June 20 - Manitowoc recorded sales of USD427.4 million in the first quarter of 2016 - a 5 percent increase compared with the same period in 2015.
Operating earnings for the first quarter of 2016 stood at USD9.5 million, compared to a loss of USD7.3 million in the same period last year.
"We made great strides in the first quarter transitioning to a stand-alone crane business," said Manitowoc president and ceo, Barry L. Pennypacker.
The manufacturer attributed its year-on-year increase in sales to strength in the tower cranes market due to improving residential and commercial construction trends.
However this growth was offset by "persistent currency headwinds and on-going softness" in the mobile crane market, due largely to the underperformance in the USA in light of lower oil prices.
www.manitowoc.com
