Several equipment manufacturers and a crane rental company have reported their most recent financial results. Here is a brief overview.
The Manitowoc Company, Manitowoc, Wis., recently reported third quarter 2009 sales of $881.5 million, down 20 percent from $1,106.8 million in the third quarter of 2008. The decrease was due primarily to a 52 percent decline in crane sales, partially offset by the additional revenues related to the acquisition of Enodis plc in October 2008.
Third-quarter 2009 net sales in the Crane segment were $479.5 million, down 52 percent from $991 million in the third quarter of 2008.
For full Manitowoc Q3 results, click here.
Oshkosh Corporation, parent company of McConnellsburg, Pa.-based JLG Industries today reported fiscal 2009 fourth quarter net sales of $1.49 billion and income from continuing operations of $52.4 million, or $0.63 per share, compared with net sales of $1.85 billion and income from continuing operations of $62.4 million, or $0.84 per share, in the prior year’s fourth quarter.
Access equipment segment sales decreased 58.2 percent to $310.5 million for the fourth quarter of fiscal 2009 compared with the prior year quarter. Sales reflected substantially lower global demand arising from recessionary economies and tight credit markets.
For full JLG results, click here.
Ancenis, France-based Manitou recently announced its third-quarter results. Net third-quarter revenue is down 47 percent at the company. Revenue estimates for the full year 2009 are expected to be down 50 percent compared to 2008. The company also reduced headcount by 35 percent between Dec. 31, 2008, and Sept. 30, 2009.
“Manitou’s environment is not any different from the one described a month ago for H1 earnings; business continues to decrease (in particular due to a perturbed agriculture market) but less rapidly than at the beginning of the year,” said Jean-Christophe Giroux, Manitou president and CEO. “For the first time in 2009, the order book represents more than three months of sales, and it looks like we’ll be reaching a low point somewhere in Q4. In addition, Manitou continues to improve its adaptation plans, on inventories, reduction of fixed costs or indebtedness.”
For more on Mantiou results, click here.
Essex Rental Corp.
Essex Rental Corp. this week announced its unaudited consolidated results for the third quarter ended Sept. 30, 2009. Total rental related revenue, excluding used rental equipment sales, was $9.7 million, compared to $20.2 million in the third quarter of 2008. The decline was primarily due to lower equipment rental revenue attributable to lower utilization rates of cranes and attachments.
For complete results, click here.
Used with permission from Lift & Access