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Manitowoc 3Q Profit Jumps 51 Percent
Heavy equipment maker Manitowoc Co. said Wednesday its third-quarter profit rose 51 percent, driven by strong global demand for its cranes.
The company reported income of $75.9 million, or 59 cents per share, compared with $50.4 million, or 40 cents per share, in the year-ago period.
The recent quarter's results include a charge of 6 cents per share related to the redemption of its senior subordinated notes due 2012. Adjusted earnings per share for the quarter increased to 65 cents from 41 cents in the year-ago period, the company said.
Per-share figures for both periods reflect a two-for-one stock split executed on Sept. 10.
Revenue rose 29 percent to $1.01 billion from $779 million in the third quarter of 2006.
Analysts polled by Thomson Financial estimated, on average, earnings of 63 cents per share on sales of $973.6 million. Analyst estimates typically exclude one-time, unusual items.
Quarterly sales from the company's crane segment grew 39 percent to $812.3 million. Backlog totaled $2.7 billion as of Sept. 30, nearly double the level recorded at the same time last year, Manitowoc said.
"Demand for our full line of lifting solutions continues to be strong in all regions and for nearly all product lines," said Glen E. Tellock, president and chief executive, in a release. "Our view of the industry is that demand will remain strong through the end of the decade, with the potential for additional infrastructure and industrial projects in emerging markets to push that window of demand out even farther."
Shares rose $2.02, or 4.3 percent, to close at $49.26, but in aftermarket trading slipped $2.41, or 4.9 percent, to $46.85.
© 2007 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
http://news.moneycentral.msn.com/provider/providerarticle.aspx?feed=AP&Date=20071031&ID=7737586
Heavy equipment maker Manitowoc Co. said Wednesday its third-quarter profit rose 51 percent, driven by strong global demand for its cranes.
The company reported income of $75.9 million, or 59 cents per share, compared with $50.4 million, or 40 cents per share, in the year-ago period.
The recent quarter's results include a charge of 6 cents per share related to the redemption of its senior subordinated notes due 2012. Adjusted earnings per share for the quarter increased to 65 cents from 41 cents in the year-ago period, the company said.
Per-share figures for both periods reflect a two-for-one stock split executed on Sept. 10.
Revenue rose 29 percent to $1.01 billion from $779 million in the third quarter of 2006.
Analysts polled by Thomson Financial estimated, on average, earnings of 63 cents per share on sales of $973.6 million. Analyst estimates typically exclude one-time, unusual items.
Quarterly sales from the company's crane segment grew 39 percent to $812.3 million. Backlog totaled $2.7 billion as of Sept. 30, nearly double the level recorded at the same time last year, Manitowoc said.
"Demand for our full line of lifting solutions continues to be strong in all regions and for nearly all product lines," said Glen E. Tellock, president and chief executive, in a release. "Our view of the industry is that demand will remain strong through the end of the decade, with the potential for additional infrastructure and industrial projects in emerging markets to push that window of demand out even farther."
Shares rose $2.02, or 4.3 percent, to close at $49.26, but in aftermarket trading slipped $2.41, or 4.9 percent, to $46.85.
© 2007 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
http://news.moneycentral.msn.com/provider/providerarticle.aspx?feed=AP&Date=20071031&ID=7737586
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