Manitowoc Updates 2006 Expectations Nov 29, 2006

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Manitowoc Company updated its financial expectations for 2006 and gave a preliminary outlook for its 2007 financial performance.  The company affirmed its prior earnings per share guidance of U.S. $2.70 to $2.75 excluding special items for 2006, ($2.53 to $2.58 on a GAAP basis). Manitowoc also expects capital expenditures will total $68.1 million; research and development costs will reach $33.6 million; international shipments will climb to $1.39 billion; and SG&A as a percent of sales will decline to 11.8 percent.

Business operations of The Manitowoc Company, Inc. (Manitowoc, Wisconsin, U.S.) include ice making/foodservice equipment, as well as crane and marine manufacturing.

For the year 2007, the company anticipates a mid-single-digit revenue gain in foodservice, a 20-percent revenue gain in its crane segment and flat revenues in marine. Foodservice margins are anticipated to reach a mid-teens level while operating earnings for cranes are expected to rise to a low-teens level and marine margins should span a mid- to high-single digit range.
 

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