Record Sales for Manitowoc

May 1, 2008 • The Manitowoc Co., Manitowoc, Wis., reports that for the first quarter of 2008 the company has set records for net sales and earnings per share for its three business segments, including cranes. For the first quarter, net sales totaled $1.08 billion, an increase of 25 percent from the first quarter of 2007. Reported earnings per diluted share were $0.78 for the first quarter of 2008 compared to $0.50 for the first quarter of 2007.

First-quarter 2008 net sales in the crane segment increased 30 percent to $884.4 million compared to the first quarter of 2007. Operating earnings for the first quarter of 2008 increased 40 percent to $134.6 million, from $96.2 million in the same period last year.

Crane backlog totaled $3.3 billion at March 31, 2008, up 72 percent from March 31, 2007. The backlog growth was driven by increased customer bookings in all geographic markets and in nearly all product categories. Growth was particularly strong in Europe and the Middle East, where our high-capacity lifting equipment supports high-growth energy and infrastructure projects.

“We are affirming our current guidance of 2008 earnings per share to be in a range of $3.20 to $3.40, excluding any unusual items,” said Tellock. “The company continues to believe there will be incremental margin improvements in the second half of 2008 in the crane segment and better than industry growth with foodservice revenues in the mid-single-digits and improving margins in the mid-teens.”