12.12.2007

$4 billion for Manitowoc Crane?

Manitowoc has announced its guidance for 2008, the company is once again anticipating strongest growth from its crane division. It expects that its additional capacity and current strong order intake will provide a further 20 percent growth in revenues for 2008.

The crane group posted$2.3 billion of sales in the first nine months of 2007 and is likely to achieve full year revenues of well over $3 billion. Putting it within reach of $4 billion for 2008.

It expects modest growth from its food division in what it expects to be a slowing market while shipbuilding revenues will be flat.

In terms of margins, Manitowoc is predicting that the crane business will continue to on it upward trend, particularly in the back half of the year.

Glen E. Tellock, president and chief executive officer of Manitowoc said: "Our global leadership in the lifting industry is again providing the foundation for excellent financial performance. Based on our forecast for continued robust demand in all markets for our entire line of Crane products as well as continued solid contributions from our Foodservice and Marine segments, we expect earnings per diluted share for 2008, excluding any unusual items, to be in a range of $3.20 to $3.40."