THE acquisition of Potain helped Manitowoc post a 39% rise in net crane sales in 2001, up from $376m in 2000 to $523m. Operating profit in Manitowoc’s crane group rose just 5%, however, to $66m.
In the fourth quarter of the year net sales from the Crane Group increased 79% to $153.4m, and operating earnings rose 38% to $17.3m, due to the acquisition of Potain. With Potain’s contribution stripped out, however, crane sales and operating earnings for the quarter fell 9.5% and 16%, respectively, compared to year-ago levels. The company said that it continued to see soft demand for its boom trucks during the quarter, while demand for heavy equipment, including high-capacity crawler cranes, remained solid.
During the year boom-truck facilities were consolidated and the acquired activities of Pioneer and USTC have both been closed down. Models from these two manufacturers’ ranges are now produced at the Texas facility of what used to be Manitex and is now called Manitowoc Boom Trucks.
The backlog of crane orders stood at $64.5m on 31 December 2001, compared with $93.4m at the end of 2000 and $136m at the end of 1999.
At group level, Manitowoc Company Inc – which also has a food service division and a shipbuilding division – reported record revenue and cash flow for 2001. Net sales increased 28% to $1.1bn from $873.3m for 2000. Earnings, excluding a one-time charge, were $48.9m, compared with $60.3m in 2000. Including the one-time, after-tax charge of $3.3m for prepayment of the company’s credit facilities related to the Potain acquisition, net earnings for 2001 were $45.5m. EVA (economic value added) came to $19m, compared with $35.4m in 2000.
