The Manitowoc Company Inc. has reported increased revenues and earnings, healthy margins, and strong cash flow for the third quarter ended Sept. 30, 2001.
Net sales increased 40.3 percent to $301 million, from $214.5 million for the same period in 2000.
Earnings for the quarter were $12.4 million, or 51 cents per diluted share, compared with $12.3 million, or 50 cents per diluted share in the third quarter of 2000. EVA totaled $5.1 million for the third quarter, compared with $6.6 million for the same period a year ago.
For the same nine months of 2001, net sales increased 24.8 percent to $828.6 million from $664 million for the same period in 2000.
Earnings, excluding a one-time charge, were $40.2 million, or $1.64 per diluted share, compared with $49.8 million, or $1.98 per diluted share, for the comparable period in 2000.
Including the one-time, after-tax charge of $3.3 million for prepayment of the company’s credit facilities related to the Potain acquisition, net earnings for the first nine months of 2001, compared with $30.8 million for the same period one year ago.
"We are pleased with the revenue and earnings improvements, significant cash flow, and market share gains that we achieved during the quarter," said Terry D. Growcock, president and chief executive officer. "Continued softness in the Crane segment was offset by gains in Foodservice and Marine. During this time of economic uncertainty, we will remain intently focused on our strong management strategies, attention to EVA, and strategic acquisitions, which together will position our company to take full advantage of the economic turnaround when it occurs."
