The Manitowoc Co. this week reported sales of $935.4 million for the third quarter of 2011, an increase of 15.9 percent compared to sales of $807.1 million in the third quarter of 2010. The sales increase was driven by a 20.7-percent increase in Crane segment sales, coupled with a 10.2-percent increase in Foodservice segment sales.
On a GAAP basis, the company reported earnings of $23.7 million, or $0.18 per diluted share, in the third quarter versus earnings of $1.4 million, or $0.01 per diluted share, in the third quarter of 2010. Both periods included special items.
“Our solid third-quarter results reflect the sustained success we are experiencing in emerging markets, particularly those geographies where we enjoy first-mover advantage,” said Glen Tellock, Manitowoc’s chairman and CEO. “We are also executing on our initiatives to drive increased operational efficiency and new product development, enabling us to appropriately allocate our resources to the greatest growth opportunities.
“While persistent pressure in the broader economic landscape has tempered a growing recovery, we are well positioned for the long term as we continue to capitalize on activity driven by large infrastructure and energy projects in Cranes and momentum from new product launches in Foodservice.”
Third-quarter 2011 net sales in the Crane segment were $529.4 million, up 20.7 percent from $438.7 million in the third quarter of 2010, driven primarily by continued growth in the Americas region and greater demand in most emerging markets.
Crane segment operating earnings for the third quarter of 2011 increased to $25.4 million from $16.1 million in the same period last year. This resulted in a Crane segment operating margin of 4.8 percent for the third quarter of 2011, up from 3.7 percent in the same period in 2010. The year-over-year increase in margin was due to leverage of the higher volume, partially offset by commodity cost and pricing pressures. Crane segment backlog totaled $775 million as of Sept. 30. Third-quarter 2011 orders of $464 million were 35-percent higher than the third quarter of 2010 in this typically seasonally soft quarter for order activity.
The Manitowoc Co., Manitowoc, Wis., is a provider of lifting equipment for the global construction industry, including lattice-boom cranes, tower cranes, mobile telescopic cranes, and boom trucks. Manitowoc also is a manufacturer of commercial foodservice equipment.