The Manitowoc Company, Inc. reported sales of $1.0 billion for the second quarter of 2012, up 5.9% from $949.8 million in the second quarter of 2011. The sales increase was driven by a slight increase in the company's Foodservice business segment and a 10.1% increase in the company's Crane business segment sales.
The company reported 2Q 2012 GAAP net earnings of $42.5 million versus earnings of $3.0 million in 2Q 2011.
Excluding special items in both quarters, adjusted earnings from continuing operations were $42.8 million in 2Q 2012 versus earnings of $20.5 million in 2Q 2011.
Glen E. Tellock, Manitowoc chairman and CEO, said the Foodservice segment's new and existing products had a good reception at the National Restaurant Show.
"Despite the slowing global growth environment and some market-specific headwinds, we remain confident in our updated 2012 outlook," Tellock said.
Foodservice 2Q 2012 net sales were $395.2 million, up slightly from $395.0 million in 2Q 2011. Manitowoc said the increase was driven by innovation and penetration into emerging markets. Gains were offset by market pressure in Europe, slower growth in some hot-side equipment categories in North America, and the negative impact from currency exchange.
Foodservice 2Q 2012 operating earnings were $67.1 million, up 7.2% from $62.6 million in 2Q 2011.
"During the second quarter, we experienced solid growth in several cold product categories coupled with increasing strength in the Asia/Pacific region," Tellock said. "We continue to focus on operational efficiencies across the segment, which once again drove improved margins during the quarter. For the second half of 2012, we see ongoing growth opportunities for Foodservice as we continue to enhance our global leadership position."
The company updated its full-year Foodservice guidance. It expects Foodservice revenue will be in the mid single-digit percentage growth (it was previously in the high single digits). Foodservice operating earnings are expected to show a 10% to 15% year-over-year increase.
Manitowoc commercial appliance business includes 25 brands of hot- and cold-focused foodservice equipment.
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