Manitowoc Provides Upward Revision to 2006 Earnings Guidance

June 30, 2006 — The Manitowoc Co. recently announced that it expects second-quarter 2006 earnings per share to be approximately $0.10 in excess of Wall Street average estimates. Because of this second-quarter performance and its outlook for the remainder of the year, the company is also increasing its full-year guidance for 2006 earnings per share to a range of $2.50 - $2.60 from the $2.15 - $2.25 range confirmed at the end of the first quarter.

 

Reported GAAP earnings per share will include a charge of $0.15 for the redemption of the 10-3/8% senior subordinated notes due 2011, resulting in a GAAP earnings guidance range of $2.35 - $2.45 per share.

 

"Our global leadership in the lifting industry continues to drive Manitowoc's strong financial performance," said Terry D. Growcock, chairman and chief executive officer. "As we enter the summer construction season -- traditionally the period of greatest lifting activity -- global demand for our entire product line is exceeding our own expectations, and we expect that demand to remain solid throughout this current construction cycle. In addition to our crane segment's strong performance, our foodservice and marine segments continue to contribute and perform as planned."