This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

The Manitowoc Company Reports Second-quarter Financial Results

Stocks in this article: MTW

Crane segment operating earnings for the second quarter of 2013 were $65.0 million, up 25.0 percent compared to $52.0 million in the same period last year. This resulted in an operating margin of 9.9 percent for the second quarter of 2013, up from 8.5 percent in the same period in 2012. Second-quarter 2013 earnings were driven by higher sales volume as well as operational efficiencies which resulted from our global manufacturing strategy.

Crane segment backlog totaled $726 million as of June 30, 2013, a decrease of $50 million from the first quarter 2013. Second-quarter 2013 orders of $604 million were 6.2 percent greater than the first quarter of 2013, while slightly lower than the second quarter of 2012.

Tellock continued, “Along with our second-quarter sales growth in the Cranes segment, we generated our highest operating margin since 2008, which is a testament to our improved operational efficiency and diligent management of our cost structure. Looking ahead, we will continue to innovate with a strong pipeline of new products and services, while also emphasizing our quality focus to enhance our crane designs and product reliability. This should enable Manitowoc to drive market share and capitalize on the improving health of the global macro environment in the coming years.”

Foodservice Segment Results

Second-quarter 2013 net sales in the Foodservice segment were $389.7 million, up from $386.5 million in the second quarter of 2012. The increase was driven by sales of new products and growth in the Americas and EMEA regions.

Foodservice operating earnings for the second quarter of 2013 were $63.0 million, down 4.7 percent versus $66.1 million for the second quarter of 2012. This resulted in a Foodservice segment operating margin of 16.2 percent for the second quarter of 2013, compared to an operating margin of 17.1 percent for the prior-year period. The year-over-year margin decrease was due to increased investments in our manufacturing strategies and new products, which were partially offset by improved operating efficiencies.

2 of 5

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,387.21 -291.49 -1.65%
S&P 500 2,029.55 -27.54 -1.34%
NASDAQ 4,681.4970 -90.2660 -1.89%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs