Manitowoc Reports Quarterly Report

The Manitowoc Company reported outstanding results for the quarter ended June 30, 2007, setting records again for net sales, earnings per share, and backlog. For the quarter, net sales totaled $1.019 billion, the first time that the company's quarterly revenue exceeded $1 billion, which is an increase of 37 percent from the second quarter of 2006. Reported earnings per diluted share were $1.53 for the second quarter of 2007 compared to $0.67 for the second quarter of 2006. Earnings per diluted share in the second quarter of 2007 included special items that increased reported earnings per share by $0.01. These items include the favorable settlement of a currency hedge associated with the Crane segment's Indian acquisition and a gain on the sale of the aerial work platform parts business. These two gains were partially offset by a charge associated with the conversion of an overseas pension plan from a defined benefit to a defined contribution structure and a charge for a U.S. pension withdrawal liability. The 2006 quarter's reported results included a $0.15 per share charge associated with early retirement of debt. Excluding the special charges from both the 2007 and 2006 periods, earnings from continuing operations for the 2007 quarter increased 85 percent from the prior year period.