The 2020 Mid-Year Economic Update_long

Manitowoc Sales Up 3.4% in 2013

Fourth quarter sales, profit down.

The Manitowoc Company, Inc. (NYSE: MTW), Manitowoc, WI, reported full year sales for 2013 of $4 billion, an increase of 3.4 percent from the previous year. Profit increased 39.4 percent to $141.8 million.

Sales for the fourth quarter were $1.1 billion, a 2.1 percent decrease over the same period a year ago. Profit decreased 39.4 percent to $20.9 million.

“The weak macro environment persisted in 2013, and as such, we diligently focused on managing those areas within our control,” said Glen E. Tellock, CEO of Manitowoc.“The foodservice segment posted strong year-over-year sales growth and margin improvements, driven by the manufacturing initiatives we implemented, as well as increased demand in North America and the success of our blended beverage equipment rollout in EMEA. "

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