The 2020 Mid-Year Economic Update_long

Manitowoc Sales Down 33.4% in 2Q

Year-to-date sales down 20.8 percent year-over-year.

The Manitowoc Company Inc. (NYSE: MTW), Manitowoc, WI, reported sales for the second quarter of $394.6 million, a decrease of 33.4 percent year-over-year. The company reported a profit of $0.5 million in the quarter, compared to a loss of $5.8 million the prior year.

Year-to-date sales were $700.4 million, down 20.9 percent over the prior-year period. The company reported a loss of $35.5 million, compared to a loss of $201.7 million the prior year.

The majority of the year-over-year decline was attributable to lower crawler crane shipments in the Americas as the Company shipped a significant volume of these cranes in the prior year, and lower Rough-terrain crane shipments primarily in the Americas and the Middle-East, mainly due to continued weakness in oil and gas market demand.

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