Manitowoc, Crane--Manitowoc Crane slips 8%

Manitowoc Crane has reported third quarter revenues of $438.8 million, down eight percent on the same quarter last year. Operating profits were down just over 20 percent to $16.2 million.

For the nine months to the end of September sales are down just over 30 percent to $1.3 billion, while operating profits declined more than 53 percent to $59.2 million.

The decline in earning has been compounded by higher engineering and prototype costs and a factory consolidation in France.
The crane backlog as of the end of September was $448 million down 15.6 percent on the quarter

Manitowoc chief executive Glenn Tellock said: "We were confronted with continued challenges in our Crane segment during the third quarter as the lack of meaningful improvement in the global economy, as well as typical seasonal patterns in Europe, resulted in lower sales volume. With increasing utilisation rates in North America, favourable dealer inventories, and encouraging feedback at recent customer events, it is reasonable to expect that demand will improve as we move into 2011."

Source: Vertikal.net