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TheStreet Open House

The Manitowoc Company Reports First-quarter Financial Results

Foodservice Segment Results

First-quarter 2014 net sales in the Foodservice segment were $383.3 million, up 9.3 percent from $350.6 million in the first quarter of 2013. The increase was driven by continued success from new products and growth in the Americas and EMEA regions.

Foodservice operating earnings for the first quarter of 2014 were $57.9 million, up 17.9 percent versus $49.1 million for the first quarter of 2013. This resulted in a Foodservice segment operating margin of 15.1 percent for the first quarter of 2014, up 110 basis points from the prior-year quarter. The year-over-year margin increase was due to new products and the benefits realized from ongoing investments in key manufacturing strategies.

“Our Foodservice segment generated impressive sales growth and margin expansion for the second consecutive quarter, highlighted by new product introductions and the continued execution against our strategic initiatives. Key among these trends was the solid customer response to our new grill and oven technologies, Koolaire ice machines, KitchenCare aftermarket services, and an ongoing rollout of blended beverage equipment in EMEA,” Tellock added. “With our strategy that centers on customer intimacy, synergistic solutions, and leveraging our global scale, we are confident in our ability to improve full-year Foodservice operating margins,” Tellock concluded.

Crane Segment Results

First-quarter 2014 net sales in the Crane segment were $466.7 million, versus $544.0 million in the first quarter of 2013. The decline in sales resulted from the lower level of backlog at the start of the year coupled with some customer-related project delays. Sales for the first quarter of 2014 were driven primarily by activity in the Americas region, as well as ongoing growth with tower cranes in the Middle East.

Crane segment operating earnings for the first quarter of 2014 were $22.6 million, down from $34.9 million in the same period last year. This resulted in an operating margin of 4.8 percent for the first quarter of 2014 versus 6.4 percent for the first quarter of 2013. First-quarter 2014 margins were affected by lower sales volume that were only partially offset by ongoing operational efficiencies.

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