Manitowoc affected by international markets

The Manitowoc Co. Inc., which has a crane facility in Shady Grove, recently reported second-quarter 2015 sales of $885.4 million, a 12.6 percent decrease from $1,012.8 million in the second quarter of 2014. A news release from the company attributed $59.7 million, or 46.9 percent, of the decline to unfavorable foreign conditions.

“Our second-quarter results were primarily driven by continued weakness in our rough-terrain and boom truck markets, as well as lingering effects of operational issues in KitchenCare and lower spending by large food service chains. However, improving trends within food service as we moved through the quarter offer confidence that the corrective actions we have implemented are beginning to pay dividends. Furthermore, our tower crane and all-terrain crane businesses, on a constant currency basis, continue to track to our expectations. In an effort to mitigate the negative factors impacting our results, we continue to take decisive actions that will enhance our operational performance, optimize our cost structure and maintain our leadership position through innovation and quality,” commented Glen E. Tellock, Manitowoc’s chairman and chief executive officer.

Second-quarter 2015 net sales in cranes were $477.7 million, versus $606.1 million in the second quarter of 2014. The decline in sales was primarily due to lower rough-terrain and boom truck sales, which have been significantly impacted by depressed oil and gas markets.

“While we saw strength in certain markets and product lines, our results were negatively impacted by a difficult oil and gas market, as well as unfavorable exchange rates. In light of these challenges, we have lowered our full-year outlook for cranes,” said Tellock. “As we look to the remainder of 2015, we continue to focus on the agility of our business, enabling us to maximize our performance in the near term and positioning us well to capture growth when our end markets improve.”