The Manitowoc Company, Inc. provided guidance for the company's anticipated financial performance in fiscal 2008.
"Our global leadership in the lifting industry is again providing the foundation for excellent financial performance," said Glen E. Tellock, president and CEO. "Based on our forecast for continued robust demand in all markets for our entire line of Crane products as well as continued solid contributions from our Foodservice and Marine segments, we expect earnings per diluted share for 2008, excluding any unusual items, to be in a range of $3.20 to $3.40."
The company expects that foodservice sales are expected to increase at a percentage rate in the mid-single digits, in spite of industry estimates for slowing sales growth. Foodservice is expected to achieve a modest full-year margin improvement to the mid-teens range.
Overall, the company expects to exceed its current guidance for full year 2007 earnings per share. The company is raising its most recent earnings per share guidance of US$2.45 to $2.50 per share to a new range of $2.55 to $2.60 per share.