MCG sales up 41%

19 March 2008

Second quarter sales at Manitowoc Crane Group jumped 41% to US$805.1 million, from $570 million in the same period last year. Operating earnings leapt even higher, by 59%, to $120.2 million from $75.6 million in the same period of 2006.

Order backlog was $2.1 billion in June, up nearly $1 billion, or 85%, from 30 June 2006. “As we have noted in the past, we are reluctant to book orders with extended delivery dates without the ability to accurately price the product due to fluctuating supply chain costs. We have seen this issue understate the underlying strength of lifting equipment demand at other times during this up-cycle as well. Demand for engineered lift solutions continues to grow around the world and Manitowoc Crane Group is ideally positioned to capture its share of that demand,” said Glen Tellock, Manitowoc Company president and chief executive officer.

“New infrastructure, energy and industrial construction projects are being developed and funded in both established and developing markets. Furthermore, our global footprint, diverse product line, aftermarket support and new product introduction are several of the catalysts driving our success in this robust market.”

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