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Manitowoc Co. 2Q Sales Fall 12%

The Manitowoc Company, Inc. (NYSE: MTW), Manitowoc, WI, reported sales of $876.5 million for the second quarter of 2010, down 12.4 percent from the second quarter of 2009. Profit was $14.1 million, compared to a year-ago loss of $12.3 million.

"Emerging markets continue to be encouraging for both of our businesses. While some recent positive indicators suggest a stabilization in certain mature markets, we remain guarded as we move into the second half of 2010," CEO Glen E. Tellock said. "At the same time, we continue to drive the operational efficiencies, process improvements, and cost reduction initiatives we implemented last year, which should provide enhanced profitability as demand strengthens across our business."

Second-quarter sales in the Foodservice segment were $424.9 million versus $382.5 million in the second quarter of 2009. Operating earnings were $56.9 million, versus $46.4 million in the second quarter of 2009.

Second-quarter 2010 net sales in the Crane segment were $451.6 million, down 31 percent from the second quarter of 2009. Operating earnings decreased to $38.6 million from $49.5 million in the same period last year.

The Manitowoc Company, Inc. is a multi-industry, capital goods manufacturer with over 100 manufacturing and service facilities in 23 countries.

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