With a strong lift from the crane business,Â Â Manitowoc Co.Â reported Thursday its quarterly earnings more than doubled from a year ago.
The maker of construction cranes and food service equipment said fiscal third-quarter net income rose to $52.9 million, or 39 cents a share, from $22.2 million, or 17 cents, in the year-earlier period.
The Manitowoc-based company said sales increased 7% to $1 billion from $947.5 million. The increase was driven by a 10% gain in crane sales, the company said.
“While the global markets have not rebounded to the degree that we had expected, we generated solid third-quarter sales growth and notable margin improvement,” Manitowoc Chairman and CEO Glen Tellock said in a statement.
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