Manitowoc Experiences Record Crane Backlogs

>click on image to enlarge A new luffing jib was recently made available for Manitowoc 's Model 555 lattice boom crawler crane. The 45-ton capacity jib increases the crane's maximum reach to 330 feet. A Model 555 equipped with the new luffer is shown at a BASF plant on the Texas Gulf Coast where it is being used to help service a giant steam cracker. The unit was leased by International Maintenance Company from Groves Equipment.

May 19, 2004- The Manitowoc Co., Manitowoc , Wis., reported on April 28, 2004, strong increases in sales for the first quarter of this year and is experiencing high demand for its crane products.

According to the company, backlog on crane orders is at historically high levels. Net sales for its crane business unit were $253 million for the quarter, up 15 percent from $221 million for the first quarter of 2003. Operating earnings were up 28 percent to $10.4 million compared with $8.1 million one year ago.

As of March 31, total crane backlog excluding the impact of BAUMA orders was $336 million, up substantially from $221 million at the end of 2003.

"Demand for all crane products, except for crawlers, seems to be improving, as evidenced by our backlog numbers and the successful reception we received at BAUMA, where we launched 11 new crane products," said Terry Growcock, chairman and chief executive officer.

Overall net sales for the company were $412 million, increasing from $361 million during the same period last year. Net earnings were $5.8 million, or 21 cents per diluted share, in the first quarter compared to $500,000, or 2 cents per diluted share, last year.

Additionally, the company recently announced that Carl Laurino replaces Timothy Wood as its senior vice president and chief financial officer. Laurino previously held the position of treasurer at the company. Wood, who has served as CFO since 2002, assumes the position of director of governance compliance.

Other promotions include Dean Nolden to vice president of finance and controller and Maurice Jones to senior vice president, general counsel, and secretary.