Because of this first-quarter performance and its outlook for the remainder of the year, the company is also increasing its annual GAAP (Generally Accepted Accounting Principles) earnings per share guidance range to $3.75 – $4.00 from the $3.30 – $3.60 per share range announced earlier this year.

The GAAP earnings will include the change in accounting for stock option expense, which is estimated to be $0.15, net of tax.

Chairman and chief executive officer Terry Growcock said: “The crane business has continued to outperform even our own high expectations. We are extremely pleased with our success in working through production challenges common in this high demand environment.”

He added: “The strong cyclical upswing in our crane market appears to have offset much of the seasonal softness we would typically see in the first quarter of the year.”

The Manitowoc Company, Inc. will provide a formal press release of its first-quarter 2006 earnings on April 25.