The 2020 Mid-Year Economic Update_long

Manitowoc 3Q Sales Decline 2.5%

CEO: Sales decline reflects "muted demand" from uncertain global economy.

The Manitowoc Company Inc. (NYSE: MTW), Manitowoc, WI, reported sales of $986.3 million for the third quarter, a year-over-year decrease of 2.5 percent. Profit grew 38.2 percent to $73.1 million.

During the quarter, the foodservice segment had a sales increase of 3.8 percent, which was offset by a 6.7 percent decrease in crane segment sales.

“Our third-quarter results reflect the muted demand environment brought on by uncertainty in the global economy,” CEO Glen E. Tellock said. “This cycle has proven to be unlike any other, and our performance in times of uncertainty will depend in large part on our ability to improve the agility of our business by focusing on the areas that are within our control. We have maintained an unrelenting commitment to innovation, product quality and reliability, while concurrently executing our Lean manufacturing, sourcing, and cost initiatives across the enterprise.”

For the first nine months, sales were $2.8 billion, down 3.2 percent from the prior-year period. Profit fell 8 percent to $110.9 million.

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