Manitowoc Company Inc recorded a 9.3% decline in like-for-like crane sales in the first three months of 2002, although including Potain, not part of the company a year previously, sales were up 75% to $147.7m. Operating earnings were up 18% to $13.5m.
The company said that margins were flat. ‘Once again, the crane segment was affected by a strong dollar and pricing pressures; however, the company’s boom truck business posted improved performance as a result of its plant consolidation.’
The order book stood at $81.5m on 31 March 2002, the company said.
Highlight of the first quarter was the 18 March announcement that Manitowoc had agreed to buy Grove Worldwide for $270m.
