Manitowoc Expects Crane Revenue to Drop 20 Percent in 2009

January 9, 2009 – The Manitowoc Company, Manitowoc, Wis., updated its financial estimates for 2008 and provided a preliminary outlook for its 2009 financial performance yesterday. For full-year 2008, Manitowoc estimates adjusted earnings will be within the low end of the previous guidance range of $3.15 to $3.25 per diluted share, which includes the results of its recently divested Marine segment and excludes special items and the impact of the Enodis acquisition.

 

For full-year 2009, Manitowoc anticipates a revenue reduction of approximately 20 percent for its crane segment, which will be offset by an approximate 200 percent revenue increase by its food service 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 $120 million; depreciation and amortization of approximately $135 million; debt reduction of $1 billion post-funding of Enodis; an anticipated tax rate in the mid-20 percent range; and earnings of $1.35 to $1.60 per diluted share before special items.