The Manitowoc Co. Reports 7-Percent Sales Increase in First Quarter

The Manitowoc Co. last week reported sales of $732.2 million for the first quarter of 2011, up 7 percent from $684.4 million in the first quarter of 2010. The sales increase was the result of a 6.9-percent increase in Foodservice segment sales, coupled with a 7.1-percent increase in Crane segment sales.

On a GAAP basis, the company reported a loss of $52.4 million, or $0.40 per diluted share, in the first quarter versus a net loss of $23.2 million, or $0.18 per diluted share, in the first quarter of 2010. Both periods included special items. Excluding special items, the adjusted net loss from continuing operations was $13.5 million, or $0.10 per diluted share, in the first quarter of 2011, versus an adjusted net loss of $12.9 million, or $0.10 per diluted share, in the first quarter of 2010.

“Continued momentum in the first quarter provides us with increasing confidence that we have appropriately positioned our businesses for growth as the global economy recovers,” said Glen Tellock, Manitowoc’s chairman and CEO said. “We are very confident in our future and we will continue to focus our efforts on future growth and improving profitability. In addition to our operational initiatives, we are also refinancing our senior secured credit facilities to further improve the strength and flexibility of our capital structure. Throughout the remainder of the year, we will continue to diligently manage working capital as we balance our debt reduction priorities with necessary investments to support our strategic initiatives, take advantage of improving end market demand, and position the business for long-term growth and success."

First-quarter 2011 net sales in the Crane segment were $392.8 million, up 7.1 percent from $366.8 million in the first quarter of 2010 driven primarily by growth in the Americas region and the Crane Care business. First-quarter Crane revenues were also impacted by delivery disruptions, primarily due to Tier-4 engine challenges, which have now been resolved.

Crane segment operating earnings for the first quarter of 2011 increased to $12.5 million from $4.5 million in the same period last year. Crane segment backlog totaled $800 million as of March 31, an increase of 40 percent from the $572 million backlog at Dec. 31, 2010. The increase in backlog resulted from continued strength in demand.

“First-quarter performance for our Crane segment reflected a continuation of the strong order rates from the fourth quarter,” said Tellock. “Orders were particularly strong in the Americas, which benefited from a very successful ConExpo show in March. While economic conditions in parts of Europe continue to be challenging, the first-quarter performance reaffirms our view that 2010 was the trough year for this segment and provides us with greater confidence in our full-year 2011 outlook.”

Headquartered in Manitowoc, Wis., The Manitowoc Co. provides lifting equipment for the global construction industry, including lattice-boom cranes, tower cranes, mobile telescopic cranes, and boom trucks. Manitowoc also is a leading manufacturer of commercial foodservice equipment.

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