February 7, 2006 — The Manitowoc Company, Manitowoc, Wis., recently reported continued strong increases in net sales and earnings for the fourth quarter ended December 31, 2005. Net sales increased 16 percent to $589.3 million from $507.4 million during the fourth quarter of 2004. Reported earnings per diluted share were $0.59 for the 2005 quarter compared to $0.19 for the 2004 quarter.
More specifically, Q4 2005 net sales in the crane segment increased 22% to $438.9 million, from $358.4 million in the fourth quarter of 2004. Operating earnings increased 89% to $30 million, from $15.9 million last year. The strength of the crane segment's end markets is reflected in its backlog, which totaled $866 million, an increase of 37% from September 30, 2005 — and more than double the $340 million on order at December 31, 2004.
"Our crane segment's strong performance reflects steadily improving global market dynamics as well as the benefits of a broad product line," said Terry D. Growcock, Manitowoc's chairman and CEO. "Demand for premium lifting solutions continues to strengthen in our key industry markets. Market indicators for crawler cranes, such as rising rental rates and improved fleet utilization, continue to improve in North America, while our efforts at cross-leveraging our tower crane product line into North America are also showing success. Demand for mobile cranes is robust as global construction activity continues to ramp up in the energy, transportation, and industrial infrastructure segments. We meet this global demand with a global offering for our customers that meets their diverse needs anywhere in the world.”
