The Manitowoc Company, Inc. (NYSE: MTW) today reported sales of $1.1 billion for the fourth quarter of 2012, an increase of 10.0 percent compared to sales of $1.0 billion in the fourth quarter of 2011. The sales increase was driven by an 11.6 percent increase in Crane segment sales, coupled with a 6.7 percent increase in Foodservice segment sales.
On a GAAP basis, the company reported net earnings of $34.5 million, or $0.26 per diluted share, in the fourth quarter versus earnings of $14.9 million, or $0.11 per diluted share, in the fourth quarter of 2011. Both periods included special items. Excluding special items, the adjusted earnings from continuing operations were $35.4 million, or $0.27 per diluted share, in the fourth quarter of 2012, versus adjusted earnings of $18.9 million, or $0.14 per diluted share, in the fourth quarter of 2011. GAAP earnings per share in the quarter benefited from the release of an $11.6-million reserve as a result of a favorable tax audit outcome, which contributed to a full-year effective tax rate of 29 percent. 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 2012, sales were $3.9 billion, an 8.5 percent increase from $3.6 billion in 2011. GAAP net income in 2012 was $101.7 million, or $0.76 per share, versus a GAAP net loss of $11.2 million, or $0.08 per share, in the prior year. Excluding the special items described in the reconciliation below, net earnings from continuing operations in 2012 were $103.7 million, or $0.78 per share, versus earnings of $49.8 million, or $0.37 per share, in 2011.
“We finished 2012 on a strong note. The steadfast execution against our strategic initiatives drove another quarter of positive sales growth and margin improvement, while our full-year results matched our revenue and earnings expectations. These results also demonstrated our ability to effectively manage our global businesses despite macroeconomic challenges,” commented Glen E. Tellock, Manitowoc’s chairman and chief executive officer. “Despite this prolonged and often volatile operating environment, we continue to believe we have the right strategy to continue expanding profitability across the entire Manitowoc enterprise as we look to 2013. In addition, we will continue to invest prudently in our strategies to leverage and enhance our market leadership positions.”
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