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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.

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