The Manitowoc Company Inc. last week updated its financial estimates for 2008 and provided a preliminary outlook for the company's 2009 financial performance.
For full-year 2008, the company estimates that 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, the company 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 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 $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.
Manitowoc, Wis.-based The Manitowoc Co. 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. Manitowoc also manufactures commercial food-service equipment serving the ice, beverage, refrigeration, food prep, and cooking needs of restaurants, convenience stores, hotels, healthcare and institutional applications.