Manitowoc Expects Decline in Third Quarter and Full Year Revenues

Oct. 15, 2014
The Manitowoc Co. said it expects its third quarter 2014 net sales to be just short of $1 billion, compared to $1.01 billion in the third quarter of 2013, as it announced preliminary third quarter results and updated its guidance.

The Manitowoc Co. said it expects its third quarter 2014 net sales to be just short of $1 billion, compared to $1.01 billion in the third quarter of 2013, as it announced preliminary third quarter results and updated its guidance. EBITDA is expected to be about $90 million in the third quarter, versus $112.4 million in 2013.

“Our third-quarter results remain challenged by a constrained demand environment globally,” said Glen Tellock, Manitowoc chairman and CEO. “In the crane segment, sales were further impacted by the North American rough-terrain and boom truck markets, as well as weakness in the Latin America region.

For the full year, Manitowoc now anticipates Crane segment revenues to decline by mid-to-high single-digit percentages compared to 2013 revenues, while it expects Crane operating margins for full-year 2014 to be in the 7 percent range.

“We have ongoing confidence in the strength and long-term outlook of our business, including the recently announced cost-savings expectations,” added Tellock. “While we continue to be faced with challenging and uncertain market dynamics, we are focusing on those areas within our control to drive long-term, profitable growth.”

Manitowoc also has a Foodservice segment, and it expects revenues to increase by low-to-mid single-digit percentages in 2014.

Manitowoc Co., a manufacturer of crawler cranes, tower cranes and mobile cranes for the heavy construction industry, is headquartered in Manitowoc, Wis.