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Manitowoc's CEO Discusses Q2 2012 Results - Earnings Call Transcript

Please visit the investor relations section of our corporate website at www.Manitowoc.com to access the replay. Before Glenn begins his commentary, I would like to review our Safe Harbor statement. This call is taking place on August 7, 2012.

During the course of today's call, forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995, will be made during each speakers' remarks and during our question-and-answer session. Such statements are based on the Company's current assessment of its markets and other factors that affect its business. However, actual results could differ materially from any implied projections due to one or more of the factors explained in Manitowoc's filings with the Securities and Exchange Commission, which are also available on our website.

The Manitowoc Company does not undertake any obligation to publicly update or revise any forward-looking statement whether as a result of new information, future events, or other circumstances.

With that, I'll now turn the call over to Glen.

Glen E. Tellock

Thanks Steve and good morning everyone. We are pleased to report solid performance for the second quarter driven in large part by our unwavering focus on innovation, operational efficiency, and execution of our long-term strategies. Top line growth of 6% underscores our ability to navigate an uncertain global economic environment and fluctuating demand levels, while 120 basis points improvement in operating margins further validates many of the initiatives we had put in place to improve and enhance our operations globally.

Specific to each segment, Foodservice experienced another quarter of improved margins driven by a favorable product mix and improved operating efficiencies. While Cranes posted a significant improvement in margins complemented by continued strong order intake that resulted in the highest backlog level since 2009.

While a challenging environment persists across the globe, we are well positioned for our long-term, as we leverage growth opportunities from new and existing products in Foodservice, as we benefit from increasing Crane activity in the Americas, and as we capitalize on emerging market opportunities in both segments. Turning to our segment performance, our Foodservice offering continues to enjoy a very strong position in the global food service equipment industry. Looking at our products across the globe, the cold side of our business, which includes our award winning Indigo ice machines and market leading beverage products, was the strongest performing category during the second quarter.

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