The Manitowoc Company, Inc. (NYSE: MTW) today reported sales of $955.7 million for the third quarter of 2012, an increase of 2.2 percent compared to sales of $935.4 million in the third quarter of 2011. The sales increase was primarily driven by a 4.9 percent increase in Crane segment sales (10.4 percent at consistent foreign currency translation rates).
On a GAAP basis, the company reported net earnings of $22.2 million, or $0.17 per diluted share, in the third quarter versus earnings of $23.7 million, or $0.18 per diluted share, in the third quarter of 2011. Both periods included special items. A reconciliation of GAAP net earnings to net earnings before special items for the quarter and year-to-date periods is provided later in this press release.
“While third-quarter results fell short of our expectations in some key areas, we also had several notable positives despite lingering uncertainty and continued pressure in the global macroeconomic environment. We are focused on positioning the company for long-term improvement in profitability, even in the face of modest growth. This includes enhancing our global manufacturing network, improving operational efficiency across the organization, and driving continuous product innovation,” commented Glen E. Tellock, Manitowoc’s chairman and chief executive officer. “Looking to the fourth quarter, we expect to see a sequential improvement over our third-quarter results and remain committed to achieving our full-year 2012 objectives.”
Crane Segment ResultsThird-quarter 2012 net sales in the Crane segment were $555.1 million, up from $529.4 million in the third quarter of 2011, driven primarily by continued growth in the Americas region, which was offset by lower demand in Europe and Asia. The 4.9 percent sales growth was achieved in spite of a negative $29.4 million impact from currency exchange, coupled with supply chain disruptions. Correction of the latter issue is expected in the fourth quarter.