The Manitowoc Co. has reported sales of $1 billion for the second quarter of 2012, an increase of 5.9% compared to sales of $949.8 million in the second quarter of 2011.
The capital goods manufacturer said the sales increase was driven by a 10.1% jump in crane segment sales, coupled with a slight increase in foodservice segment sales.
In addition, the company reported adjusted earnings from continuing operations of $42.8 million, or $0.32 per diluted share, in the second quarter of 2012, compared to earnings of $20.5 million, or $0.15 per diluted share, in the same period of 2011.
The company is updating its full-year, 2012 guidance related to foodservice revenue and interest expense. For the full-year 2012, Manitowoc expects the following:
Crane revenue, 10 to 15% year-over-year growth; crane operating earnings, a 30 to 40% year-over-year increase; foodservice revenue, mid single-digit percentage growth (previously high single digits); foodservice operating earnings, a 10 to 15% year-over-year increase; interest expense, a range of $125 to $130 million (previously a $116 to $121 million).
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