Manitowoc Reports Second-Quarter Results
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.
Manitowoc Announces Pre-2Q Results
The Manitowoc Company, Inc. stated that it expects second quarter earnings to be in the range of $0.30 to $0.35 per share, excluding special charges. The average of published analyst estimates is $0.56 per share. The company also anticipates for the full year, earnings per share to fall in the $0.80 to $1.00 range versus a published analyst average of $1.48. These estimates reflect ongoing adverse conditions and increased pricing pressure in the company's crane markets. Therefore Manitowoc plans to take special charges of $15 to $20 million, principally for consolidation, restructuring and other actions designed to eliminate excess manufacturing capacity, improve operational efficiency, quickly generate positive cash flow, and enhance future earnings.
