Q3 is another Manitowoc record

Strong sales in the Manitowoc Crane Group, the Manitowoc Company's crane business, led to robust third-quarter results, the company said. The results exceeded Wall Street expectations and raised the 2006 earnings forecast. Results for Q3 2006 were the third consecutive quarter of record net sales and earnings for the group.

Terry Growcock, Manitowoc CEO, said, “Third-quarter operating earnings from Manitowoc's crane segment increased more than 150% compared to the third quarter of 2005 as we benefited from robust demand, high capacity utilization, and excellent factory productivity.”

Third-quarter 2006 net sales in the crane segment increased 44% to $583.3 million, from $404.9 million in the third quarter of 2005. Operating earnings for the third quarter of 2006 increased 157% to a record $76.1 million, from $29.6 million in the same period last year. Order backlog was $1.4 billion, an increase of 25% from 30 June 2006, and up 120% from 30 September 2005. Operating margin was 13%.