Manitowoc sees more year-on-year gains
Reuters Story - April 09, 1998 08:12
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MANITOWOC, Wis., April 9 (Reuters) - Ice cube machine maker
Manitowoc Co. Inc. said Thursday after reporting a 44 percent
increase in first quarter earnings that it expected to continue
to post year-on-year gains.
"Most of the factors that affect our performance are
positive, so I expect we will continue to post gains in
year-over-year comparisons as 1998 progresses," said President
and Chief Executive Officer Fred Butler.
The company earlier said net earnings for the first quarter
were $9.34 million, or $0.54 per diluted share, up from $6.48
million, or $0.37 a diluted share a year ago.
In addition to ice cube machines, the company makes
commercial refrigeration equipment and lattice-boom cranes,
boom trucks and related equipment. It also does ship repair
work for vessels operating in the Great Lakes.
Butler said most of the improvement was volume-related but
the company also benefited from productivity gains in its
large-crane operations and an improved mix in its marine
business.
Manitowoc's backlog of unfilled crane orders grew in the
first quarter despite heavy shipments, the company said.
At the end of March, its backlog was $163 milllion, up from
$149 million at the end of 1997 and $145 million a year ago.
It said most of the backlog is orders for North American
and European markets and only includes one order for Asia.
First quarter capital investment was $4.2 million and the
company said it expected capital investments of $12 to $15
million for the year.
The stock was up 1-3/8 at 40-1/8 in morning activity.
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