The Manitowoc Company, Inc. reported sales of $935.4 million for the third quarter of 2011, up 15.9% from $807.1 million in 3Q 2010, thanks to a 20.7% increase in the company's crane business segment and a 10.2% increase in foodservice equipment business segment.
On a GAAP basis the company reported 3Q 2011 earnings of $23.7 million, up from $1.4 million in 3Q 2010. Both periods included special items.
3Q 2011 net sales in the Foodservice segment were $406.0 million, up 10.2% from $368.4 million in 3Q 2010. The year-over-year increase was driven by new product sales and continued penetration across all geographic markets.
Foodservice operating earnings were $67.6 million, up 10.1% versus $61.4 million in 3Q 2010. This resulted in a Foodservice segment operating margin of 16.7% for the third quarter of 2011, equal to the operating margin in the prior-year period. Improved operating efficiencies were offset by commodity cost pressures.
Given third-quarter results, the company is updating its full-year guidance for 2011. For the full-year 2011, Manitowoc expects:
• Foodservice revenue: high single-digit percentage growth
• Foodservice margins: flat mid-teen percentage operating margins
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