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Manitowoc Reports Record Financial Results For 2008
     - Full-year 2008 net sales from continuing operations totaled
       $4.5 billion, a 22 percent increase over 2007

     - Full-year 2008 operating earnings from continuing operations reached
       $519.8 million, a 9 percent increase over the prior year

     - 2008 cash from operations rose 32 percent to $323 million

     - 2008 EVA totaled $231 million, up 12 percent versus 2007

MANITOWOC, Wis., Jan. 28 /PRNewswire-FirstCall/ -- The Manitowoc Company, Inc. (NYSE: MTW) reported sales of $1.22 billion for the fourth quarter of 2008, a 16 percent increase from $1.05 billion in the fourth quarter of 2007. Results for the quarter were a net loss of $36.5 million, or a loss of $0.28 per share, versus earnings of $99.2 million, or $0.76 per share in the fourth quarter of the prior year. The earnings decline was due to the acquisition of Enodis plc, partially offset by the gain on the divestiture of the Marine segment, both of which were completed during the fourth quarter of 2008.

Excluding the impacts of the Enodis acquisition, the gain on sale of the Marine segment, the early extinguishment of debt, and a restructuring charge taken in the Crane segment, earnings from continuing operations for the quarter were $66.5 million, or $0.51 per share, versus $96.1 million, or $0.74 per share, in the fourth quarter of 2007. A reconciliation of GAAP earnings to earnings from continuing operations before special items for the three months and 12 months ended December 31, 2008 and 2007 is included later in this release.

For the full year 2008, sales were $4.50 billion, a 22 percent increase from $3.68 billion in 2007. Net earnings for 2008 were $174.0 million, or $1.32 per share, versus $336.7 million, or $2.64 per share in the prior year. Excluding the special items described in the reconciliation below, earnings from continuing operations for 2008 were $407.4 million, or $3.10 per share, versus $341.1 million, or $2.68 per share in 2007. This shortfall compared to prior guidance is due to the after tax impact of the Crane restructuring charge taken in December 2008.

"This has been a transformational year for Manitowoc," said Glen Tellock, president and chief executive officer. "We are successfully executing our long-term strategy of building market-leadership positions in our two core markets: cranes and commercial foodservice equipment. In addition, we have divested our Marine segment and are now focusing all resources and management efforts on expanding our competitive position within our two remaining segments.

"Like most companies, we are feeling the impact of the global economic slowdown. We have taken appropriate actions and we will make additional changes to our businesses as market dynamics continue to unfold in 2009. We intend to build on our leadership positions during this slowdown and emerge as an even stronger competitor."

Business Segment Results

Fourth-quarter 2008 net sales in the Crane segment were $943.6 million, essentially flat with net sales of $945.5 million in the prior year. Crane segment operating earnings for the fourth quarter of 2008 decreased to $114.9 million from $141.7 million in the same period last year. Crane segment backlog totaled $1.9 billion at December 31, 2008, a decrease of 34 percent from the $2.9 billion backlog at December 31, 2007.

"As we stated in our January 8 announcement, we are experiencing a weakening demand in the Crane segment, and we estimate a decline in crane sales of approximately 20 percent in 2009," said Tellock. "Although demand for lighter lift capacity cranes has softened globally, demand for higher capacity cranes in the U.S. and Asia remains relatively stable. However, demand in Europe and the Middle East has weakened considerably compared to the peak we experienced in the first half of 2008."

In the Foodservice segment, fourth-quarter 2008 net sales increased 172 percent to $273.0 million from $100.4 million in the fourth quarter of 2007. Operating earnings for the fourth quarter of 2008 were $3.2 million, down from $10.2 million in the same period in 2007. Excluding special items related to the acquisition of Enodis, operating earnings were $13.4 million in the fourth quarter of 2008.

Organic revenue for the Foodservice segment declined 6.2 percent for the latest quarter compared to the fourth quarter of 2007 and grew 1.0 percent for the full year compared to 2007 results. The Foodservice segment is expected to generate organic growth in the low single-digit range in 2009, despite the global recession. Taking into account the acquisition of Enodis and related asset sales expected later this year, we estimate that overall sales for the Foodservice segment will be approximately $1.7 billion in 2009. This excludes the results of the Enodis ice business.

Results from Discontinued Operations

The Marine segment and Enodis ice businesses generated sales of $109.1 million in the fourth quarter of 2008, and $415.1 million for the full year. Operating earnings were $9.2 million in the fourth quarter of 2008 and $52.9 million for the full year.

The Marine segment was sold to Fincantieri Marine Group Holdings, Inc., a subsidiary of Fincantieri - Cantieri Navali Italiani SpA (Fincantieri) effective as of December 31, 2008. The sale price was approximately $120 million, which generated an after-tax gain of $62.8 million, or $0.48 per share. Proceeds from the sale were used to partially pay down Term Loan X at year-end. The Enodis ice businesses are classified as held-for-sale at December 31, 2008.

GAAP Reconciliation

In this release, the company refers to various non-GAAP measures. The company believes that these measures are helpful to investors in assessing the company's ongoing performance of its underlying businesses before the impact of special items. In addition, these non-GAAP measures provide a comparison to commonly used financial metrics within the professional investing community which do not include special items. Earnings and earnings per share before special items reconcile to earnings presented according to GAAP as follows (in millions, except per share data):



                              Three Months Ended       Twelve Months Ended
                                 December 31               December 31
                              2008         2007         2008         2007

    Net earnings (loss)     $(36.5)       $99.2       $174.0       $336.7
    Special items, net
     of tax:
      Loss (gain) on
       currency hedge        117.7            -        246.6         (1.8)
      Enodis results (net
       of interest expense)   31.8            -         32.8            -
      Crane segment
       restructuring expense  13.6            -         14.1            -
      Early extinguishment
       of debt                 2.7            -          2.7          8.1
      Gain on sale of Marine
       segment               (62.8)           -        (62.8)           -
      Other                      -         (3.1)           -         (1.9)
    Net earnings before
     special items           $66.5        $96.1       $407.4       $341.1

    Diluted earnings (loss)
     per share              $(0.28)       $0.76        $1.32        $2.64
    Special items, net
     of tax:
      Loss (gain) on
       currency hedge         0.90            -         1.87        (0.01)
      Enodis results (net of
       interest expense)      0.24            -         0.25            -
      Crane segment
       restructuring expense  0.10            -         0.11            -
      Early extinguishment
       of debt                0.02            -         0.02         0.06
      Gain on sale of Marine
       segment               (0.48)           -        (0.48)           -
      Other                      -        (0.02)           -        (0.01)
    Diluted earnings per
     share before special
     items                   $0.51        $0.74        $3.10        $2.68


2009 Guidance

"We are reiterating our previous earnings guidance for 2009 of $1.35 to $1.60 per diluted share, before special items," Tellock added. "This is based on anticipated revenue of approximately $3.2 billion for the Crane segment and approximately $1.7 billion in the Foodservice segment. These expected results include the full-year impact of the Enodis acquisition, excluding the Enodis ice operation. Operating margins for both segments are projected to be in the low double-digit percentage range for the year."

Other 2009 financial expectations include capital expenditures of approximately $120 million; depreciation and amortization of approximately $135 million; debt reduction of $1 billion post-funding of Enodis through the end of 2009; and an anticipated tax rate in the mid-20 percent range.

Investor Conference Call

On January 29 at 10:00 a.m. ET (9:00 a.m. CT), Manitowoc senior management will discuss its quarterly results during an investor conference call. All interested parties may listen to the live conference call via the Internet by going to the Investor Relations area of Manitowoc's Web site at http://www.manitowoc.com and completing a brief registration form. A replay of the conference call will be available at the same location on the Web site.

About The Manitowoc Company, Inc.

The Manitowoc Company, Inc. is a multi-industry, capital goods manufacturer with over 100 manufacturing and service facilities in 27 countries. It is recognized as one of the world's largest providers of lifting equipment for the global construction industry, including lattice-boom cranes, tower cranes, mobile telescopic cranes, and boom trucks. Manitowoc also is one of the world's leading innovators and manufacturers of commercial foodservice equipment serving the ice, beverage, refrigeration, food prep, and cooking needs of restaurants, convenience stores, hotels, healthcare, and institutional applications.

Forward-looking Statements

This press release includes "forward-looking statements" intended to qualify for the safe harbor from liability under the Private Securities Litigation Reform Act of 1995. Any statements contained in this press release that are not historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the current expectations of the management of the company and are subject to uncertainty and changes in circumstances. Forward-looking statements include, without limitation, statements typically containing words such as "intends," "expects," "anticipates," "targets," "estimates," and words of similar import. By their nature, forward-looking statements are not guarantees of future performance or results and involve risks and uncertainties because they relate to events and depend on circumstances that will occur in the future. There are a number of factors that could cause actual results and developments to differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results and developments to differ materially include, among others:

     -    unanticipated changes in revenues, margins, costs, and capital
          expenditures;
     -    issues associated with new product introductions;
     -    matters impacting the successful and timely implementation of ERP
          systems;
     -    foreign currency fluctuations and their impact on hedges in place
          with Manitowoc;
     -    increases in raw material prices;
     -    unexpected issues associated with the availability of local
          suppliers and skilled labor;
     -    unanticipated changes in consumer spending;
     -    unanticipated changes in global demand for high-capacity lifting
          equipment;
     -    the risks associated with growth;
     -    geographic factors and political and economic risks;
     -    actions of competitors;
     -    changes in economic or industry conditions generally or in the
          markets served by Manitowoc (including Enodis plc);
     -    the state of financial and credit markets;
     -    unanticipated changes in customer demand;
     -    unanticipated issues associated with refresh/renovation plans by
          national restaurant accounts;
     -    efficiencies and capacity utilization of facilities;
     -    issues related to new facilities and expansion of existing
          facilities;
     -    work stoppages, labor negotiations, and labor rates;
     -    government approval and funding of projects;
     -    the ability of our customers to receive financing;
     -    the ability to complete and appropriately integrate restructurings,
          consolidations, acquisitions, divestitures, strategic alliances, and
          joint ventures;
     -    in connection with the now-completed sale of Manitowoc Marine Group,
          the tax gain, the earnings impact, and the costs  incurred in
          completing the sale;
     -    in connection with now-completed acquisition of Enodis plc,
          potential balance sheet changes resulting from finalization of
          purchase accounting treatment, compliance with the terms and
          conditions of regulatory approvals relating to the required
          divestiture of Enodis' global ice business and the timing, price,
          and other terms of the required divestiture, the ability to complete
          and appropriately and timely integrate the acquisition of Enodis
          plc, anticipated earnings enhancements, estimated cost savings and
          other synergies and the anticipated timing to realize those savings
          and synergies, the costs incurred in completing the acquisition of
          Enodis, the divestiture of the Enodis global ice business, and in
          achieving synergies, potential divestitures and other strategic
          options; and
     -    risks and other factors cited in the company's filings with the
          United States Securities and Exchange Commission.

Manitowoc undertakes no obligation to update or revise forward-looking statements, whether as a result of new information, future events or otherwise. Forward-looking statements only speak as of the date on which they are made. Information on the potential factors that could affect the company's actual results of operations is included in its filings with the Securities and Exchange Commission, including but not limited to its Annual Report on Form 10-K for the fiscal year ended December 31, 2007.



                         THE MANITOWOC COMPANY, INC.
                 Unaudited Consolidated Financial Information
       For the Three and Twelve Months Ended December 31, 2008 and 2007
                (In millions, except share and per-share data)

    INCOME STATEMENT
                               Three Months Ended        Twelve Months Ended
                                  December 31,               December 31,
                               2008          2007         2008          2007

    Net sales               $1,216.6      $1,045.9     $4,503.0      $3,684.0
    Cost of sales              974.4         806.4      3,487.2       2,822.5
        Gross profit           242.2         239.5      1,015.8         861.5

    Engineering, selling
     and administrative
     expenses                  137.7         101.9        455.1         377.9
    Gain on sale of
     parts line                    -             -            -          (3.3)
    Pension settlements            -           0.1            -           5.3
    Restructuring expense       20.9             -         21.7             -
    Integration expense          6.0             -          7.6             -
    Amortization expense         6.1           2.9         11.6           5.8
        Operating earnings      71.5         134.6        519.8         475.8
    Interest expense           (32.6)         (8.9)       (54.1)        (36.2)
    Loss on debt
     extinguishment             (4.1)            -         (4.1)        (12.5)
    Loss on currency hedge    (181.0)            -       (379.4)            -
    Other income - net          (8.3)          5.4         (3.0)          9.8
    Earnings (loss) from
     continuing operations
     before taxes on income
     and minority interest    (154.5)        131.1         79.2         436.9
    Provision (benefit)
     for taxes on income       (54.4)         38.8          1.5         122.1
    Earnings (loss) from
     continuing
     operations before
     minority interest        (100.1)         92.3         77.7         314.8
    Minority interest,
     net of income taxes        (1.0)            -         (1.9)            -
    Earnings (loss) from
     continuing operations    $(99.1)        $92.3        $79.6        $314.8
    Discontinued operations:
       Earnings (loss)
        from discontinued
        operations, net
        of income taxes         (0.2)          6.9         31.6          21.9
       Gain on sale or
        closure of
        discontinued
        operations, net
        of income taxes         62.8             -         62.8             -
    NET EARNINGS (LOSS)       $(36.5)        $99.2       $174.0        $336.7


    BASIC EARNINGS
     (LOSS) PER SHARE:
    Earnings (loss) from
     continuing operations    $(0.76)        $0.73        $0.61         $2.53
    Earnings (loss) from
     discontinued
     operations, net of
     income taxes                  -          0.05         0.24          0.18
    Gain on sale or
     closure of
     discontinued
     operations, net of
     income taxes               0.48             -         0.48             -
    BASIC EARNINGS
     (LOSS) PER SHARE         $(0.28)        $0.78        $1.34         $2.70

    DILUTED EARNINGS
     (LOSS) PER SHARE:
    Earnings (loss) from
     continuing operations    $(0.76)        $0.71        $0.60         $2.47
    Earnings (loss) from
     discontinued
     operations, net of
     income taxes                  -          0.05         0.24          0.17
    Gain on sale or
     closure of
     discontinued
     operations, net of
     income taxes               0.48             -         0.48             -
    DILUTED EARNINGS
     (LOSS) PER SHARE         $(0.28)        $0.76        $1.32         $2.64

    AVERAGE SHARES
     OUTSTANDING:
    Average Shares
     Outstanding -
     Basic               130,153,938   127,179,136  129,930,749   124,667,931
    Average Shares
     Outstanding -
     Diluted             130,153,938   129,949,006  131,630,215   127,489,416



    SEGMENT SUMMARY
                                      Three Months Ended   Twelve Months Ended
                                          December 31,         December 31,
                                        2008       2007      2008       2007
    Net sales from continuing
     operations:
      Cranes and related products      $943.6     $945.5  $3,882.9   $3,245.7
      Foodservice equipment             273.0      100.4     620.1      438.3
        Total                        $1,216.6   $1,045.9  $4,503.0   $3,684.0

    Operating earnings (loss) from
     continuing operations before
     taxes and minority interest:
      Cranes and related products      $114.9     $141.7    $555.6     $470.5
      Foodservice equipment               3.2       10.2      56.8       61.4
      General corporate expense         (13.6)     (14.3)    (51.7)     (48.3)
      Gain on sale of parts line            -          -         -        3.3
      Pension settlements                   -       (0.1)        -       (5.3)
      Restructuring expense             (20.9)         -     (21.7)         -
      Integration expense                (6.0)         -      (7.6)         -
      Amortization                       (6.1)      (2.9)    (11.6)      (5.8)

        Total                           $71.5     $134.6    $519.8     $475.8




                         THE MANITOWOC COMPANY, INC.
                 Unaudited Consolidated Financial Information
       For the Three and Twelve Months Ended December 31, 2008 and 2007
                                (In millions)

    BALANCE SHEET

                                               December 31,       December 31,
    ASSETS                                         2008               2007
    Current assets:
      Cash and temporary investments              $175.6             $369.4
      Accounts receivable - net                    608.2              416.7
      Inventories - net                            925.3              591.0
      Other current assets                         286.0              143.9
      Current assets of discontinued operation     183.9               54.6
        Total current assets                     2,179.0            1,575.6

    Property, plant and equipment - net            728.8              468.9
    Intangible assets - net                      2,808.0              672.2
    Other long-term assets                         179.7               83.4
    Long-term assets of discontinued operation     233.3               71.3
    TOTAL ASSETS                                $6,128.8           $2,871.4

    LIABILITIES & STOCKHOLDERS' EQUITY
    Current liabilities:
     Accounts payable and accrued expenses      $1,206.3             $845.7
     Short-term borrowings                          67.7               13.1
     Product warranties                            102.0               80.4
     Customer advances                              48.5                  -
     Product liabilities                            34.4               34.7
    Current liabilities of discontinued operation   67.1              100.7
        Total current liabilities                1,526.0            1,074.6

    Long-term debt                               2,587.7              217.5
    Other non-current liabilities                  582.9              229.4
    Stockholders' equity                         1,432.2            1,349.9
    TOTAL LIABILITIES & STOCKHOLDERS' EQUITY    $6,128.8           $2,871.4



    CASH FLOW SUMMARY
                                       Three Months Ended  Twelve Months Ended
                                           December 31,       December 31,
                                          2008      2007     2008      2007
    Net earnings (loss)                  $(36.5)   $99.2    $174.0   $336.7
    Non-cash adjustments                  171.9     21.8     413.6     78.5
    Changes in operating assets and
     liabilities                           54.1     65.6    (285.1)  (199.6)
       Net cash provided by operating
        activities of continuing
        operations                        189.5    186.6     302.5    215.6
       Net cash provided by (used for)
        operating activities of
        discontinued operations           (16.4)    17.4      20.5     28.4
       Net cash provided by operating
        activities                        173.1    204.0     323.0    244.0
    Business acquisitions, net of cash
     acquired                          (2,386.1)     0.1  (2,412.8)   (79.9)
    Capital expenditures                  (43.3)   (60.4)   (139.5)  (112.9)
    Change in restricted cash               0.2     (1.1)     11.6     (1.6)
    Proceeds from sale of fixed assets      4.4      1.9      10.0      9.8
    Proceeds from the sale of parts
     line                                     -        -         -      4.9
    Proceeds from the sale of business    118.5        -     118.5        -
    Net cash used for investing
     activities of discontinued
     operations                            (2.7)    (2.2)     (4.9)    (6.8)
    Proceeds (payments) on borrowings
     - net                              2,051.4    (44.3)  2,041.4    (47.0)
    Proceeds (payments) from
     receivable financing - net             0.6     (0.8)     (3.8)    (4.3)
    Dividends paid                         (2.6)    (2.6)    (10.4)    (9.5)
    Stock options exercised                   -      7.5       8.6     27.5
    Net proceeds from issuance of
     common stock                             -    157.1         -    157.1
    Debt issuance costs                  (100.5)       -    (118.0)       -
    Net cash used for financing
     activities of discontinued
     operations                             2.5        -       2.5        -
    Effect of exchange rate changes on
     cash                                 (17.7)     2.7     (15.6)    10.7
    Net increase (decrease) in cash &
     temporary investments              $(202.2)  $261.9   $(189.4)  $192.0

SOURCE  The Manitowoc Company, Inc.

    -0-                             01/28/2009
    /CONTACT:  Carl J. Laurino, Senior Vice President & Chief Financial
Officer of The Manitowoc Company, Inc., +1-920-652-1720/
    /Web site:  http://www.manitowoc.com /
    (MTW)

CO:  The Manitowoc Company, Inc.

ST:  Wisconsin
IN:  CST MAC
SU:  ERN ERP CCA

SO-JR
-- AQW060A --
3733 01/28/2009 21:00 EST http://www.prnewswire.com