Second quarter 2008 net sales in Manitowoc’s crane segment increased 32% to US$1.06 billion, compared with $805.1 million in the second quarter of 2007. Operating earnings of $167.0 million were 39% higher than the same period in 2007. Crane margins increased to 15.7% from the same period in 2007 “due primarily to improved volumes and product mix,” according to the company.
“The value of the globalization of our crane business was particularly evident during the second quarter as international activity generated strong sales and earnings growth,” said Glen Tellock, Manitowoc Company president and CEO. “Crane backlog, as of June 30, 2008, stood at $3.52 billion – an increase of 70% over the same period in 2007. The increase reflected higher demand in each geographic region as well as for aftermarket parts and services. It also indicated continued demand for our high-capacity crawler, tower, and mobile cranes driven by unabated strength in our global infrastructure and energy markets,” Tellock continued.
For the Manitowoc group of companies net sales were $1.3 billion, up 28% from the second quarter of 2007.