Record Q2 for Manitowoc

The Manitowoc Company reported record net sales and earnings for the second quarter ended 30 June 2006. Net sales increased 27% to US$746.2 million from $589.6 million during the second quarter of 2005.

Second quarter 2006 net sales in the Crane segment increased 33% to $570 million, from $427 million in the same period 2005. Operating earnings for the second quarter of 2006 increased 113% to $75.6 million, from $35.5 million in the same period last year.

Crane backlog totalled $1.1 billion, an increase of 13% from 31 March, 2006, and up 110% from 30 June 2005.

“Our Crane segment again delivered exceptionally strong performance,” said Terry Growcock, chairman and CEO of Manitowoc. “Operating margins reached 13.3% for the quarter as we are enjoying the benefits of higher throughput in our factories. Product demand remains strong in all regions and across all product categories. The $1 billion backlog milestone confirms that our customers see long-term demand for technologically advanced lifting equipment. We are minimising the impact on lead times by streamlining manufacturing operations, using best-in-class sourcing programmes to maintain supply chain integrity, and ramping up production in our new Chinese manufacturing facility.”