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Manitowoc Reports Sales Increase
Jan 29, 2009
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The Manitowoc Company, Inc. reported sales of US$1.22 billion for 4Q 2008, a 16% increase from $1.05 billion in 4Q 2007. Yet results for the quarter were a net loss of $36.5 million. The company said the earnings decline was due to the acquisition of Enodis plc, partially offset by the gain on the divestiture of the Marine segment, both of which were completed during 4Q 2008.

In the Foodservice segment, 4Q 2008 net sales increased 172% to $273.0 million from $100.4 million in 4Q 2007. Operating earnings for 4Q 2008 were $3.2 million, down from $10.2 million in the same period in 2007. Excluding special items related to the acquisition of Enodis, operating earnings were $13.4 million in 4Q 2008.

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