29.10.2004

Manitowoc group crane sales rise by 25 percent

The Manitowoc Company has reported a 21 percent increase in group sales to $491 million for the third quarter of 2004, compared to the same period last year. Sales for the nine months to the end of September also increased 21 percent, rising to $1.4 billion, from $1.2 billion in 2003. Net earnings were $33.7 million, up from $nine million for 2003.

Crane group which iincludes, Grove, Potain, National truck crane and Manitowoc crawler cranes, saw sales increase by 24 percent to $306 million for the quarter, and by 25 percent to $890 million for the nine months. Operating earnings year to date increased 48 percent to $42 million. in spite of continued increases in steel and commodity prices whic, according to Manitowoc, had a net negative impact on operating earnings of $1.0 million.


The company said that the strong earnings performance reflected the strength in tower and mobile telescopic crane sales. Order book for new cranes at the end of September was $289 million, up from about $150 million a year ago.

"This was a solid quarter, with good growth in revenues, earnings, and operating margin despite some ongoing issues, including continuing increases in raw material prices and productivity challenges resulting from inconsistent material availability," said Terry D. Growcock, Manitowoc's chairman and chief executive officer.

"In particular, our Crane and Marine segments continued to report substantial improvements in sales, operating income, and operating margin

"The performance of our Crane segment clearly demonstrates the benefits of global reach and penetration, as strong demand in international markets offset continuing weakness in the U.S. crawler crane market," Growcock explained. "While we felt the effects of higher material prices, the benefits of our restructuring and consolidation efforts, allowed us to achieve an increase in the segment's operating