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The Manitowoc Company, Inc. (NYSE: MTW) today reported sales of $1.015 billion for the third quarter of 2013, an increase of 7.1 percent compared to sales of $947.5 million in the third quarter of 2012. The sales increase was primarily driven by a 10.4 percent increase in Crane segment sales.
On a GAAP basis, the company reported net earnings of $52.9 million, or $0.39 per diluted share, in the third quarter versus earnings of $22.2 million, or $0.17 per diluted share, in the third quarter of 2012. Both periods included special items. 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 results for the third quarter demonstrate our efforts to deliver sustainable organic improvements through operational initiatives and new product introductions in spite of a tepid macro environment,” commented Glen E. Tellock, Manitowoc’s chairman and chief executive officer. “With continuing growth, expanding margins, and strong cash flows, the focus on our core competencies underscores our ability to navigate through the prolonged uncertainty that exists in the marketplace. As we look longer term, we will continue to solidify our competitive positioning globally through the steadfast execution of our strategic imperatives.”
Crane Segment Results
Third-quarter 2013 net sales in the Crane segment were $612.6 million, up 10.4 percent from $555.1 million in the third quarter of 2012, driven primarily by continued growth in the Americas region as a result of increased crawler crane activity, as well as ongoing success with Manitowoc Crane Care, our aftermarket product support solution.
Crane segment operating earnings for the third quarter of 2013 were $55.7 million, up 110.2 percent compared to $26.5 million in the same period last year. This resulted in an operating margin of 9.1 percent for the third quarter of 2013, up from 4.8 percent in the same period in 2012. Third-quarter 2013 earnings were driven by higher sales volume and operational efficiencies.