The Manitowoc Company has reported record net sales and earnings for the second quarter, which ended June 30, 2005.
Net sales increased 17% to $616.8m (€508.2m), from $526.2m (€434m) in the second quarter of 2004.
Terry Growcock, chairman and chief executive officer, said Manitowoc had created a solid platform for growth and profitability. “We are well positioned to take advantage of increased market demand with our diverse product offerings,” he added.
Reflecting the increased share count from the company’s common stock offering in December 2004, earnings per diluted share were $0.78 (€0.6) for the second quarter of 2005 and $0.56 (€0.4) for the second quarter of 2004. Excluding a special charge related to debt extinguishment from the second quarter of 2005 and charges for restructuring from 2004, earnings per diluted share from continuing operations increased 43% to $0.80 (€0.7) for the 2005 period from $0.56 (€0.4) for the comparable period in 2004.
For the six months, which ended June 30, 2005, net sales increased 23% to $1.15bn (€949m) from $938m (€774m) during the same period in 2004.
Net earnings for the first six months of 2005 were $30.5m (€25m), or $1 per diluted share, an increase of 45% from the $21m (€17m), or $0.77 (€0.6) per diluted share, achieved during the first half of 2004.
Excluding special items, earnings from continuing operations were $36.4m (€30m), or $1.19 per diluted share, compared with $21.3m (€17.5m), or $0.78 per diluted share.
