30.07.2013

Manitowoc Cranes boost profits

Manitowoc Crane group has reported strong first half results with profits up over 30 percent.

Total revenues for the six months were $1.2 billion, around 7.5 percent up on the same period last year, operating income meanwhile jumped over 31 percent to $96.3 million. The backlog at the end of June was slightly down on last year at $726 million, but up more than six percent on the quarter.

Looking at the second quarter revenues were $656.9 million up 7.6 percent from the second quarter of 2012, driven primarily, said the company, by continued growth in the Americas region related to the increased activity with crawler cranes and large Rough-terrain cranes, as well as solid results from Manitowoc Crane Care. Operating income was $65.0 million 25 percent higher than last year.

The group as a whole, including the food division, posted half year revenues up just over five percent to $1.94 billion, while pre-tax profits improved by more than 24 percent to $84 million.

Chief executive Glen Tellock said: “Our second-quarter results are a by-product of our on-going focus on and execution of our strategic initiatives that are expected to generate long-term growth and profitability. While a level of caution remains around the broader economic environment, we continue to be confident in the opportunities that lie ahead. Our recent conversations with both Crane and Foodservice customers remain positive, and continue to highlight the strength, reliability, and truly differentiated product offering that has come to define Manitowoc as a company.”

“Along with our second-quarter sales growth in the Cranes segment, we generated our highest operating margin since 2008, which is a testament to our improved operational efficiency and diligent management of our cost structure. Looking ahead, we will continue to innovate with a strong pipeline of new products and services, while also emphasizing our quality focus to enhance our crane designs and product reliability. This should enable Manitowoc to drive market share and capitalize on the improving health of the global macro environment in the coming years.”