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The Manitowoc Company Reports Financial Results For 2012

Crane Segment Results

Fourth-quarter 2012 net sales in the Crane segment were $767.2 million, up 11.6 percent from $687.6 million in the fourth quarter of 2011, driven primarily by continued strong activity in the Americas region, as well as higher demand in emerging markets. The 11.6 percent sales growth includes a negative $11.6 million impact from currency exchange.

Crane segment operating earnings for the fourth quarter of 2012 were $56.3 million, compared to $38.8 million in the same period last year. This resulted in an operating margin of 7.3 percent for the fourth quarter of 2012, up from 5.6 percent in the same period in 2011. Fourth-quarter 2012 earnings were spurred by higher sales volume and operational efficiencies. Crane segment backlog totaled $756 million as of December 31, 2012, a slight decrease from $761 million in the prior-year quarter. Fourth-quarter 2012 orders of $544 million were 19 percent lower than the fourth quarter of 2011. However, second-half 2012 orders were essentially flat in comparison with second-half 2011.

“During the quarter we saw continued strength in the Americas region, coupled with positive performance in several emerging markets, including Brazil, Greater Asia/Pacific, and Africa. Our initiatives to drive meaningful margin expansion and take advantage of expected growth trends globally continue to take shape. We expect operational excellence to be a primary driver for Cranes in 2013 as our sustained focus on efficiency will not only enhance our competitive position, but also drive long-term profitability,” Tellock continued.

Foodservice Segment Results

Fourth-quarter 2012 net sales in the Foodservice segment were $363.2 million, up 6.7 percent from $340.3 million in the fourth quarter of 2011. The year-over-year increase was driven by balanced growth across all geographies, continued traction with new products, and engaged channel partners.

Foodservice operating earnings for the fourth quarter of 2012 were $50.3 million, up 12.0 percent from $44.9 million for the fourth quarter of 2011. This resulted in a Foodservice segment operating margin of 13.9 percent for the fourth quarter of 2012, compared to an operating margin of 13.2 percent for the prior-year period. The year-over-year increase in margin was highlighted by product cost reductions and lean manufacturing initiatives that generated improved operating efficiencies across the segment.

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