Manitowoc crane sales up 7.6%

Sales in Manitowoc’s crane division increased 7.6 % in the second quarter of 2013. Second-quarter net sales were US$ 656.9 million, up from $610.7 million in the second quarter of 2012. Manitowoc said the increase was driven primarily by continued growth in the Americas for crawler cranes, large rough terrains, and from strong performance at Crane Care.

Operating earnings were $65.0 million, up 25 % on the $52.0 million of the same period of 2012. The operating margin was 9.9 %, up from 8.5 % in the same period a year before.

“Our second-quarter results are a byproduct of our ongoing focus on and execution of our strategic initiatives that are expected to generate long-term growth and profitability,” commented Glen Tellock, Manitowoc chairman and chief executive officer.

“Along with our second-quarter sales growth in the Cranes segment, we generated our highest operating margin since 2008, which is a testament to our improved operational efficiency and diligent management of our cost structure. Looking ahead, we will continue to innovate with a strong pipeline of new products and services, while also emphasizing our quality focus to enhance our crane designs and product reliability. This should enable Manitowoc to drive market share and capitalize on the improving health of the global macro environment in the coming years,” Tellock continued.

Order backlog was $726 million at the end of June, down by $50 million from the first quarter of 2013. Second quarter 2013 orders, at $604 million, were 6.2 % up on the first quarter of 2013, while slightly lower than the second quarter of 2012.

Looking ahead for the year, Manitowoc forecasts high single digit percentage growth in crane revenue and operating margin.

For the Manitowoc Company, including both the cranes and foodservice divisions, sales were reported at $1.05 billion for the second quarter of 2013, an increase of 5 % on the $997.2 million for the second quarter of 2012.