Manitowoc posts 30 percent gains in 2006

15 April 2008

Net sales at the Manitowoc Company in 2006 were a record $2.9 billion, up more than 30% on 2005. Cranes, from the Manitowoc Crane Group (MCG), were by far the largest contributor accounting for $2.2 billion of the total net sales.

Results for the most recent quarter (Q4 2006) show a 32% increase in the Manitowoc Company's net sales to $775.2 million from $589.3 million during the fourth quarter of 2005. An even bigger increase was in the fourth quarter 2006 net sales for the MCG segment, which increased 38% to $604.6 million, from $438.9 million in the fourth quarter of 2005.

Operating earnings at MCG for the fourth quarter of 2006 increased 159% to a record $77.6 million, from $30 million in the same period last year. The order backlog was $1.5 billion at year-end, 10% higher than at the end of September 2006, and 77% higher than at the end of 2005.

The crane segment will be the primary growth driver in 2007, where revenue growth of more than 20% in 2007 is forecast, according to a company statement.

“The crane segment continues to drive outstanding financial performance through its global positioning and strong product line,” Terry Growcock, Manitowoc chairman and chief executive officer, said.

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