The Manitowoc Company (Manitowoc, WI) reported first quarter 2014 sales of $850.0 million, down 5.0% from $894.6 million in the first quarter of 2013. The company's Foodservice segment had a strong quarter, with sales up 9.3%, but this was offset by a 14.2% decrease in sales in its Crane segment.
The company had a 1Q 2014 loss of $8.8 million in the first quarter, compared to earnings of $10.4 million in 1Q 2013.
“The first quarter of 2014 played out largely in-line with our expectations, providing the foundation for us to achieve our full-year outlook,” commented Glen E. Tellock, Manitowoc’s chairman and CEO.
Foodservice Segment 1Q 2014 net sales were $383.3 million, up 9.3% from $350.6 million in 1Q 2013. The business saw grow from new products and from growth in the Americas and EMEA (Europe, Middle East, and Africa) regions. Foodservice operating earnings were $57.9 million, up 17.9% $49.1 million in 1Q 2013.
“Our Foodservice segment generated impressive sales growth and margin expansion for the second consecutive quarter, highlighted by new product introductions and the continued execution against our strategic initiatives," Tellock said. "Key among these trends was the solid customer response to our new grill and oven technologies, Koolaire ice machines, KitchenCare aftermarket services, and an ongoing rollout of blended beverage equipment in EMEA."
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