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The Manitowoc Company Inc. (NYSE: MTW), Manitowoc, WI, reported sales for the first quarter of $305.8 million, a decrease of 28.4 percent compared to the same period a year earlier. The company reported a loss of $36 million, compared to a year-ago loss of $195.9 million.
“Despite the challenging market conditions, we remain focused on the things we can control," said Barry L. Pennypacker, president and CEO of The Manitowoc Company Inc. "The relocation of our crawler crane production continues to proceed as planned; on time and within budget. Through judicious working capital management, we delivered improved cash flow from operational activities versus last year and ended the quarter with no outstanding borrowings on our ABL credit facility."