Manitowoc Commercial Appliance Business Reports 4Q and Full-Year Increased Sales
Feb 15, 2013
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The Manitowoc Company's Foodservice Equipment segment reported fourth-quarter 2012 net sales of $363.2 million, up 6.7% from $340.3 million in the fourth quarter of 2011.
The company credited growth across all geographies, successful new products, and engaged channel partners for contributing to the increase.
Foodservice operating earnings in 4Q 2012 were $50.3 million, up 12.0% from $44.9 million in 4Q 2011. This gave the Foodservice segment an operating margin of 13.9% in the quarter, compared to an operating margin of 13.2% in 4Q 2011.
The increase in margin was highlighted by product cost reductions and lean manufacturing initiatives that improved operating efficiencies.
For full-year 2012 Foodservice Equipment net sales were $1,486.2 million, from $1,454.6 million in 2011. Foodservice Equipment operating earnings in 2012 were $240.6 million, from $216.3 million in 2011.
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