The Manitowoc Company, Inc. (NYSE: MTW) today reported sales of $1.0 billion for the second quarter of 2012, an increase of 5.9 percent compared to sales of $949.8 million in the second quarter of 2011. The sales increase was driven by a 10.1 percent increase in Crane segment sales (15.8 percent at consistent currency translation rates), coupled with a slight increase in Foodservice segment sales.
On a GAAP basis, the company reported net earnings of $42.5 million, or $0.32 per diluted share, in the second quarter versus earnings of $3.0 million, or $0.02 per diluted share, in the second quarter of 2011. Both periods included special items. Excluding special items in both quarters, the adjusted earnings from continuing operations were $42.8 million, or $0.32 per diluted share, in the second quarter of 2012, versus earnings of $20.5 million, or $0.15 per diluted share, in the second quarter of 2011. A reconciliation of GAAP net earnings to net earnings before special items for the quarter is provided later in this press release.
“Strong operating leverage drove further margin expansion during the second quarter as initiatives to drive operational efficiency continued to bear fruit. Moreover, year-over-year sales growth of 10 percent in Cranes coupled with the successful reception of new and existing Foodservice products at the National Restaurant Show validate the strength of our offerings and underscore the significant competitive advantage created by delivering high-quality, innovative products,” Glen E. Tellock, Manitowoc’s chairman and chief executive officer commented. “Despite the slowing global growth environment and some market-specific headwinds, we remain confident in our updated 2012 outlook and will continue to support our strategic initiatives to position the business for long-term growth and success.”
Crane Segment Results
Second-quarter 2012 net sales in the Crane segment were $610.7 million, up from $554.8 million in the second quarter of 2011, driven primarily by continued growth in the Americas region, as well as sustained demand in most emerging markets. The 10.1 percent sales growth was achieved in spite of a negative $32 million impact from currency exchange.