The Manitowoc Company, Inc., maker of commercial foodservice appliances and equipment, reported full-year 2011 sales of $3.7 billion, up 16.2% from $3.1 billion in 2010. GAAP net loss in 2011 was $10.5 million compared to a GAAP net loss of $79.5 million in 2010.
Fourth quarter 2011 sales were $1.0 billion, up 24.5% from $830.9 million in 4Q 2010. The sales increases, broken down by Manitowoc's two major business segments:
* 2.2% increase in Foodservice segment sales
* 39.9% increase in Crane segment sales
Fourth-quarter 2011 Foodservice segment net sales were $346.9 million, up 2.2% from $339.5 million in 4Q 2010. Manitowoc saw balanced growth in the Foodservice segment across all geographies as well as from new products. Foodservice 4Q 2011 operating earnings were $44.6 million, up 12.6% from $39.6 million in 4Q 2010.
"Our Foodservice business continued its stable and consistent trajectory during the fourth quarter, posting year-over-year sales growth while maintaining healthy margins," said Glen E. Tellock, Manitowoc chairman and CEO. "During the year, our investments in new product development and innovation yielded more than 50 new products and product variations. The combination of innovative product and service offerings, key account positions, and our global footprint afford us significant opportunities to drive continued growth in the Foodservice segment as we move into 2012."
In 2012, Manitowoc said it expects "high single-digit percentage growth" for Foodservice revenue and 10% to 15% year-over-year percentage increase in Foodservice operating earnings.
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