Exhibit 99.1
| FAX NEWS RELEASE | ||
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| For further information: |
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The Manitowoc Company, Inc. |
| Carl J. Laurino | Steven C. Khail |
P. O. Box 66 • Manitowoc WI 54221-0066 |
| Senior Vice President | Director of Investor Relations |
Telephone: 920-684-4410 • Telefax: 920-652-9778 |
| & Chief Financial Officer | & Corporate Communications |
Internet: http://www.manitowoc.com |
| Direct Dial: 920-652-1720 | Direct Dial: 920-652-1713 |
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| Email: claurino@manitowoc.com | Email: skhail@manitowoc.com |
NEWS For Immediate Release
THE MANITOWOC COMPANY CLARIFIES
THE IMPACT OF STEEL AND COMMODITY COSTS
Company reiterates its full-year guidance of $1.30 to $1.50 per diluted share
MANITOWOC, WI – Aug. 3, 2004 – Following its second-quarter conference call earlier today, The Manitowoc Company, Inc. (NYSE:MTW) clarifies the net impact of increased costs for steel and other commodities on the company’s second- and third-quarter results. For the second quarter, the impact was $0.17 per diluted share. For the third quarter, the company now expects the net impact will decline to approximately $0.10 per diluted share versus the company’s earlier expectation of neutral impact.
The Manitowoc Company also reiterates its previous guidance for full-year 2004 diluted earnings per share to be in the range of $1.30 to $1.50.
About The Manitowoc Company
The Manitowoc Company, Inc. is 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. As a leading manufacturer of ice-cube machines, ice/beverage dispensers, and commercial refrigeration equipment, the company offers the broadest line of cold-focused equipment in the foodservice industry. In addition, the company is a leading provider of shipbuilding, ship repair, and conversion services for government, military, and commercial customers throughout the U.S. maritime industry.
Company contact:
Carl J. Laurino
Senior Vice President
& Chief Financial Officer
920-652-1720