Manitowoc made net sales of $84.3m from its crane business in the first three months of 2001, a 16% fall on the $100.8m sales made in first quarter 2000. Operating earnings were down 35% to $11.3m from $17.3m in the same period last year.
Parent company Manitowoc Company Inc. reported net sales up 11.4% to $229.4m in first quarter 2001, but net earnings of $9.9m, down more than 33% on last year’s first quarter.
Despite the drop in sales and earnings, Manitowoc’s president and chief executive officer Terry Growcock remained upbeat about prospects. “Prospects for our crane segment remain solid, despite increased European pricing pressures for our large crawler cranes due to the strong dollar. Slower order-to-delivery rates in our boom-truck operation reflect the continued economic concerns affecting smaller contractors,” Growcock said.
He continued: “Quoting activity for our higher-capacity lift cranes continues to climb, driven by demand in the energy-related markets. Although pricing pressures hampered our margins in the first quarter, we have expanded our leadership position in the worldwide market for medium-and high-capacity lift cranes.
“The strength of our large-crane business is evidenced by the very positive response we received at Bauma 2001, an international construction equipment trade fair in Germany. The introduction of five major new crane products at one show is unprecedented in the lattice-boom crane industry and is a testament to our technological and manufacturing capabilities. Including sales made at Bauma, our overall crane segment backlog stood at $85m as of 13 April 2001.” Cranes is one of three divisions of The Manitowoc Company Inc. It also produces equipment for the food service industry, and it is engaged in shipbuilding and repair.
