Manitowoc Co. posted sales of $1.013 billion for the second quarter, a 2.3-percent decrease compared to $1.037 billion in the second quarter last year. The crane segment decreased 6.4 percent.
Manitowoc chairman and CEO Glen Tellock said the crane segment faced uncertain end markets. The segmentâ€™s net sales were $606.1 million compared to $647.4 million a year ago.
â€œDuring the second quarter, our Crane segment orders were impacted by prolonged economic pressures from the North American boom truck and rough-terrain crane markets, limited activity in Latin America, and the Greater Asia/Pacific region, plus ongoing project delays in Russia. Our initiatives around Lean, quality, procurement, and productivity improvements partially offset the negative impact of lower absorption and volume. Looking ahead, there is significant room for improvement, and we remain confident with our strategies to realize the tangible market opportunities that are developing.â€
For the full year of 2014, Manitowoc expects crane revenue to be flat to slightly down.
The company also has a foodservice division. Its revenues increased 4.4 percent, partially offsetting the decline in the crane segment.
Manitowoc is based in Manitowoc, Wis.