The 2020 Mid-Year Economic Update_long

Manitowoc Sales Down 2.3% in 2Q

Year-to-date sales down 3.6 percent year-over-year.

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.

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.

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

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

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.