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The Manitowoc Company Reports First-quarter Financial Results

Crane segment backlog totaled $842 million as of March 31, 2014, an increase of $267 million, or 47 percent, from the fourth quarter 2013. First-quarter 2014 orders of $733 million were 29 percent higher than the first quarter of 2013, representing a book-to-bill of 1.6 times. Orders in the quarter include all confirmed orders that were placed at the ConExpo trade show, of which approximately 26 percent of the backlog will be delivered in 2015 or later.

Tellock continued, “We remain encouraged by the opportunities for our Crane segment, as our exhibit at ConExpo was met with tremendous success and once again demonstrated the importance of innovation to our customers and the construction industry. The introduction of our patented variable position counterweight crawler crane technology drove order intake to its highest level since before the recession, further supporting our belief that the market is beginning to rebound. While we do not believe the market is robust given uneven demand in some product lines and regions, we will maintain our focus on driving growth and enhancing our profitability in this segment.”

Cash Flow

Cash flow used for operating activities of continuing operations in the first quarter of 2014 was $264.6 million, driven by working capital requirements in both segments. Use of cash in the first half of the year is consistent with the normal seasonal pattern for the company. Cash used for capital expenditures during the quarter was $16.7 million.

2014 Guidance

The company is reaffirming its full-year guidance for 2014. For the full-year 2014, Manitowoc expects:

■ Crane revenue – modest top-line growth

■ Crane operating margins – high single-digit percentage

■ Foodservice revenue – mid single-digit percentage growth

■ Foodservice operating margins – approaching high-teens percentages

■ Capital expenditures – approximately $90 million

■ Depreciation & amortization – approximately $120 million

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