Manitowoc posts record 1st quarter

Net sales, order backlog and earnings per share for the Manitowoc Company were all at record levels in the first quarter of 2007. In the crane segment, net sales increased 43% to $682.8 million, from $477.5 million in Q1 2006. Operating earnings for the quarter were up by 88% to a record $96.2 million, from $51.2 million in the same period last year. Order backlog was $1.9 billion on March 31, 2007, a 24% increase from December 31, 2006 and up more than $900 million, or 92%.“Our crane segment continues to build momentum, as witnessed by the growth in both backlog and operating margin,” said Terry Growcock, Manitowoc chairman and CEO. “Our outstanding portfolio of products was showcased for the entire lifting industry [at the] Bauma show in Munich, and the response was outstanding.”Growcock cited the GTK1100 as the hit of Bauma. “Combining the technologies of crawler, tower, and hydraulic cranes, it is a product that few other than Manitowoc could have brought to the market,” he said. “Interest and orders in the GTK and the 10 other new crane models on display should help drive continued strong performance for the rest of 2007 and well into 2008.”Looking ahead, Growcock said, “The crane segment will serve as the company's primary organic growth driver in 2007 and beyond as the global construction industry continues to require best-in-class lifting equipment. Based on the current market environment, we are raising the crane segment's 2007 revenue growth target from 20% to approximately 30%, or about $2.9 billion in net sales. We anticipate that this growth will be derived from the core North American and European lifting markets as well as emerging markets.”