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."

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