Manitowoc’s third quarter sales jumped 19.6 percent to $1.1 billion compared with last year’s third quarter total sales of $925.2 million. Operating earnings were $140.6 million, a 19.2-percent leap compared with $118 million for the same period last year. Earnings per share for the Manitowoc, Wis.-based manufacturer were $.80 before special items, compared with net earnings of $0.66 per diluted share in the year-ago period.
Including special items, including a hedging loss of $198.4 million before taxes, the company reported a third-quarter net loss of $26.1 million.
“Highlights of the third quarter included strong performance by our crane business, which continued to benefit from long-term global infrastructure and energy development projects, despite ongoing softness in some residential and commercial construction markets, as well as challenges in customer and project financing,” said Glen Tellock, president and CEO. “The turbulence in the global financial system is affecting our markets and customers. However, Manitowoc is a much better balanced company than it was just five years ago. We have a broader mix of products, a wider geographic scope, and much higher levels of efficiency.
“In addition, the benefits achieved through the acquisition and integration of Potain and Grove into Manitowoc Crane Group should continue to enable us to remain one of the world’s leading sources of lifting solutions.”
Third-quarter crane segment sales totaled $991 million, a 22-percent hike from the same period in 2007. Operating earnings for the quarter were $139 million, a 24-percent year-over-year boost.