“We expect a modest growth environment in 2013, which should produce continuing mid-teens margins given our ongoing investments in new technologies, operational improvements, and Lean initiatives. We remain true to the multiple strategies we have identified for Manitowoc Foodservice, and will continue to drive future performance through market share gains, greater innovation around our core brands, and improving operational efficiencies across our global footprint,” Tellock explained.

Cash Flow & Credit Statistics

Cash flow from operating activities in the fourth quarter of 2012 was $233.2 million, compared to $197.9 million in the fourth quarter of 2011. The increase was primarily generated by cash from profitability and reduced working capital levels. Debt reduction during the fourth quarter was $204 million, resulting in full-year debt reduction of approximately $80 million. Full-year 2012 earnings before interest, taxes, depreciation, and amortization (EBITDA) were $408.1 million, an increase of 16.9 percent over $349.2 million for full-year 2011. The combination of 2012 debt reduction and improving EBITDA resulted in a greater than one turn reduction in total leverage to 4.8 times at year-end. “I am pleased that we met our objective for more than one turn of leverage reduction in 2012. While our 2012 total debt reduction fell short of our full-year target, this metric was negatively impacted by a high volume of crane shipments occurring very late in the fourth quarter. As a result, our cash collections during the quarter were lower than anticipated, but are reflected in our accounts receivable. The realization of that cash will have a positive impact on our cash flow during the first quarter of 2013,” Tellock explained.

2013 Guidance

For the full-year 2013, Manitowoc expects:

■ Crane revenue – high single-digit percentage growth

■ Crane operating margins – high single-digit percentage

■ Foodservice revenue – mid single-digit percentage growth

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