Reported earnings per diluted share were $0.48 for the 2006 quarter compared to $0.11 for the 2005 quarter.

Excluding the effects of discontinued operations and the favorable settlement of a post-acquisition claim during the 2006 quarter and the effect of discontinued operations and costs of early debt extinguishment during the 2005 quarter, first-quarter earnings per diluted share from continuing operations increased 147% to $0.47 in 2006, up from $0.19 for the comparable 2005 period.

All per share amounts reflect the 2006 two-for-one stock split that was declared February 24 and distributed April 10. A reconciliation of GAAP earnings to earnings excluding special items for three months ended March 31, 2006.

Terry Growcock, chairman and chief executive officer said: “This impressive start reinforces our expectation that 2006 will be a record year for the company.”

He added: “We expect our market leadership in cranes to continue to generate strong shareholder returns during this period of robust global construction activity, especially because peak crane demand historically trails that of the general construction equipment industry.”

First-quarter 2006 net sales in the crane segment increased 33% to $477.5m, from $358.0m in the first quarter of 2005. Operating earnings increased 151% to $51.2m, from $20.4m last year.

The strength of the crane segment’s end markets is reflected in its backlog, which totalled $987m, an increase of 14% from December 31, 2005, and up 85% from March 31, 2005.

“Our crane segment’s performance this quarter was truly outstanding,” Growcock said. He continued: “We are seeing the dividends from our investments in a global crane strategy. Operating margins have increased from 5.7% to 10.7%, driven primarily by operating leverage from increased volume and improved product mix in all of our geographic markets.”

He added that the federal highway and energy bills passed last year, along with a robust industrial construction market, are keeping US fleet rental and utilisation rates at high levels.

Demand for mobile cranes remains strong in the Europe, Middle East, and Asian regions. “Our new production facility in China is providing complete tower cranes as well as crawler and mobile crane components for the growing Asian markets,” said Growcock.