Foodservice equipment maker Manitowoc Company (Manitowoc, WI) reported sales of $732.2 million for the first quarter of 2011, up 7.0% from $684.4 million in the first quarter of 2010. The sales increase was the result of increases in both its primary business segment: a 6.9% increase in Foodservice segment sales and a 7.1% increase in Crane segment sales.
First-quarter 2011 net sales in the Foodservice segment were up 6.9% to $339.4 million compared with $317.6 million in the first quarter of 2010. The company said the increase came from improving market conditions in most regions, the introduction of new products, and continued geographic penetration outpacing the market.
Foodservice 1Q 2011 operating earnings were $41.2 million compared with $46.6 million in 1Q 2010. This gave Foodservice an operating margin of 12.1% in 1Q 2011, down from 14.7% in 1Q 2010.
Manitowoc Foodservice is made up of a number of commercial cooking appliances, refrigerators and display cases, icemakers, dishwashing/warewashing, beverage dispensing, and food prep. Brands include:
• Cleveland Range
• Garland Commercial Ranges
• Jackson MSC
• Kysor Panel Systems
• Lincoln Foodservice Products. Inc.
• Manitowoc Beverage Systems
• Manitowoc Ice
• Merrychef USA
• RDI Systems
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