- Second-quarter 2008 net sales totaled $1.3 billion, an increase of 28

                  percent from the second quarter of 2007

        - Second-quarter 2008 operating earnings increase 41 percent

              - Crane segment backlog climbs to $3.52 billion

 - Manitowoc generates $141 million in cash from operations for the current

    quarter, while EVA climbs 45 percent over the second quarter of 2007

      - Acquisition of Enodis plc continues on pace for an anticipated

                         fourth-quarter 2008 close

   - Company raises midpoint of full-year diluted EPS guidance by 5 cents



    MANITOWOC, Wis., July 28 /EMWNews/ -- The Manitowoc

Company, Inc. (NYSE: MTW) today reported financial results for the quarter

ended June 30, 2008. For the quarter, each of the company's business

segments increased its operating earnings and margins, with higher

efficiency and cost controls. Net sales totaled $1.3 billion, an increase

of 28 percent from the second quarter of 2007, while second quarter

earnings per diluted share were $1.01, compared with $0.76 in the

corresponding 2007 period. Earnings per share in the second quarter of 2008

included a $0.02 contribution from a special item; second-quarter 2007

earnings per share included several small one-time charges. Per share

amounts for both periods reflect the two-for-one stock split on September

10, 2007.



    "The Manitowoc Company's strong second-quarter performance continued to

confirm the effectiveness of our long-term strategies as our businesses

took advantage of end market opportunities while managing rising material

costs and changes in the global marketplace," said Glen E. Tellock,

Manitowoc's president and chief executive officer. "Manitowoc's Crane

segment confirmed its standing as the global leader in innovative lifting

solutions by the broad-based demand for its cranes in energy and

infrastructure applications around the world. Our Foodservice segment's

strong sales in global markets helped offset softer U.S. sales which were

affected by slower restaurant expansion. Additionally, our Marine segment

reported stronger earnings due to the higher levels of efficiency they have

been achieving from its solid construction portfolio of repeat commercial

projects."



    Business Segment Results



    Second-quarter 2008 net sales in the Crane segment increased 32 percent

to $1.06 billion, compared with $805.1 million in the second quarter of

2007. Operating earnings of $167.0 million were 39 percent higher than the

second quarter of 2007 in spite of rising material costs and delays in

delivering products to areas of China affected by earthquakes and related

natural disasters. Crane margins increased 80 basis points to 15.7 percent

from the same period in 2007 due primarily to improved volumes and product

mix.



    "The value of the globalization of our crane business was particularly

evident during the second quarter as international activity generated

strong sales and earnings growth," Tellock said. "Crane backlog, as of June

30, 2008, stood at $3.52 billion -- an increase of 70 percent over the same

period in 2007. The increase reflected higher demand in each geographic

region as well as for aftermarket parts and services. It also indicated

continued demand for our high-capacity crawler, tower, and mobile cranes

driven by unabated strength in our global infrastructure and energy

markets," he said.



    In the Foodservice segment, second-quarter net sales of $127.3 million

decreased 0.5 percent from the same quarter in 2007. In contrast, operating

earnings were $22.9 million, an increase of 2 percent over the second

quarter of 2007. In spite of lower sales and cooler weather that lessened

the demand for replacement equipment, the segment increased its margins

from 17.4 percent in the second quarter of 2007 to 18 percent in the 2008

period. "Foodservice posted solid results despite declining consumer

spending and lower restaurant traffic," Tellock added. "The segment also

worked to minimize the impact of these larger economic factors by

controlling expenses and optimizing production efficiencies."



    On the last day of the quarter, Manitowoc was notified that it was the

successful bidder in the auction process related to the acquisition of

Enodis. Assuming its successful completion, the acquisition will transform

Manitowoc's Foodservice segment into a full-service provider of commercial

food preparation solutions, will increase its global manufacturing and

marketing capabilities, and will enable it to pursue new opportunities for

profitable growth.



    "We are pleased with the progress concerning our acquisition of Enodis,

which we still expect to close during the fourth quarter after a successful

regulatory review in the U.S. and other jurisdictions. The addition of

Enodis and its team of talented employees, along with its exceptional

research and product development assets, will make Manitowoc one of the

world's leading foodservice equipment makers and position us for growth in

a dynamic global industry," Tellock said.



    The Marine segment's net sales for the second quarter were $114.2

million, an increase of 34 percent from the second quarter of 2007.

Operating earnings more than doubled to $17.7 million from the

corresponding quarter's $8.5 million, reflecting higher levels of

efficiency in commercial shipbuilding operations and a one-time positive

adjustment of $4.3 million related to changes to an existing contract,

which resulted in a forfeited customer deposit.



    "The Marine segment continued to perform exceptionally well, as

demonstrated through its improved efficiency which led to higher margins

during the latest quarter," Tellock explained. "In addition, the segment is

well positioned and is in the running for a number of military and

commercial contracts, several of which are expected to be awarded during

the second half of 2008."



    Strategic Priorities



    "Manitowoc's ability to achieve profitable growth and create

shareholder value through its diverse global business demonstrates the

effectiveness of our long-term strategic priorities. Our attention to these

priorities, along with prudent management practices, enables our operating

segments to take full advantage of opportunities while effectively

addressing the changes and challenges that are inevitable in a cyclical,

international marketplace," Tellock observed.



    Growth: Assuming its successful completion, the acquisition of Enodis

will broaden Manitowoc's blend of global businesses and enable the company

to increase its participation in the growing foodservice industry by

becoming a full-service provider of commercial kitchen equipment. The

acquisition will also position us as a leader in a fragmented industry and

create future growth opportunities. When Enodis and Manitowoc are

integrated, the Foodservice segment is expected to generate 36 percent of

our total revenues, compared with 11 percent today. We intend to implement

the same geographic and product expansion strategies with this acquisition

that were so successful in the Crane segment.



    Innovate: The combined Manitowoc and Enodis product development

capabilities are expected to result in innovative offerings to foodservice

customers throughout the world. Enodis products are either number one or

number two in their markets, which should provide a solid platform for

growth of our Foodservice segment. Enodis brings with it a world-class

product development center in Tampa, Florida, which we look forward to

becoming the driving force behind new products and services for our

combined Foodservice business.



    Customer Focus: With the anticipated addition of Enodis to Manitowoc's

Foodservice segment, we should enjoy a new dimension of customer

relationships. By offering cooking, refrigeration, preparation, beverage,

display, and washing solutions across the entire kitchen, we will be able

to form closer partnerships with our customers as they develop new menu

options, enter new global markets, and serve an expanded range of food and

cultural preferences. With our history of innovative product development,

we are excited at the long-term global growth potential for this important

and growing segment of our enterprise.



    Excellence in Operations: During the second quarter, Manitowoc's

management team faced a variety of challenges, including unprecedented

increases in steel, copper, and other materials, coupled with rising

transportation and energy costs. Nonetheless, each segment has demonstrated

skill and discipline in controlling its costs, managing prices, and

achieving greater efficiency in all aspects of the segment's business. This

skill was reflected in the solid operating margins generated in each of our

three business segments during the quarter.



    People and Organizational Development: We support our aggressive growth

plans and strategies with programs that assist our employees in their

careers, helping to enable us to attract what we believe to be the "best

and the brightest" to our company. We recently completed a global

engagement survey which provided valuable insights and feedback from our

employees about many aspects of our business. The data from this survey

will play a key role in shaping our company for the future.



    Aftermarket Support: Just as our Crane Care operation has distinguished

and differentiated Manitowoc's Crane segment, we anticipate that the

combination of the Manitowoc and Enodis dealer and distributor networks

will make Manitowoc the preferred supplier of foodservice equipment and

enable us to build deeper relationships with global customers.



    Create Value: The success of our three business segments is driving

improved economic value (EVA(R)) for our shareholders. During the second

quarter of 2008, we generated cash flow from operations in excess of $140

million, supporting our expectation that we will increase EVA by more than

$90 million in 2008, excluding any effects of the Enodis acquisition.



    Earnings Guidance



    "Based on our current visibility, we are raising the bottom-end of our

guidance from $3.20 to $3.30 per diluted share and are affirming the

top-end of our guidance of $3.40 per diluted share. This guidance excludes

the two- cent contribution from special items in the second quarter, any

unusual items, and any effects from the acquisition of Enodis," said

Tellock. "The company continues to see brisk global demand for its mobile

telescopic, crawler, and high-capacity tower cranes; however, we are

noticing slower demand for lower capacity tower cranes in western Europe.

We expect to realize better-than- industry growth with Foodservice revenue

increases in the mid-single-digits range and improving margins in the

mid-teens," he said. Tellock also noted that the company is closely

monitoring and managing the impact of higher steel and commodity costs

across each of its businesses.



    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 from continuing operations before special items

reconcile to earnings from continuing operations presented according to

GAAP as follows (in millions, expect per share data):






                                       Three Months Ended   Six Months Ended

                                              June 30          June 30

                                            2008    2007     2008     2007



    Net earnings                           $133.9   $97.5   $236.6   $161.5

    Special items, net of tax

     (at statutory rate):

      Marine forfeited customer deposit      (2.8)      -     (2.8)       -

      Gain on sale of product line              -    (2.2)       -     (2.2)

      Pension settlement                        -     3.4        -      3.4

      Hedge settlement gain                     -    (1.8)       -     (1.8)

    Earnings from operations before

     special items                         $131.1   $96.9   $233.8   $160.9



    Diluted earnings per share              $1.01   $0.76    $1.79    $1.27

    Special items, net of tax

     (at statutory rate):

      Marine forfeited customer deposit     (0.02)      -    (0.02)       -

      Gain on sale of product line              -   (0.02)       -    (0.02)

      Pension settlement                        -    0.03        -     0.03

      Hedge settlement                          -   (0.01)       -    (0.01)

    Diluted earnings per share from

     operations before special items        $0.99   $0.76    $1.77    $1.26





    Earnings Conference Call



    On July 29, 2008 at 10:00 a.m. ET (9:00 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.

    About the Manitowoc Company, Inc.



    The Manitowoc Company, Inc. is 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. As a leading manufacturer of ice-cube machines, ice/beverage

dispensers, and commercial refrigeration equipment, the company offers the

broadest line of cold-focused equipment in the foodservice industry. In

addition, the company is a leading provider of shipbuilding, ship repair,

and conversion services for government, military, and commercial customers

throughout the U.S. maritime industry.



    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;

    -- increased 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 Enodis and Manitowoc;

    -- the state of financial and credit markets;

    -- 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;

    -- award of military and commercial ship and barge construction contracts;

    -- 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 proposed acquisition of Enodis plc, the ability to

       complete and appropriately and timely integrate the proposed

       acquisition, the expected timing and conditions precedent,

       unanticipated issues associated with the satisfaction of conditions

       precedent and obtaining regulatory approvals, the terms and conditions

       of any regulatory approvals, anticipated earnings enhancements,

       estimated cost savings and other synergies and the anticipated timing

       to realize those savings and synergies, estimated costs to be incurred

       in completing the proposed acquisition 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 Six Months Ended June 30, 2008 and 2007

                 (In millions, except share and per-share data)



    INCOME STATEMENT

                                     Three Months Ended      Six Months Ended

                                          June 30,               June 30,

                                     2008         2007      2008         2007



    Net sales                    $1,305.3     $1,018.6  $2,382.2     $1,880.7

    Cost of sales                   993.9        778.6   1,811.3      1,445.3

        Gross profit                311.4        240.0     570.9        435.4



    Engineering, selling and

     administrative expenses        116.8        100.6     231.7        194.4

    Gain on sale of parts line          -         (3.3)        -         (3.3)

    Pension settlements                 -          5.2         -          5.2

    Amortization expense              1.6          1.0       3.5          1.9

        Operating earnings          193.0        136.5     335.7        237.2

    Interest expense                 (7.3)        (9.8)    (14.0)       (18.9)

    Other income - net                0.7          5.0       8.1          4.9

    Earnings from operations

     before taxes on income and

     minority interest              186.4        131.7     329.8        223.2

    Provision for taxes on

     income                          52.6         34.2      93.3         61.7

    Earnings from operations

     before minority interest       133.8         97.5     236.5        161.5

    Minority interest, net of

     income taxes                    (0.1)           -      (0.1)           -



    NET EARNINGS                   $133.9        $97.5    $236.6       $161.5



    EARNINGS PER COMMON SHARE:

    Basic earnings per share        $1.03        $0.78     $1.82        $1.30

    Diluted earnings per share       1.01         0.76      1.79         1.27



    AVERAGE SHARES OUTSTANDING:

    Average Shares Outstanding

     - Basic                      129,904      124,824   129,737      124,438

    Average Shares Outstanding

     - Diluted                    132,049      127,650   131,914      127,214





    SEGMENT SUMMARY

                                    Three Months Ended      Six Months Ended

                                         June 30,               June 30,

                                     2008         2007      2008         2007

    Net sales from operations:

      Cranes and related

       products                  $1,063.8       $805.1  $1,948.2     $1,488.0

      Foodservice equipment         127.3        128.0     231.4        224.9

      Marine                        114.2         85.5     202.6        167.8

        Total                    $1,305.3     $1,018.6  $2,382.2     $1,880.7



    Operating earnings (loss)

     before taxes and minority

     interest:

      Cranes and related

       products                    $167.0       $120.2    $301.6       $216.4

      Foodservice equipment          22.9         22.4      35.2         33.3

      Marine                         17.7          8.5      27.9         14.0

      General corporate expense     (13.0)       (11.7)    (25.5)       (22.7)

      Gain on sale of parts line        -          3.3         -          3.3

      Pension settlements               -         (5.2)        -         (5.2)

      Amortization                   (1.6)        (1.0)     (3.5)        (1.9)



        Total                      $193.0       $136.5    $335.7       $237.2







                                THE MANITOWOC COMPANY, INC.

                       Unaudited Consolidated Financial Information

                 For the Three and Six Months Ended June 30, 2008 and 2007

                                       (In millions)



    BALANCE SHEET

    ASSETS

                                                   June 30,   December 31,

                                                     2008        2007

    Current assets:

      Cash and temporary investments                $418.6      $366.4

      Accounts receivable - net                      504.5       427.1

      Inventories - net                              829.5       597.7

      Other current assets                           162.2       184.4

        Total current assets                       1,914.8     1,575.6



     Property, plant and equipment - net             560.1       489.5

     Intangible assets - net                         756.0       719.4

     Other long-term assets                           96.0        84.2

     TOTAL ASSETS                                 $3,326.9    $2,868.7



    LIABILITIES & STOCKHOLDERS' EQUITY

    Current liabilities:

      Accounts payable and

       accrued expenses                           $1,023.6      $945.5

      Short-term borrowings                           36.9        13.1

      Product warranties                              85.9        81.3

      Customer advances                               61.8           -

      Product liabilities                             34.6        34.7

        Total current liabilities                  1,242.8     1,074.6



      Long-term debt                                 205.0       217.5

      Other non-current liabilities                  237.9       226.7

      Stockholders' equity                         1,641.2     1,349.9

      TOTAL LIABILITIES &

       STOCKHOLDERS' EQUITY                       $3,326.9    $2,868.7





    CASH FLOW SUMMARY

                                      Three Months Ended     Six Months Ended

                                           June 30,              June 30,

                                       2008        2007      2008        2007



    Net earnings                     $133.9       $97.5    $236.6      $161.5

    Non-cash adjustments               15.3        13.3      49.8        21.4

    Changes in operating

     assets and liabilities            (8.4)      (96.8)   (131.9)     (209.2)

       Net cash provided by

        (used for) operating

        activities                    140.8        14.0     154.5       (26.3)

    Business acquisitions,

     net of cash acquired             (18.0)          -     (18.1)      (15.9)

    Capital expenditures              (37.8)      (20.2)    (65.9)      (30.8)

    Restricted cash                       -        (0.2)     10.2        (0.4)

    Proceeds from sale of

     fixed assets                       0.6         2.5       3.1         5.2

    Proceeds from the sale

     of parts line                        -         4.9         -         4.9

    Proceeds (payments) on

     borrowings - net                  (5.2)      (29.8)    (28.3)        0.7

    Proceeds (payments) from

     receivable financing - net        (1.1)          -      (2.8)       (2.4)

    Dividends paid                     (2.6)       (2.2)     (5.2)       (4.4)

    Stock options exercised             4.2        15.8       7.7        18.6

    Debt issuance costs               (13.4)          -     (13.4)          -

    Effect of exchange rate

     changes on cash                    0.9         1.5      10.4         3.3

    Net increase (decrease)

     in cash & temporary

     investments                      $68.4      $(13.7)    $52.2      $(47.5)