The Manitowoc Company last week reported that financial results for the quarter ended Sept. 30, 2006 represented the company's third consecutive quarter of record net sales and earnings. Net sales increased 38 percent to $779.0 million from $564.9 million during the third quarter of 2005. Reported earnings per diluted share were 80 cents for the third quarter of 2006 compared to 28 cents for the third quarter of 2005.
Excluding costs related to the company's terminated bid for 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 82 cents, up from 38 cents for the third quarter of 2005.
"Third-quarter operating earnings from Manitowoc's Crane segment increased more than 150 percent compared to the third quarter of 2005 as we benefited from robust demand, high capacity utilization, and excellent factory productivity," said Terry Growcock, Manitowoc's chairman and CEO.
Third-quarter 2006 net sales in the Crane segment increased 44 percent to $583.3 million, from $404.9 million in the third quarter of 2005. Operating earnings for the third quarter of 2006 increased 157 percent to a record $76.1 million, from $29.6 million in the same period last year. The strength of the Crane segment's end markets is reflected in its backlog, which totaled $1.4 billion, an increase of 25 percent from June 30, 2006, and up 120 percent from Sept. 30, 2005.
"Based on the strong performance during the third quarter, we are raising our 2006 earnings guidance to a range of $2.70 to $2.75 per share, excluding special items," said Growcock.
The Manitowoc, Wis.-based company’s board of directors declared its regular quarterly dividend of 3.5 cents per share of common stock, payable on Dec. 11, 2006, to shareholders of record on Dec. 1, 2006.The Manitowoc Company is one of the world's largest providers of lifting equipment for the global construction industry, including lattice-boom cranes, tower cranes, mobile telescopic cranes and boom trucks.