Manitowoc Names New CEO, Reports Q1 Results

"The emphasis Terry had placed on developing our people and processes has created a deep pool of talented management, including Eric Etchart,” Tellock said. “Eric becomes president of Manitowoc Crane Group after having served as executive vice president of the Asia Pacific region. Eric has been a key member of our Asia Pacific team since 1998, before which he managed the Potain brand in Italy. With Eric's global experience, his move to group president will be seamless."

Prior to being named CEO, Tellock had been senior vice president of The Manitowoc Company and president of Manitowoc Crane Group since 2002. Previously, he served as senior VP and chief financial officer (1999 to 2002), VP of finance and treasurer (1998 to 1999), corporate controller (1992 to 1998) and director of accounting (1991 to 1992).

In other company news, Manitowoc has reported its results for the quarter ended March 31, setting records for net sales, earnings per share and backlog. For the quarter, net sales totaled $862.1 million, an increase of 36 percent from the first quarter of 2006. Reported earnings per diluted share were $1.01 for the first quarter of 2007 compared to $0.48 for the first quarter of 2006.

First-quarter 2007 net sales in the Crane segment increased 43 percent to $682.8 million, from $477.5 million in the first quarter of 2006. Operating earnings for the first quarter of 2007 increased 88 percent to a record $96.2 million, from $51.2 million in the same period last year. The strength of the Crane segment's end markets is reflected in its backlog, which totaled $1.9 billion at March 31, an increase of 24 percent from December 31, 2006, and up more than $900 million, or 92 percent, from March 31, 2006.

"Driven primarily by our industry-leading Crane segment, we are well on the way to exceeding our 2007 target of delivering a 50-percent increase in Economic Value-Added and our 2007 sales and profit objectives in all three segments,” Growcock said. "Our Crane segment continues to build momentum, as witnessed by the growth in both backlog and operating margin.”