The Manitowoc Company, Inc. (NYSE: MTW) today reported sales of $850.0 million for the first quarter of 2014, a decrease of 5.0 percent compared to sales of $894.6 million in the first quarter of 2013. The Foodservice segment had a strong quarter with sales increasing by 9.3 percent, which was offset by the 14.2 percent decrease in Crane segment sales.
On a GAAP basis, the company reported a loss of $8.8 million, or $0.06 per diluted share, in the first quarter versus earnings of $10.4 million, or $0.08 per diluted share, in the first quarter of 2013. Excluding special items the adjusted earnings from continuing operations was $23.7 million, or $0.17 per diluted share, in the first quarter of 2014, versus adjusted earnings of $14.6 million, or $0.11 per diluted share, in the first quarter of 2013.
Adjustments to GAAP results include certain items management considers in evaluating operating performance in each period. During the first quarter of 2014, the company incurred $14.2 million in losses related to the Dong Yue disposal which were primarily non-cash, costs associated with early extinguishment of debt totaling $16.4 million, and $1.3 million of costs associated with restructuring activities. During the first quarter of 2013, adjustments included $0.3 million of costs associated with early extinguishment of debt, $0.2 million associated with restructuring activities, and $1.6 million in non-cash losses related to the sale of discontinued operations. A reconciliation of GAAP net earnings to net earnings before special items for the quarter is provided later in this press release.
“The first quarter of 2014 played out largely in-line with our expectations, providing the foundation for us to achieve our full-year outlook,” commented Glen E. Tellock, Manitowoc’s chairman and chief executive officer. “The growth we experienced in our Foodservice segment during the quarter, coupled with Cranes’ very successful ConExpo trade show in March, underscores the strength of our offerings, as well as the level of innovation we bring to our customers. While the global macro-economic landscape remains somewhat pressured, we are committed to leveraging our core competencies and strengths to drive continued performance, including new product introductions, industry-leading aftermarket services and solutions, and operational excellence initiatives.”