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The sales increase was driven by a 39.9 percent increase in Crane segment sales, coupled with a 2.2 percent increase in Foodservice segment sales.
For the full-year 2011, sales were $3.7 billion, a 16.2 percent increase from 2010. The company recorded a net loss for the year of $10.5 million, compared to a loss of $79.5 million a year ago.
"As expected, 2011 was a transitional year for Manitowoc, but our focus on executing against our strategic imperatives coupled with an ongoing commitment to innovation and continuing investments in strategic growth opportunities helped us navigate challenging headwinds," CEO Glen E. Tellock said. "…While we are optimistic about the year ahead, a challenging operating environment still lingers."
Fourth-quarter 2011 net sales in the Crane segment were $687.6 million, up 39.9 percent from the fourth quarter of 2010, driven primarily by continued growth in the Americas region, as well as greater demand in most emerging markets and the Greater Asia-Pacific region. Crane segment operating earnings for the fourth quarter of 2011 increased to $39.5 million compared to $30.5 million in the same period last year.
Fourth-quarter 2011 sales in the Foodservice segment were $346.9 million, up 2.2 percent from the fourth quarter of 2010. The year-over-year increase was driven by balanced growth across all geographies, continued traction with new products, and engaged channel partners in all markets. Foodservice operating earnings for the fourth quarter of 2011 were $44.6 million, up 12.6 percent.