The Manitowoc Company, Inc. (NYSE: MTW) today reported sales of $1.05 billion for the second quarter of 2013, an increase of 5.0 percent compared to sales of $997.2 million in the second quarter of 2012. The sales increase was primarily driven by a 7.6 percent increase in Crane segment sales.
On a GAAP basis, the company reported net earnings of $57.6 million, or $0.43 per diluted share, in the second quarter versus earnings of $45.3 million, or $0.34 per diluted share, in the second quarter of 2012. Both periods included special items. Excluding special items in both quarters, the adjusted earnings from continuing operations were $60.3 million, or $0.45 per diluted share, in the second quarter of 2013, versus adjusted earnings of $45.0 million, or $0.34 per diluted share, in the second quarter of 2012. 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.
“Our second-quarter results are a byproduct of our ongoing focus on and execution of our strategic initiatives that are expected to generate long-term growth and profitability,” commented Glen E. Tellock, Manitowoc’s Chairman and Chief Executive Officer. “While a level of caution remains around the broader economic environment, we continue to be confident in the opportunities that lie ahead. Our recent conversations with both Crane and Foodservice customers remain positive, and continue to highlight the strength, reliability, and truly differentiated product offering that has come to define Manitowoc as a company.”
Crane Segment Results
Second-quarter 2013 net sales in the Crane segment were $656.9 million, up 7.6 percent from $610.7 million in the second quarter of 2012, driven primarily by continued growth in the Americas region related to the increased activity with crawler cranes and large rough-terrain cranes, as well as solid results from Manitowoc Crane Care.