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The Manitowoc Company Inc. (NYSE: MTW), Manitowoc, WI, reported sales for the first quarter of $898 million, an increase of 5.4 percent compared to the same period a year earlier. The sales increase was primarily driven by a 7.8 percent increase in Crane segment sales.
Profit was $10.4 million, compared to a year-ago loss of $300,000.
First-quarter sales in the Crane segment were $547.4 million, up 7.8 percent from the first quarter of 2012, driven primarily by continued growth in the Americas region, as well as sustained demand in certain emerging markets muted by continuing weakness in Europe. Operating earnings were $31.3 million, up 43 percent from the same period last year.
First-quarter sales in the Foodservice segment were $350.6 million, up 1.9 percent from the first quarter of 2012. The increase was driven by sales of new products and balanced growth across all geographies. Foodservice operating earnings were $49.1 million, down 3.7 percent from the prior-year period.