Sales surge spurs record Q2 results

Manitowoc has reported record second quarter results for the period ending June 30, 2005. The crane segment contributed largely to these results with a 29% increase in sales compared to the same period in 2004 and operating earnings almost doubled.

Net sales in the segment increased to $427.0 million, from $331.8 million in the 2004 period. Operating earnings for the quarter increased 97% to $35.5 million, from $18.0 million in the second quarter of last year.

“We serve the diverse needs of the lifting industry by offering all of our products on a global basis,”said CEO Terry Growcock.

“The crane segment achieved double–digit, year–over–year sales growth this quarter in all product categories and regions, with the exception of the North American crawler crane market, which remained flat. Crawler crane utilization and rental rates continue to improve, which suggest that the North American market may rebound later in 2005,” Growcock added.

“The Crane segment's improving financial leverage, which resulted in strong operating results, also translated into improved EVA performance. In the first quarter, the crane segment generated positive EVA for the first time in three years, and this quarter the segment more than doubled its EVA contribution. Cranes’ backlog of $530 million at the end of the quarter is also noteworthy because we have been able to sustain our backlog at levels more than 50% higher than those at the end of 2004,” Growcock continued.