe for Maritime Reporter E-News