The Manitowoc Company Updates Its 2008 Financial Expectations and Provides Initial 2009 Financial Outlook
Inc. (NYSE: MTW) will update financial estimates for 2008 and provide a
preliminary outlook for the company’s 2009 financial performance at an
investor and analyst meeting to be held at its Education & Technology Center
in
estimates that adjusted earnings will be within the low end of the previous
guidance range of
of its recently divested Marine segment and excludes special items and the
impact of the Enodis acquisition.
For full year 2009, the company anticipates a revenue reduction of
approximately 20% for its Crane segment, which will be offset by an
approximate 200% revenue increase by its Foodservice segment. This is driven
by the full-year impact of the Enodis acquisition. Operating margins for both
segments are projected to be in the low double-digit percentage range.
Other 2009 financial expectations include capital expenditures of
approximately
anticipated tax rate in the mid-20% range, and earnings of
diluted share before special items.
am Eastern time
Internet by going to the Investor Relations section of
http://www.manitowoc.com. A replay of the investor and analyst meeting will
also be available at the same location on the company’s Web site shortly after
the event’s conclusion.
About The Manitowoc Company, Inc.
The Manitowoc Company, Inc. is a multi-industry, capital goods
manufacturer with 101 manufacturing and service facilities in 27 countries. It
is recognized as one of the world’s largest providers of lifting equipment for
the global construction industry, including lattice-boom cranes, tower cranes,
mobile telescopic cranes, and boom trucks.
world’s leading innovators and manufacturers of commercial food-service
equipment serving the ice, beverage, refrigeration, food prep, and cooking
needs of restaurants, convenience stores, hotels, healthcare, and
institutional applications.
Forward-looking Statements
This press release includes “forward-looking statements” intended to
qualify for the safe harbor from liability under the Private Securities
Litigation Reform Act of 1995. Any statements contained in this press release
that are not historical facts are forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995. These
statements are based on the current expectations of the management of the
company and are subject to uncertainty and changes in circumstances.
Forward- looking statements include, without limitation, statements typically
containing words such as “intends,” “expects,” “anticipates,” “targets,”
“estimates,” and words of similar import. By their nature, forward-looking
statements are not guarantees of future performance or results and involve
risks and uncertainties because they relate to events and depend on
circumstances that will occur in the future. There are a number of factors
that could cause actual results and developments to differ materially from
those expressed or implied by such forward-looking statements. Factors that
could cause actual results and developments to differ materially include,
among others:
- unanticipated changes in revenues, margins, costs, and capital
expenditures;
- issues associated with new product introductions;
- matters impacting the successful and timely implementation of ERP
systems;
- foreign currency fluctuations and their impact on hedges in place
with Manitowoc;
- increases in raw material prices;
- unexpected issues associated with the availability of local
suppliers and skilled labor;
- unanticipated changes in consumer spending;
- unanticipated changes in global demand for high-capacity lifting
equipment;
- the risks associated with growth;
- geographic factors and political and economic risks;
- actions of competitors;
- changes in economic or industry conditions generally or in the
markets served by Manitowoc (including Enodis plc);
- the state of financial and credit markets;
- unanticipated changes in customer demand;
- unanticipated issues associated with refresh/renovation plans by
national restaurant accounts;
- efficiencies and capacity utilization of facilities;
- issues related to new facilities and expansion of existing
facilities;
- work stoppages, labor negotiations, and labor rates;
- government approval and funding of projects;
- the ability of our customers to receive financing;
- the ability to complete and appropriately integrate restructurings,
consolidations, acquisitions, divestitures, strategic alliances, and
joint ventures;
- in connection with the now-completed sale of Manitowoc Marine Group,
the tax gain, the earnings impact, and the costs incurred in
completing the sale;
- in connection with now-completed acquisition of Enodis plc,
compliance with the terms and conditions of regulatory approvals
relating to the required divestiture of Enodis' global ice business
and the timing, price, and other terms of the required divestiture,
the ability to complete and appropriately and timely integrate the
acquisition of Enodis plc, anticipated earnings enhancements,
estimated cost savings and other synergies and the anticipated
timing to realize those savings and synergies, the costs incurred in
completing the acquisition of Enodis, the divestiture of the Enodis
global ice business, and in achieving synergies, potential
divestitures and other strategic options; and
- risks and other factors cited in the company's filings with the
United States Securities and Exchange Commission.
statements, whether as a result of new information, future events or
otherwise. Forward-looking statements only speak as of the date on which they
are made. Information on the potential factors that could affect the company’s
actual results of operations is included in its filings with the Securities
and Exchange Commission, including but not limited to its Annual Report on
Form 10-K for the fiscal year ended
SOURCE The Manitowoc Company, Inc.