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Manitowoc Co. Third Quarter Sales Up Slightly

The Manitowoc Company, Inc. (NYSE: MTW), Manitowoc, WI, reported sales of $877.8 million for the third quarter of 2010, down slightly from $881.5 million in the third quarter of 2009. The sales decrease was due primarily to an 8.5 percent decline in Crane segment sales, offset in part by a 9.2 percent increase in Foodservice segment sales.

The company reported profit of $1.4 million for the quarter versus a net loss of $12.6 million in the third quarter of 2009.

For the first nine months, sales were $2.48 billion, down 15.6 percent from the same period a year ago. Net loss for the period was $7.6 million, compared to a year-ago net loss of $680.8 million.

"While prolonged uncertainty and restricted credit availability in the markets created headwinds for our Crane business, we remain confident that the worst is behind us and believe indicators are pointing to an improving environment, albeit at a slower pace than we had originally anticipated," CEO Glen E. Tellock said. "That said, strength in key emerging markets and healthier demand in the Foodservice segment mitigated some of the downward pressure on our overall results."

The Manitowoc Company is a multi-industry, capital goods manufacturer with nearly 100 manufacturing, distribution, service, and/or office facilities in 26 countries.

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