Manitowoc Reports Solid Third Quarter Sales and Operating Results

reported financial results from continuing operations for the third quarter ended September 30, 2008. Compared with the third quarter of 2007, net sales of $1.1 billion and operating earnings of $140.6 million increased 19.6 percent and 19.2 percent, respectively. Earnings per diluted share was $0.80 before special items compared with net earnings of $0.66 per diluted share in the third quarter of 2007. Including special items (which included a hedging loss of $198.4 million before taxes, or $0.99 per diluted share after taxes, as described in the following paragraph), the company reported a third-quarter 2008 net loss of $26.1 million, or $0.20 per diluted share. The Marine segment is reported as a discontinued operation in the periods presented due to the pending closure of the sale of this segment.