27.07.2006

Manitowoc crane up 33%

The Manitowoc crane group has reported a strong second quarter and first half for 2006. Crane sales for the six months were $1.05 billion, compared to $785 million in the first half of 2005, and increase of 33 percent.

Operating Income for the crane division was $127 million, up from $56 million in 2005, an increase of over 126 percent.

Cranes now represent 76 percent of group revenues and a larger percentage of operating profits.

Group revenues rose by 27 percent for the first six months to $1.38 billion. Gross profits jumped by 46 percent to $307 million, while net earnings were almost $72 million, an increase of 235 percent from last year.

Terry D. Growcock, Manitowoc's chairman and chief executive officer said

"Manitowoc Crane Group's backlog exceeded $1 billion during the quarter. By continuing to place orders for our cranes and related products, our customers continue to validate our product and service leadership positions. We leveraged that customer demand into record revenue for the group, while significantly improving operating margins during the second quarter."

"Our Crane segment again delivered exceptionally strong performance," Growcock said.

"Operating margins reached 13.3 percent for the quarter as we are enjoying the benefits of higher throughput in our factories. Product demand remains strong in all regions and across all product categories. The $1 billion backlog milestone confirms that our customers see long-term demand for technologically advanced lifting equipment. We are minimizing the impact on lead times by streamlining manufacturing operations, using best-in-class sourcing programs to maintain supply chain integrity, and ramping up production in our new Chinese manufacturing facility."