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The Manitowoc Company, Inc. (NYSE: MTW) today reported full-year sales of $4.0 billion, a 3.4 percent increase from $3.9 billion in 2012. GAAP net income in 2013 was $141.8 million, or $1.05 per share, versus GAAP net income of $101.7 million, or $0.76 per share, in the prior year. Excluding the special items described in the reconciliation below, adjusted earnings from continuing operations in 2013 were $195.9 million, or $1.45 per share, versus adjusted earnings from continuing operations of $110.7 million, or $0.83 per share in 2012.
For the fourth quarter of 2013, sales were $1.104 billion, a decrease of 2.1 percent compared to sales of $1.128 billion in the fourth quarter of 2012. The Foodservice segment had a strong quarter with sales increasing by 10 percent and operating margins increasing by 350 basis points relative to the fourth quarter of 2012. The strong performance by Foodservice partially offset the 7.9 percent decrease in Crane segment sales.
On a GAAP basis, the company reported net earnings of $20.9 million, or $0.15 per diluted share, in the fourth quarter versus net earnings of $34.5 million, or $0.26 per diluted share, in the fourth quarter of 2012. Both periods included special items. Excluding special items, the adjusted earnings from continuing operations were $63.9 million, or $0.47 per diluted share, in the fourth quarter of 2013, versus adjusted earnings from continuing operations of $36.7 million, or $0.27 per diluted share, in the fourth 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.
“The weak macro environment persisted in 2013, and as such, we diligently focused on managing those areas within our control,” remarked Glen E. Tellock, Manitowoc’s chairman and chief executive officer. “Margin improvement across the enterprise was driven by our strategic initiatives, including new product introductions, controlling costs, and enhancing efficiencies. Further, the execution of our new credit agreement is a testament to our commitment to prudent fiscal management and our ongoing focus on maintaining financial flexibility. As we look ahead into 2014, we are confident in our abilities to significantly improve profitability, even with modest growth. We remain focused on directing resources to those areas that will deliver the highest returns on our investments, which includes continuing to prioritize funding our growth, cost reduction and process improvement initiatives, as well as debt repayment.”