The Manitowoc Company Inc. (NYSE: MTW), Manitowoc, WI, reported sales for the second quarter of $1 billion, a decrease of 2.3 percent year-over-year. Profit decreased 19.1 percent to $46.6 million.
“Our results for the quarter fell short of our expectations, with disappointing top-line performance in cranes driven by uncertainty spanning certain end markets, as well as limited margin expansion in foodservice," said CEO Glen Tellock.
Second-quarter sales in the foodservice segment were up 4.4 percent,driven by a new product rollout in the EMEA region and boosted by brisk sales of hot holding, ice and beverage equipment in the Americas. Crane segment sales were down 6.4 percent, driven by volume decreases that were most pronounced in the boom truck and rough-terrain product categories.
Year-to-date sales were $1.9 billion, down 3.6 percent over the prior-year period. Profit decreased to $37.8 million from $68 million in the first half of 2013.