The Manitowoc Company Inc, which celebrated its 100th anniversary on 27 June, has announced record revenues for the group and increased net earnings for the second quarter ended 30 June 2002.
Net sales increased 16 % to $346.2 million, from $298.2 million for the same period in 2001. Net earnings climbed 37% to $20.1 million, compared with $14.6 million in the second quarter of 2001.
Manitowoc’s crane businesses had 20% growth in both net sales and operating earnings. Net sales for the quarter were $160.1 million and operating earnings were $21.6 million.
Underlying growth, excluding the effect of last year’s acquisition of Potain, was rather more modest, but still in the right direction, with net sales up 1% and operating earnings up 4%.
“Although we continue to face a challenging economy, each of Manitowoc’s business segments performed well during the quarter,” said president and chief executive officer Terry Growcock. “This is a tribute to our strategic acquisitions, successful new-product introductions, market-share gains, and strong management guiding each of our operations.”
He continued: “We are pleased that our Crane segment once again outperformed the crane industry, which has continued to be soft this year. Helping to drive top-line performance was a full quarter of results from Potain, coupled with the shipment of a 1,000-ton capacity Model 21000. Order rates remained strong, particularly in the infrastructure market. As a result, Crane segment backlog held firm at $81.7 million. On the acquisition front, we expect to complete the Grove acquisition during the third quarter.”
