Slowing crawler crane sales has prompted Manitowoc Company Inc to warn that its third quarter earnings, due to be announced on 22 October, will be lower than expected.

‘Although our crawler crane revenues were off only 1% for the first six months of 2002, the industry declined more than 10%over the same period,’ said Terry Growcock, Manitowoc’s president and chief executive officer. ‘However, during the third quarter our crane sales began to decline at industry rates. Furthermore, we anticipate that slower demand is now likely throughout the fourth quarter and well into 2003.

‘We have already taken steps to address this market weakness through direct labour reductions. Additionally, we have made significant salaried employee reductions, which will enable us to reconfirm the Grove accretion guidance we have previously provided.

‘Results for the Foodservice Equipment and Marine segments are in line with our expectations,’ Growcock continued. ‘Due to the strength of our diversified business model, we expect to report third-quarter earnings that are significantly higher than the year-ago period, along with very strong cash flow.’