The Manitowoc Company Updates its Fourth-Quarter Outlook
08 Dicembre 2011 - 11:51PM
Business Wire
The Manitowoc Company, Inc. (NYSE: MTW) announced that due to
recently identified supplier delivery issues with certain hydraulic
components, the shipment of some crane products will be delayed
into the first quarter of 2012.
In addition, the company is announcing to the financial
community today that the International Association of Machinists
(“IAM”) Local 516 workers at its Manitowoc Cranes facility in
Manitowoc, Wisconsin have been on strike since 3:00 PM CT, Monday,
November 14. The previous contract expired on October 31, 2011.
Negotiations held in front of a federal mediator late last week did
not result in meaningful progress, and thus management is not
certain how long the strike will continue.
Manitowoc expects the negative financial impact of the component
delivery matters, coupled with the IAM strike, corresponding
layoffs, and contingency plans, to negatively affect fourth-quarter
crane sales and operating earnings by approximately $35 million and
$10 million, respectively. In addition, the timing of cash
collections due to these production disruptions and inefficiencies
is expected to result in the company’s debt reduction being near or
below the low end of its previously announced $150 to $200-million
target range.
As an update regarding customer order activity, Manitowoc
disclosed that order flow remained at levels consistent with the
rate of the prior four quarters. Glen E. Tellock, Manitowoc's
chairman and chief executive officer commented, “With the exception
of the crawler crane product line that has remained relatively
soft, we are pleased with the order activity in other product lines
in most markets. In addition, our Foodservice business continues to
perform well, and in accordance with the guidance we provided in
our third-quarter earnings announcement.”
About The Manitowoc Company, Inc.
The Manitowoc Company, Inc. is a multi-industry, capital goods
manufacturer with nearly 100 manufacturing, distribution, service,
and/or office facilities in 26 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. Manitowoc also
is one of the world's leading innovators and manufacturers of
commercial foodservice 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, earnings and capital expenditures;
- the ability to generate cash and manage
working capital consistent with Manitowoc’s stated goals;
- issues related to workforce reductions
and subsequent rehiring;
- work stoppages, labor negotiations,
labor rates, and temporary employees;
- operational efficiencies during work
stoppages and workforce reductions and subsequent ramp-up;
- unexpected issues associated with the
quality of materials and components sourced from third parties and
the resolution of those issues;
- realization of anticipated earnings
enhancements, cost savings, strategic options and other synergies,
and the anticipated timing to realize those savings, synergies, and
options;
- risks and other factors cited in
Manitowoc's filings with the United States Securities and Exchange
Commission.
Manitowoc undertakes no obligation to update or revise
forward-looking 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 December 31, 2010.
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