DOW JONES NEWSWIRES Manufacturer Manitowoc Co.'s (MTW) second-quarter net income climbed 37% despite what the company called unprecedented cost increases in steel, copper and other materials. The company raised the low end of its year guidance. Chief Executive Glen Tellock said the company continues to see "brisk global demand" for its cranes. Manitowoc's shares recently traded up 5.6% to $30.60 after-hours. Manitowoc, which is best known for its construction cranes, reported net income of $133.9 million, or $1.01 a share, compared with $97.5 million, or 76 cents a share, a year earlier. Revenue grew 28% to $1.31 billion. The mean per-share earnings estimate of analysts polled by Thomson Reuters was 89 cents on revenue of $1.22 billion. Manitowoc's gross margin widened to 23.9% from 23.6%. Manitowoc's crane business's revenue rose 32%. Operating income for the segment rose 39% despite delays due to earthquakes in China and higher materials costs. The company's backlog grew 70% to $3.52 billion. Looking forward, Manitowoc said it raised the bottom end of its April full year guidance to $3.30 from $3.20 and kept the top end at $3.40. Manitowoc earlier this month agreed to buy Enodis PLC, a maker of commercial ice-making machines and deep fryers, for $2.4 billion. With the addition of Enodis, Manitowoc's crane business will account for 58% of group sales, down from the current 81%, according to Sterne Agee. The Manitowoc, Wis., company also produces ice and beverage dispensers and refrigeration equipment. -By Andrew Edwards, Dow Jones Newswires; 201-938-5973; andrew.edwards@dowjones.com Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http://www.djnewsplus.com/al?rnd=eBcEaH%2BraORqljI2v4M5ww%3D%3D. You can use this link on the day this article is published and the following day.
Les Bourses européennes ont clôturé en ordre dispersé vendredi mais sur une note globalement négative pour la troisième séance d'affilée, dans des échanges peu animés en l'absence...
Wall Street a clôturé en forte baisse jeudi, après la publication de chiffres de l'emploi pires que prévu et qui font douter du scénario d'une reprise rapide. La clôture a été...
La Bourse de Tokyo a fini en baisse de 0,61% vendredi, au lendemain de chiffres de l'emploi américain venus raviver les inquiétudes des investisseurs quant à l'état de l'économie...
Un consortium emmené par le britannique BP et comprenant le chinois CNPC a remporté le contrat d'exploitation du plus important champ pétrolifère d'Irak, a annoncé le ministre...
