The Manitowoc Company's Foodservice Segment reported second quarter 2013 net sales of $389.7 million, up from $386.5 million in the second quarter of 2012. The increase came from new products sales and growth in the Americas and EMEA (Europe, Middle East, and Africa) regions.
Second quarter 2013 Foodservice operating earnings were $63.0 million, down 4.7% from $66.1 million in 2Q 2012.
The Foodservice segment operating margin was 16.2% in 2Q 2013, compared to 17.1% in 2Q 2012. The year-over-year margin decrease came about from increased investments in manufacturing strategies and new products, partially offset by improved operating efficiencies.
"While the global foodservice market continues to exhibit pockets of softness, we see ongoing growth opportunities for the Foodservice business in the second half of 2013 as we aim to enhance our global leadership position," said Glen E. Tellock, Manitowoc chairman and CEO. "Spearheading this effort will be Bob Hund, our newly announced President of Foodservice, whose primary initiative will be to drive long-term, profitable growth by leveraging our strengths and leadership in the Foodservice segment."
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