The Manitowoc Company Reports Record Sales and Earnings for 4Q and FY 2007 Feb 5, 2008

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The Manitowoc Company reported its financial results for the quarter ended Dec. 31, 2007. For the quarter, the company set records for net sales and earnings per share as robust global construction activity continues to drive demand for the company's lifting solutions. Net sales for the quarter totaled US$1.1 billion, an increase of 44% from the fourth quarter of 2006. Reported net earnings per diluted share were $0.76 for the fourth quarter of 2007, more than double the $0.35 for the fourth quarter of 2006.

In the Foodservice segment, fourth-quarter 2007 net sales increased 7% to $100.4 million from $94.0 million in the fourth quarter of 2006. Operating earnings for the fourth quarter of 2007 were $10.2 million, an increase of 11% from the same period in 2006.

The company affirmed its current earnings guidance for 2008 earnings per share, excluding any unusual items, of being in a range of $3.20 to $3.40, which represents an increase of between 19% and 27% from 2007 results. 

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