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The Manitowoc Company Reports Third-quarter Financial Results

Crane segment operating earnings for the third quarter of 2012 were $26.5 million, compared to $26.1 million in the same period last year. This resulted in an operating margin of 4.8 percent for the third quarter of 2012, down from 4.9 percent in the same period in 2011. Third-quarter 2012 earnings were affected by lower sales in EMEA and China, customer financing reserves in Asia, plus ongoing investments in new product engineering, Brazil ramp-up efforts, and ERP implementation.

Crane segment backlog totaled $976 million as of September 30, 2012, a 25.9 percent increase from $775 million in the prior-year quarter. Third-quarter 2012 orders of $582 million were 22.3 percent higher than the third quarter of 2011. “The Crane order increase was particularly noteworthy, given that the third quarter is typically seasonally soft. Orders were driven by demand across multiple product categories, including rough-terrain cranes and all-terrain cranes, as well as strengthening demand in smaller-capacity crawler cranes. However, the unfavorable macroeconomic environment continues to impact many of our European and Asian markets, as well as our tower crane and large crawler crane product lines,” Tellock explained.

Foodservice Segment Results

Third-quarter 2012 net sales in the Foodservice segment were $400.6 million, down slightly from $406.0 million in the third quarter of 2011. The decrease was driven by pressure in Europe and a negative $4.9 million impact from currency exchange, which was partially offset by continued penetration in certain emerging markets.

Foodservice operating earnings for the third quarter of 2012 were $72.2 million, up 7.0 percent versus $67.5 million for the third quarter of 2011. This resulted in a Foodservice segment operating margin of 18.0 percent for the third quarter of 2012, compared to an operating margin of 16.6 percent for the prior-year period. The year-over-year increase in margin was due to a favorable product sales mix, particularly in our Manitowoc and Frymaster brands, coupled with improved operating efficiencies across the segment.

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