The Manitowoc Company, Inc. (NYSE: MTW) today reported sales of $1.0 billion for the fourth quarter of 2011, an increase of 24.5 percent compared to sales of $830.9 million in the fourth quarter of 2010. The sales increase was driven by a 39.9 percent increase in Crane segment sales, coupled with a 2.2 percent increase in Foodservice segment sales.
On a GAAP basis, the company reported earnings of $15.3 million, or $0.12 per diluted share, in the fourth quarter versus a net loss of $65.5 million, or $0.50 per diluted share, in the fourth quarter of 2010. Both periods included special items. Excluding special items, the adjusted earnings from continuing operations were $18.5 million, or $0.14 per diluted share, in the fourth quarter of 2011, versus adjusted earnings of $13.4 million, or $0.10 per diluted share, in the fourth quarter of 2010. A reconciliation of GAAP net earnings to net earnings before special items for the quarter and full-year periods is provided later in this press release.
For the full-year 2011, sales were $3.7 billion, a 16.2 percent increase from $3.1 billion in 2010. GAAP net loss in 2011 was $10.5 million, or $0.08 per share, versus a GAAP net loss of $79.5 million, or $0.61 per share, in the prior year. Excluding the special items described in the reconciliation below, net earnings from continuing operations in 2011 were $50.2 million, or $0.38 per share, versus earnings of $11.3 million, or $0.09 per share, in 2010.
Glen E. Tellock, Manitowoc’s chairman and chief executive officer commented: “We finished the year strong, with sales increasing nearly 25 percent year-over-year in the fourth quarter complemented by improving operating results in both of our industry-leading segments. As expected, 2011 was a transitional year for Manitowoc, but our focus on executing against our strategic imperatives coupled with an ongoing commitment to innovation and continuing investments in strategic growth opportunities helped us navigate challenging headwinds.”