“While the global foodservice market continues to exhibit pockets of softness, we see ongoing growth opportunities for the Foodservice business in the second half of 2013 as we aim to enhance our global leadership position. Spearheading this effort will be Bob Hund, our newly announced President of Foodservice, whose primary initiative will be to drive long-term, profitable growth by leveraging our strengths and leadership in the Foodservice segment,” Tellock added.
Cash flow provided from operating activities from continuing operations in the second quarter of 2013 was $47.5 million, versus $6.6 million in the prior-year quarter, driven by cash from profitability and partially offset by seasonal working capital requirements in both segments. Use of cash in the first half of the year was consistent with the normal seasonal pattern for the company. Year-to-date capital expenditures totaled $46.9 million.
Given second-quarter results that were in-line with expectations, the company is reaffirming its full-year guidance for 2013 and is positively revising its tax rate outlook. For the full-year 2013, Manitowoc expects:
■ Crane revenue – high single-digit percentage growth
■ Crane operating margins – high single-digit percentage
■ Foodservice revenue – mid single-digit percentage growth
■ Foodservice operating margins – continuing mid-teens percentage
■ Capital expenditures – approximately $100 million
■ Depreciation & amortization – approximately $115 million
■ Interest expense – approximately $125 million
■ Amortization of deferred financing fees – approximately $10 million
■ Debt reduction – to exceed $200 million
■ Full-year effective tax rate of approximately 30 percent (improved from an original expectation of mid-30 percent range)
Investor Conference Call
On July 30 at 10:00 a.m. ET (9:00 a.m. CT), Manitowoc's senior management will discuss its second-quarter results during an investor conference call. All interested parties may listen to the live conference call via the Internet by going to the Investor Relations area of Manitowoc's Web site at
. A replay of the conference call will also be available at the same location on the Web site.
About The Manitowoc Company, Inc.
Founded in 1902, The Manitowoc Company, Inc. is a multi-industry, capital goods manufacturer with over 115 manufacturing, distribution, and service facilities in 26 countries. The company is recognized globally as one of the premier innovators and providers of crawler cranes, tower cranes, and mobile cranes for the heavy construction industry, which are complemented by a slate of industry-leading product support services. In addition, Manitowoc is one of the world's leading innovators and manufacturers of commercial foodservice equipment, which includes 24 market-leading brands of hot- and cold-focused equipment. In 2012, Manitowoc’s revenues totaled $3.9 billion, with more than half of these revenues generated outside of the United States.