The 2020 Mid-Year Economic Update_long

Manitowoc Sales Down 12.6% in 2Q

Year-to-date sales down 12.1 percent year-over-year.

The Manitowoc Company Inc. (NYSE: MTW), Manitowoc, WI, reported sales for the second quarter of $885.4 million, a decrease of 12.6 percent year-over-year. Profit decreased 50 percent to $23.3 million.

Second-quarter sales in the foodservice segment were flat, while crane segment sales were down 21.2 percent.

"Our second-quarter results were primarily driven by continued weakness in our rough-terrain and boom truck markets, as well as lingering effects of operational issues in KitchenCare and lower capex spending by large foodservice chains," said CEO Glen E. Tellock. "However, improving trends within Foodservice as we moved through the quarter offer confidence that the corrective actions we have implemented are beginning to pay dividends."

Year-to-date sales were $1.6 billion, down 12.1 percent over the prior-year period. Profit decreased 60.6 percent to $14.9 million.

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