25.10.2006

Manitowoc crane up 37 percent

The Manitowoc crane group has reported revenues for the nine months to the end of September of $1.63 billion, up by 37 percent on the same period in 2005. Operating earnings for the division were $203 million a rise of 240 percent on 2005.

Sales in the third quarter grew by an even more rapid rate than for the nine months being up by 44 percent showing an upward trend towards year end.

The crane division continues to be the driving force of the overall group, which includes shipbuilding and food services, in terms of revenues and growth. The crane division now represents almost 76 percent of revenues.

However even with the substantial improvement in profits, cranes still only represent 42 percent of group operating income.

Overall group revenues were $2.16 billion, an increase of just under 30 percent. Operating income expanded by 48 percent to $476 million while Net earnings for the group came in at $122 million, a rise of 260 percent.

"Because of The Manitowoc Company's global leadership in the lifting industry, the company again delivered strong financial performance to its shareholders," said Terry D. Growcock, Manitowoc's chairman and chief executive officer. "Third-quarter operating earnings from Manitowoc's Crane segment increased more than 150 percent compared to the third quarter of 2005 as we benefited from robust demand, high capacity utilization, and excellent factory productivity."

"Our Crane segment's global positioning and strong, customer-focused product lines continue to drive outstanding financial performance," said Growcock. "Our operating margin of 13 percent for the quarter was driven by high capacity utilization and efficient manufacturing techniques that have enabled us to increase productivity and leverage our increased volume as a result of strong global market conditions.

Our broad product line is engaged with essentially all aspects of commercial and industrial construction as demand remains strong in all geographic regions and across all product categories."