The Manitowoc Company, Inc., reported third quarter 2013 sales of $1.015 billion, up 7.1% from $947.5 million in the third quarter of 2012.
The company has two primary business segments: the Foodservice Segment, making commercial appliances, and the Crane Segment. The third quarter overall sales increase came primarily from growth in its non-appliance business segment, the Crane segment.
The company reported 3Q 2013 GAAP net earnings of $52.9 million, compared to 3Q 2012 earnings of $22.2 million.
Foodservice segment 3Q 2013 net sales were $401.9 million, up from $392.4 million in 3Q 2012. The increase was driven by growth in the Americas and EMEA (Europe, Middle East, and Africa) regions, with help from continued traction from new products.
Foodservice 3Q 2013 operating earnings were $69.5 million, down 2.9% from $71.6 million in 3Q 2012. This resulted in a Foodservice segment operating margin of 17.3%, compared to an operating margin of 18.2% in 3Q 2012. The year-over-year margin decrease was due to ongoing investments in key brand manufacturing strategies and from new product development costs.
"Our Foodservice segment posted modest sales growth during the quarter," said Glen E. Tellock, Manitowoc Chairman and CEO. "These results were driven by sustained improvements in North America, increasing demand in Europe from the successful roll-out of our blended beverage technology, and overall strength among select products in our accelerated cooking platform."
Tellock said he is confident in its future growth prospects, which will be boosted by its recent acquisition of Inducs, marketer of induction cooking technology. "Our unique offering that is created through our world-class R&D center and close collaboration with customers, coupled with our investments in manufacturing and operational efficiencies, make the team confident in our long-term outlook," Tellock concluded.
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