MTW - Great Earnings News

Todd,

The 2nd Quarter is usually their strongest quarter, so I expected earnings to fall from 1.044

It fell to 0.80, analysts expected 0.81.

Then of course they lowered their full year outlook (cause of the $0.99 UK currency hedge 1-time cost –--no brainer)

They’re still up Year over Year, That’s good, but I think their crane backlog is likely to be down from the last quarter. They hid those details by mentioning that it’s up Year over year. Crafty.

“The sequential decline in Manitowoc's crane backlog from the second quarter of 2008 reflected slowing demand for tower cranes in Europe, and a delay in opening the 2010 order book until material price forecasts and customer pricing arrangements can be finalized.”

“Crane backlog at September 30, 2008 was $3.3 billion, nearly 26 percent higher than the third quarter of 2007 and down slightly from the second quarter of 2008.“

Of course they don’t tell you what the Q2 figure is. Make you look it up.

“For the nine-month period of 2008, net earnings were $210.4 million or $1.60 per share, down from $237.4 million or $1.87 per share in the previous year period.”

That even reflects the $1.00 per share currency hedge. Looks like they’re kicking butt to me.

Haha, This next quote’s funny

“People and Organizational Development: Research shows that engaged employees care about the future of the company and have a direct, positive impact on a company's financial performance.“

Research shows that engaged employees care… priceless. So, there’s a lot of filler in their statements.

Alright, I’ve seen enough. This company is still a Buy on my list. It’s too damn cheap. And.. even though this quarter is lower than the last quarter, we are in “tough times” and… it’s up Year over Year. Incredible.

Glen

From: Todd.Johnson Sent: Tuesday, October 28, 2008 10:57 AM To: gbradfo Subject: RE: MTW

Thanks Glen,

If you would, send me your thoughts when they post results after the bell today.

Thanks again,