Manitowoc Expects Decline in Third Quarter and Full Year Revenues
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.
