The 2020 Mid-Year Economic Update_long

Manitowoc Sales Increase 4% in Fourth Quarter

The manufacturer recorded a net loss for the quarter of $63.8 million.

The Manitowoc Company, Inc. (NYSE: MTW), Manitowoc, WI, reported sales of $830.9 million for the fourth quarter of 2010, up 4.1 percent from the fourth quarter of 2009. The manufacturer recorded a loss of $63.8 million, compared to a year-ago loss of $23.5 million.

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The fourth-quarter sales increase was due primarily to a 6.8 percent increase in Foodservice segment sales, coupled with a 2.3 percent increase in Crane segment sales.

For the full-year 2010, sales were $3.1 billion, a 13.2 percent decline from 2009. Full-year net loss was $71.4 million, versus a loss of $704.2 million, a year ago.

\”The unrelenting focus on our initiatives during the downturn has left Manitowoc much better positioned to capitalize on new opportunities and further extend our leadership position amid recovering end markets,\” CEO Glen E. Tellock said.

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