Manitowoc forecasts 20% revenue drop
By Alex Dahm13 January 2009
Crane manufacturer Manitowoc has updated its financial forecast for 2009 and for its 2008 full-year financial results.
For 2008, the company estimates that adjusted earnings will be within the low end of the previous guidance range of US$3.15 to $3.25 per diluted share. This 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 about 20% for its crane segment, which will be offset by an approximate 200% revenue increase by its food service segment. This is driven by the full-year impact of the Enodis acquisition, said the company. Operating margins for both segments are projected to be in the low double-digit percentage range.
Other 2009 financial forecasts include capital expenditure of about $120 million, depreciation and amortization of about $135 million, debt reduction of $1 billion post-funding of Enodis, an anticipated tax rate in the mid-20% range, and earnings of $1.35 to $1.60 per diluted share before special items.