The Manitowoc Company Reports Third-quarter EPS of $.01

The Manitowoc Company, Inc. MTW today reported sales of $877.8 million for the third quarter of 2010, down slightly from $881.5 million in the third quarter of 2009. The sales decrease was due primarily to an 8.5 percent decline in Crane segment sales, offset in part by a 9.2 percent increase in Foodservice segment sales. On a GAAP basis, the company reported earnings of $1.4 million, or $0.01 per diluted share, for the quarter versus a net loss of $12.6 million, or ($0.10) per diluted share, in the third quarter of 2009. Both periods included special items. Excluding special items, the adjusted earnings from operations was $0.8 million, or $0.01 per diluted share, for the third quarter of 2010, versus adjusted earnings of $0.1 million, or $0.00 per diluted share, in the third quarter of 2009. The three- and nine-month periods ended September 30, 2010 include a $6.6 million benefit for a prior period adjustment identified in connection with the finalization of the 2009 tax return in 2010 and $4.2 million of losses from the sale of two operations. A reconciliation of GAAP net earnings to net earnings before special items is provided later in this press release