The Manitowoc Company, Inc. reported sales of US$1,027.6 million for 1Q 2009, a 4% increase from $988.5 million in 1Q 2008. The sales increase was due primarily to the October 2008 acquisition of Enodis plc. Earnings from continuing operations were $22.9 million versus similarly $95.4 million, in 1Q 2008.
In the Foodservice segment, first-quarter 2009 net sales in the company's foodservice segment increased to $354.7 million from $104.1 million in 1Q 2008.
"We see tremendous potential for our combined Foodservice segment," said Glen E. Tellock, Manitowoc's chairman and CEO. "Manitowoc has now become a market leader across broad product categories in the global foodservice equipment industry. Even though the industry has reduced its capital spending in light of the current economic recession, we are encouraged by the positive dynamic of our Foodservice segment. This dynamic drives equipment sales to end users who are aggressively seeking additional revenue and market share in these challenging times by pursuing multiple initiatives such as menu changes, energy efficiency, and productivity gains."
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