The Manitowoc Company Inc. announced preliminary financial results for the first quarter ending March 31, 2001. The company anticipates that reported net sales for the first quarter will be in the range of $215 million to $225 million compared with the $202.0 million reported in the first quarter of 2000. Diluted earnings per share for the quarter are expected to be in the range of 38 cents to 43 cents compared with year-ago earnings per share of 57 cents.

On the company’s crane side of the business, said Terry D. Growcock, president and chief executive officer, Manitowoc, sales of the boom trucks continue to be weak due to greater economic pressures on smaller contractors, reflecting the reduced order patterns for light-duty construction equipment.

"Looking ahead," added Growcock, "we remain somewhat optimistic about the remainder of the year. We are particularly enthused about the new foodservice products we have recently introduced in addition to those that will be launched throughout the balance of 2001. Next week, Manitowoc Cranes will unveil and introduce several new products at Bauma, which is the world’s largest construction-equipment trade show."

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