The Manitowoc Company, Inc. (NYSE: MTW), Manitowoc, WI, reported first-quarter sales of $860.1 million, up 17.5 percent over the same period a year ago. The manufacturer recorded a profit of $100,000 versus a year-ago loss of $52.4 million.
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Sales in the Crane segment were $507.9 million, up 29.3 percent from the first quarter of 2011, driven primarily by continued growth in the Americas region, as well as sustained demand in most emerging markets mitigated by weakness in European markets. Crane segment operating earnings increased to $22.5 million compared to $12.4 million in the same period last year.
Sales in the Foodservice segment were $352.2 million, up 3.8 percent from the first quarter of 2011. The year-over-year increase was driven by strengthening sales of new products and continued penetration in certain end markets and geographies. Foodservice operating earnings for the first quarter of 2012 were $51.3 million, up 24.2 percent versus the first quarter of 2011.
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