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The Manitowoc Company posted strong increases in sales, earnings, and cash flow in the third quarter ended September 30, 2002, posting a 36-percent increase in revenue to U.S $409.9 million compared to $301.0 million for the same period last year. Earnings rose 18 percent to $14.7 million or $0.57 per diluted share. This compares to $12.4 million or $0.51 per diluted share for the third quarter of 2001. The company also reported strong cash flow of $51.8 million for the quarter.
Manitowoc, based in Manitowoc, WI, U.S., is a leading producer ice-cube machines, ice/beverage dispensers, and commercial refrigeration equipment for the foodservice industry. It is also a manufacturer of construction cranes and a leader in shipbuilding and repair.
Manitowoc said third quarter foodservice segment sales increased 17 percent to $121.1 million. Operating earnings increased 16 percent to $18.4 million while margins remained relatively flat. Excluding results from Diversified Refrigeration (DRI), Manitowoc’s private-label residential refrigerator business unit, sales would have increased 14 percent, operating earnings would have increased 27 percent, and margins would have improved by almost 2 percentage points.
“Our Foodservice segment performed well this quarter,” said Terry D. Growcock, Manitowoc’s chairman and chief executive officer. “The arbitration of the dispute between DRI and its primary customer is continuing. We still hope to resolve this issue before year end.”
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