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Manitowoc Company reports strong jump in quarterly profits


MANITOWOC, WI (WTAQ) - The Manitowoc Company said its quarterly profits more than doubled from a year ago, thanks to a nearly 12 percent increase in its sales of construction cranes.

The firm reports a net income of $34.5 million from October through December. That’s 132 percent higher than the same quarter of 2011.

Earnings totaled 26 cents a share, much higher than the 11 cents from the year before.

A recovering U.S. economy was credited for the larger crane sales. They totaled $767 million, up from $687 million in the fourth quarter of the previous year.

CEO Glen Tellock said the Manitowoc County finished the year on a strong note. Its net income for the entire year jumped by 8.5 percent from 2011.

The firm released its figures late Thursday, after the stock markets closed. Manitowoc’s stock was up 24 cents on the day, at $17.60.