July 30, 2003

Strike impacts Manitowoc Marine results
The Manitowoc Company, Inc. today reported net sales of $433.7 million for the second quarter of 2003. But marine sales of $39.9 million in the quarter were down 23 percent, and marine operating earnings of $2.9 million were down approximately 50 percent, from last year's levels of $52.1 million and $5.9 million, respectively.

Lingering effects from the first-quarter strike at Marinette Marine, as well as customer deferrals of new construction projects, adversely affected marine results for the second quarter.

"New construction work remained slow during the quarter, primarily due to economic uncertainty and our customers' difficulty in receiving financing," said Terry D. Growcock, Manitowoc's chairman and chief executive officer. "Nevertheless, we are optimistic about the longer-term opportunities for additional commercial, government, and homeland security shipbuilding work, as well as the upcoming repair season, which appears healthy at this point. During the quarter, Manitowoc was one of three firms selected to participate in building a Response Boat-Medium prototype for the Coast Guard."

Manitowoc quotes "brisk quoting activity" in the marine segment for future commercial and government shipbuilding projects.

Growcock says Manitowoc strategic goals continue to include growing marine operations by leveraging the strengths and capabilities of multiple shipyards to serve commercial and government customers.

Manitowoc is actively pursuing several commercial opportunities for OPA-90 double-hull vessels as well as government work.

Tell a friend: