Manitowoc Co. Anticipates 20% Revenue Gain for Cranes in 2007

November 28, 2006 • The Manitowoc Company, Inc., Manitowoc, Wis., updated its financial expectations for 2006 and provided a preliminary outlook for the company's 2007 financial performance at an investor and analyst meeting held today at the Millennium Hotel in New York, N.Y.

 

For full-year 2006, the company affirms its prior earnings per share guidance of $2.70 to $2.75 excluding special items ($2.53 to $2.58 on a GAAP basis). The company also expects capital expenditures will total $68.1 million; research and development costs will reach $33.6 million; international shipments will climb to $1.39 billion; and SG&A as a percent of sales will decline to 11.8%.

 

For the year 2007, the company anticipates a 20% revenue gain in its crane segment. Operating earnings for cranes are expected to rise to a low-teens level. Other 2007 financial expectations include an anticipated tax rate in the low 30% range; earnings per share of $3.75 to $4.00; and an EVA gain exceeding 50%.