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Manitowoc Reports 20.7% Third Quarter Crane Segment Growth

November 07, 2011, 06:30 AM
Filed Under: Construction

The Manitowoc Company, Inc. reported sales of $935.4 million for the third quarter of 2011, an increase of 15.9% compared to sales of $807.1 million in the third quarter of 2010. The sales increase was driven by a 20.7% increase in Crane segment sales, coupled with a 10.2% increase in Foodservice segment sales.
On a GAAP basis, the company reported earnings of $23.7 million in the third quarter versus earnings of $1.4 million in the third quarter of 2010. Both periods included special items.

Glen E. Tellock, Manitowoc's chairman and chief executive officer commented, "While persistent pressure in the broader economic landscape has tempered a growing recovery, we are well positioned for the long term as we continue to capitalize on activity driven by large infrastructure and energy projects in Cranes and momentum from new product launches in Foodservice.”

Third-quarter 2011 net sales in the Crane segment were $529.4 million, up 20.7% from $438.7 million in the third quarter of 2010, driven primarily by continued growth in the Americas region and greater demand in most emerging markets.

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