Manitowoc sales and backlog drop

First quarter 2009 net sales in the Manitowoc Cranes segment were US$672.9 million, down nearly 24% from $884.4 million in the first quarter of 2008.

It includes an 8% negative impact from foreign currency fluctuations. Crane segment operating earnings for the first quarter of 2009 decreased 58% to $56.5 million from $134.6 million in the same period last year.

Crane order backlog was $1.4 billion at 31 March 2009, a decrease of 28% from the $1.9 billion backlog at 31 December 2008.

"This quarter contrasts sharply with the first quarter of 2008 when we were near the peak of the business cycle in our crane segment," said Glen Tellock, Manitowoc chairman and CEO. "We experienced a dramatic reversal in demand for cranes over the past several quarters driven primarily by constrained credit availability. As a result, customers have cancelled or delayed deliveries across many of our end markets and product lines. Fortunately, we have experienced a less severe decline in the Foodservice segment."

Across The Manitowoc Company, Inc. sales reached $1.028 billion for the first quarter of 2009, a 4% increase from the first quarter of 2008. This was due primarily to the October 2008 acquisition of Enodis plc. Operating earnings for the first quarter of 2009, excluding special items, were $62.8 million, down 53% from $132.6 million in the first quarter of 2008. This reflects a decline of $78.1 million in the crane segment, partially offset by an increase of $15.2 million in the foodservice segment, said the company.