The 2020 Mid-Year Economic Update_long

Manitowoc First-Quarter Sales Down 5%

Profit reported at a loss of $8.8 million.

The Manitowoc Company Inc. (NYSE: MTW), Manitowoc, WI, reported sales for the first quarter of $850 million,  a decrease of 5 percent compared to the same period a year earlier. Profit reported was a loss of $8.8 million, compared to a year-ago profit of $10.4 million.

First-quarter sales in the Crane segment were $466.7 million, down 14.2 percent from the first quarter of 2013. The decline resulted from the lower level of backlog at the start of the year coupled with some customer-related project delays.Operating earnings were $22.6 million, down 35.2 percent from the same period last year.

First-quarter sales in the Foodservice segment were $383.3 million, up 9.3 percent from the first quarter of 2013. The increase was driven by sales of new products and balanced growth across all geographies. Foodservice operating earnings were $57.9 million, up 17.9 percent from the prior-year period.

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