The Manitowoc Company Inc. recently reported financial results for the second quarter ended June 30, 2001.
Net sales increased 22.4 percent to $298.2 million for the second quarter of 2001, from $243.6 million for the same period in 2000. Earnings for the quarter were $17.9 million, or $.73 per diluted share, excluding a one-time charge, compared with $22.6 million, or $.91 per diluted share in the second quarter of 2000. Including the one-time, after-tax charge of $3.3 million for prepayment of the company’s credit facilities prior to the Potain acquisition, second-quarter 2001 net earnings were $14.6 million, or $.60 per diluted share. EVA totaled $10.3 million for the second quarter, compared with $16.3 million for the same period a year ago.
For the first six months of 2001, net sales increased 17.4 percent to $527.6 million from $449.4 million for the same period in 2000. Earnings, excluding the one-time charge, were $27.8 million, or $1.13 per diluted share, compared with $37.5 million, or $1.47 per diluted share, for the comparable period in 2000. EVA was $12.5 million for the first six months of 2001, compared with $24.2 million for the same period one year ago.
"Manitowoc continues to deliver profitable results despite the difficult economic conditions that are affecting several of our businesses," explained Terry D. Growcock, president and chief executive officer. "The company’s performance during the second quarter was bolstered by operational improvements and cost-reduction strategies that were implemented over the past 12 months. Equally important, we continue to gain market share in many of our key businesses.
