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Manitowoc sees Q2 results rise on growing demand for cranes

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The Manitowoc Company reported sales of US$949.8mn for the second quarter of 2011, a rise of 15.9 per cent over Q2 results for 2010.

In a company statement, Manitowoc attributed this rise to a sales increase of 22.9 per cent in Crane segment sales.

Manitowoc also reported earnings of US$2.7mn in the second quarter versus earnings of US$14.1 mn in Q2 of 2010.

"Our strong second-quarter results underscore the improved demand for our products across multiple geographies. In Cranes, we are seeing improving confidence within our customer base, despite some lingering uncertainty in the broader economic landscape. Order activity has started to rebound in our developed markets, while emerging markets have maintained their momentum," commented Glen E. Tellock, Manitowoc's chairman and chief executive officer.

"We believe that our initiatives around product innovation and operational excellence position us well to leverage the recovering economy. We will continue to invest in the necessary people, processes, and technology to support our long-term growth strategy as we focus on expanding our leadership and competitive position in 2011 and beyond," continued Tellock.

Manitowoc Crane segment saw second-quarter 2011 net sales hit US$554mn, up 22.9 percent from US$451.6mn, in the second quarter of 2010, driven primarily by continued growth in the Americas region and strong demand in emerging markets.

The company?s crane segment operating earnings for the second quarter of 2011 decreased to US$29.5mn from US$38.5mn in the same period last year. This resulted in a Crane segment operating margin of 5.3 per cent for the second quarter of 2011, down from 8.5 per cent in the same period in 2010.

"The second-quarter Crane segment results illustrate the benefits we receive from our global footprint and considerable product breadth. In our emerging markets, we still see energy and infrastructure projects driving sales. The level of activity we have witnessed in the first half of this year supports our assertion that 2010 was indeed the trough and 2011 will be a transition year as we continue to move through this recovery," added Tellock.

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