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Manitowoc Reports Record Net Sales, Earnings and Backlog
May 4, 2007
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The Manitowoc Company (Manitowoc, Wisconsin, U.S.) reported strong results for the quarter ended March 31, 2007, setting records again for net sales, earnings per share, and backlog. For the quarter, net sales totaled U.S. $862.1 million, an increase of 36 percent from the first quarter of 2006. Reported earnings per diluted share were $1.01 for the first quarter of 2007 compared to $0.48 for the first quarter of 2006.

Manitowoc has diversified manufacturing interests in refrigeration/icemakers, as well as shipbuilding and crane manufacturing.  The crane business was largely credited with the strong quarterly results.

In the Foodservice segment, first-quarter 2007 net sales increased 4 percent to $97.0 million from $93.6 million in the first quarter of 2006. Operating earnings for the first quarter of 2007 were $10.9 million, an increase of 3 percent from the same period in 2006.

"A number of factors are converging to position our Foodservice segment for improved performance in 2007," said Manitowoc Chairman and CEO Terry D. Growcock. "Our industry-leading market share in the ice division is an excellent platform for our continued penetration into new markets such as healthcare and residential. The long-anticipated national restaurant rollouts of new beverage equipment remain on track, and we are participating in field trials at multiple sites. Our refrigeration line will benefit from the plant consolidation and re-engineering that was completed in 2006, and the segment will begin to benefit from our ERP implementation which will be completed in 2008."

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