Manitowoc sales up 29%

First-quarter 2012 net sales in Manitowoc's crane segment were US$ 507.9 million, up 29.3% from $392.8 million in the first quarter of 2011. The increase was largely driven by continued growth in the Americas and sustained demand in most emerging markets. It was offset by weakness in European markets.

Crane segment operating earnings for the first quarter increased to $22.5 million compared to $12.4 million in the same period of 2011. The operating margin was 4.4 %, up from 3.2 % in the same period in 2011.

Order backlog in the crane segment was $931 million at 31 March 2012, up 16 % from $800 million in the prior-year quarter. First-quarter 2012 orders, at $675 million, were 10 percent higher than the first quarter of 2011.

"The first-quarter crane segment results reflect another quarter of strong order intake driven by robust demand in the Americas region, as well as growing interest in the new products we introduced in 2011. In addition, our backlog reached the highest levels since before the recession and represented a book-to-bill ratio of 1.3 times," said Glen Tellock, Manitowoc chairman and chief executive officer.

The company reaffirmed its full year guidance for 2012 as follows: a 10 to 15% year-over-year percentage growth in crane revenue; a 30 to 40% year-over-year percentage increase in crane operating earnings; and a debt reduction target of $150 to $200 million.

For the Manitowoc Company as a whole, including the food service division, sales were reported at $860.1 million for the first quarter of 2012, up 17.5 % compared to the $732.2 million from the first quarter of 2011. Driving the increase was the growth in the crane segment.