The 2020 Mid-Year Economic Update_long

Manitowoc Sales Down 11.5% in 1Q

Company reported a loss of $8.4 million in the first quarter.

The Manitowoc Company Inc. (NYSE: MTW), Manitowoc, WI, reported sales for the first quarter of $752.1 million, a decrease of 11.5 percent compared to the same period a year earlier. The company reported a loss of $8.4 million, compared to a year-ago loss of $8.8 million.

First-quarter foodservice segment sales were down 9.9 percent year-over-year to $345.4 million, while crane segment sales were down 12.9 percent to $406.7 million.

"We remain confronted with a challenging operating environment, in spite of positive indicators in certain areas of the business," said CEO Glen E. Tellock. "While our first-quarter results for Cranes were largely in-line with our expectations and historical seasonality, Foodservice was negatively impacted by under-performance in our KitchenCare business amplified by reduced capex spending by large chains. We have taken decisive, corrective actions to improve execution within Foodservice, and continue to focus on the areas within our control to drive growth as market conditions recover."

About the Author
Leave a Reply

Leave a Comment

Sign Up for the MDM Update Newsletter

The MDM update newsletter is your best source for news and trends in the wholesale distribution industry.

By subscribing, you are agreeing to MDM’s Privacy Policy.

2

articles left

Want more Premium content from MDM?

Subscribe today and get:

  • New issues twice each month
  • Unlimited access to mdm.com, including 10+ years of archived data
  • Current trends analysis, market data and economic updates
  • Discounts on select store products and events

0

articles left

This is your last free article

Subscribe to MDM Premium today and get:

  • Unlimited access to MDM.com
  • 1 year digital subscription, with new issues twice a month
  • Trends analysis, market data and quarterly economic updates
  • Deals on select store products and events

1

article
left

You have one free article remaining

Subscribe to MDM Premium to get unlimited access. Your subscription includes:

  • Two new issues a month
  • Access to 10+ years of archived data on mdm.com
  • Quarterly economic updates, trends analysis and market data
  • Store and event discounts

To continue reading, you must be an MDM Premium subscriber.