29.04.2008

Manitowoc crane up 30%

The Manitowoc crane group has reported another major rise in revenues, with sales up 29.5 percent to $884.4 million.

Operating profits increased 40 percent to $134 million and the divisions backlog increased a further 15 percent during the quarter to $3.3 billion – 72 percent higher than at the same time last year.

The crane group now represents 82 percent of group revenues. The Manitowoc company as a whole reported revenues up 25 percent to $1.1 billion, while pre tax profits jumped 40 percent to $143.5 million.

Glen E. Tellock, Manitowoc's president and chief executive officer said: "Manitowoc's Crane segment is one of the world's leading providers of lift solutions, and that segment is capitalising on very strong global demand for construction equipment.

Our Foodservice segment posted impressive sales growth and expanded margins in a challenging consumer spending environment. In addition, Manitowoc Marine continues to generate solid results as its blend of government, commercial, and repair projects make excellent use of its production facilities."

Vertikal Comment

Another good result from Manitowoc, as it continues to build its backlog while keeping its growth percentage marginally ahead of its main North American based rival – Terex.

With the Rough Terrain crane market in North America on the rise, along with crawler cranes, driven by rising demand in the energy sector - while demand for all other types of cranes continues to grow, plus its new Chinese venture due to come on stream, the company’s current strong momentum should continue well into 2009 and beyond.