03.11.2005

Manitowoc crane jumps 34%

Manitowoc has just released its third quarter and nine month numbers, which show strong revenue and profit growth, along with cash flow. The crane group performed particularly well, with revenues for both the quarter and year to date up by over 30 percent.

In the first nine months crane group sales were $1.19 billion, an increase of almost 34 percent on last years $890 million.
Operating income from the division more than doubled from $41.9 to 85.4 million, and the backlog/order book soared to $633 million almost five months worth of business.

Overall the group recorded revenues for the nine months of $1.7 billion an increase of 24 percent. With net earnings of $48 million, a 41 percent improvement on the same period last year. Cranes now represent 70 percent of the groups revenues.

"We are realizing the enormous potential that the execution of our global Crane acquisition strategy offers," said Terry D. Growcock, Manitowoc's chairman and chief executive officer.

"Demand for lifting solutions is increasing in our key industry markets and in most of our served geographies. Federal programs to improve and expand transportation and energy infrastructure in the United States are increasing domestic demand for construction equipment, and international demand is being driven by industrial expansion in both established and emerging markets. We meet that demand through our global family of products and brands - Manitowoc, Grove, Potain, and National. These brands are all supported by Crane CARE, our world-class aftermarket support organization. During the fourth quarter, we will begin moving into our new Chinese crane facility, from which we will better serve the domestic Chinese market and growing Asian economies in 2006. Adding to our strong performance, it appears the long-anticipated revival of the North American crawler crane market is now taking shape”.

As of September 30, 2005, the company had decided to sell its Diversified Refrigeration (DRI) unit and close its Toledo, OH, shipyard. As a result of these decisions, DRI and Toledo have been classified as discontinued operations in the quarter.