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Manitowoc 1Q Foodservice Sales up 3.8%
May 18, 2012
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Foodservice equipment maker Manitowoc Company had sales of $860.1 million in the first quarter of 2012, up 17.5% from $732.2 million in the first quarter of 2011. The sales increase came from a 3.8% increase in Foodservice segment sales as well as an increase in its second major business segment, the Crane business segment.

Foodservice segment net sales in 1Q 2012 were $352.2 million, up 3.8% from $339.4 million in 1Q 2011. The increase was driven by better sales of new products and better penetration in some end markets. Foodservice operating 1Q 2012 earnings were $51.3 million, up 24.2% from $41.3 million in 1Q 2011.

"Momentum in our Foodservice segment continued with strong first-quarter results, as new product successes and solid demand in select end markets and geographies drove our eighth consecutive year-over-year quarterly sales increase," said Glen E. Tellock, Manitowoc chairman and CEO. "As a result of the successful strategies we have implemented over the past few years, such as rationalizing our manufacturing footprint, streamlining our manufacturing processes, and investing in innovative technologies, we continue to enhance the profitability of Foodservice and have additional opportunities for future improvements."

For full-year 2012, Manitowoc expects Foodservice revenue high single-digit percentage growth. Foodservice operating earnings are expected to show a 10% to 15% year-over-year percentage increase.

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