Manitowoc Reports Record Q3 Earnings Oct 27, 2006

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The Manitowoc Company (Manitowoc , Wisconsin, U.S.) reported that financial results for the quarter ended September 30, 2006 represented the company's third consecutive quarter of record net sales and earnings. Net sales increased 38 percent to U.S. $779.0 million, from $564.9 million during the third quarter of 2005. Reported earnings per diluted share were $0.80 for the third quarter of 2006 compared to $0.28 for the third quarter of 2005.

Excluding costs related to the company's terminated bid for commercial foodservice equipment maker Enodis plc during the latest quarter, and the effect of restructuring activities and losses associated with discontinued operations during the third quarter of 2005, third-quarter 2006 earnings per diluted share from continuing operations increased 116 percent to $0.82, up from $0.38 for the third quarter of 2005.

Manitowoc makes commercial ice machines and commercial refrigeration equipment. Other divisions are involved in shipbuilding and repair as well as heavy-lift cranes. Chairman and CEO Terry D. Growcock gives the credit for the higher earnings to the crane business.

Foodservice Growth Pursuits
"While we felt it was in the best interests of our shareholders not to move forward with the bid for Enodis plc, we will continue to explore strategic growth opportunities for our Foodservice and Crane segments, which both make solid contributions to our profitability," Growcock said.

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