The Manitowoc Company, Inc., reported that its Foodservice business segment had third-quarter 2012 net sales of $400.6 million, down from $406.0 million in 3Q 2011. Challenges in Europe and the impact from currency exchange were partially offset by continued penetration in some emerging markets.
Foodservice 3Q 2012 earnings were $72.2 million, up 7.0% from $67.5 million in 3Q 2011. This resulted in a Foodservice operating margin of 18.0% in 3Q 2012, up from 16.6% in 3Q 2011. The margin increase resulted from a favorable product sales mix, particularly in Manitowoc and Frymaster brands, as well as better operating efficiencies.
Manitowoc is based in Manitowoc, WI. In addition to Foodservice, its other major business segment is Cranes.
The company reported overall sales of $955.7 million in the third quarter of 2012, up 2.2% from $935.4 million in the third quarter of 2011. The sales increase was primarily driven by a 4.9% increase in Crane segment sales.
On a GAAP basis, the company reported 3Q 2012 net earnings of $22.2 million, from $23.7 million in 3Q 2011.
Manitowoc has more than 115 manufacturing, distribution, and service facilities in 25 countries. It is a global leader in commercial foodservice appliances and equipment, including 25 hot- and cold-focused equipment brands. Manitowoc's revenues in 2011 were $3.7 billion, with more than half generated outside of the United States.
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