Operating earnings for the fourth quarter of 2006 increased 159 percent to a record $77.6 million, from $30.0 million in the same period last year. The division’s order backlog totaled $1.5 billion at year-end, an increase of 10% from September 30, 2006, and up 77% from December 31, 2005.
“The crane segment continues to drive outstanding financial performance through its global positioning and strong product line,” said Terry Growcock, Manitowoc chairman and chief executive officer. “The Crane segment intends to meet the strong demand for its products by focusing on optimizing current facility utilization and by leveraging external resources. The effectiveness of this strategy is shown by the ability to grow the backlog while maintaining delivery schedules that meet customer requirements.”
The company said that its crane segment will grow by more than 20% in 2007, and drive the entire business. Manitowoc also makes foodservice equipment such as refrigerators.
The company is adding a seventh strategic priority for 2007, it said – world-class global aftermarket support, which it said will help it fight off competitors. “Programs such as Crane Care and our partnerships with thousands of dealers and technicians in the foodservice industry create a powerful support network,” the company said. “This serves as a strategic differentiator between Manitowoc and our established competitors, as well as new entrants to our markets from emerging economies.”
