July 30, 2003
Lingering effects from the first-quarter strike at Marinette Marine, as well as customer deferrals of new construction projects, adversely affected marine results for the second quarter.
"New construction work remained slow during the quarter, primarily due to economic uncertainty and our customers' difficulty in receiving financing," said Terry D. Growcock, Manitowoc's chairman and chief executive officer. "Nevertheless, we are optimistic about the longer-term opportunities for additional commercial, government, and homeland security shipbuilding work, as well as the upcoming repair season, which appears healthy at this point. During the quarter, Manitowoc was one of three firms selected to participate in building a Response Boat-Medium prototype for the Coast Guard."
Manitowoc quotes "brisk quoting activity" in the marine segment for future commercial and government shipbuilding projects.
Growcock says Manitowoc strategic goals continue to include growing marine operations by leveraging the strengths and capabilities of multiple shipyards to serve commercial and government customers.
Manitowoc is actively pursuing several commercial opportunities for OPA-90 double-hull vessels as well as government work.