The Manitowoc Co. last week provided guidance to the investment community 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 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 said it expects that recent Crane segment capacity expansion projects in North America, Europe, and Asia will support 2008 revenue growth in excess of 20 percent from 2007 levels.
The company anticipates that despite facility expansions and optimization efforts, the Crane segment will continue to improve profitability, with 2008 operating margins in the mid-teens range. Year-over-year quarterly conversion margins are expected to continuously improve throughout the year from the teens to more than 20 percent by the end of the year.
The company also 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 $2.45 to $2.50 per share to a new range of $2.55 to $2.60 per share.
Headquartered in Manitowoc, Wis., The Manitowoc Co. 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.