Manitowoc Co. announced second quarter sales increases in their foodservice equipment sales which helped offset losses in their other divisions. This is a hopeful sign that the restaurant industry is rebounding as sales continue to increase for many companies. An article by Rick Barrett of the Milwaukee Journal Sentinel on July 27, 2010 appears below.

Superior Products Restaurant Equipment and Supplies features Manitowoc as one of its major vendors. Many of their industrial ice machines are displayed on our website, and many of them are in stock in our restaurant supply warehouses, ready to ship to you quickly. Superior is proud to have been partnering with Manitowoc, a leading foodservice industry manufacturer, for many many years.

Foodservice business lifts Manitowoc earnings

By Rick Barrett of the Journal Sentinel

Manitowoc Co. posted better-than-expected quarterly results Tuesday, although its crane division sales were down 31% from a year ago.

For the second quarter, the company had net income of $14.1 million, or 11 cents a share, compared with a loss of $12.3 million, or 9 cents, a year earlier.

Sales declined 12% to $876.5 million, but sales in the company's food equipment division climbed 11% to $424.9 million.

Foodservice equipment now accounts for about half of the sales for Manitowoc, whose crane division has been hit hard by weak demand in the construction industry.

Analysts had expected earnings of 6 cents a share, before special items, on revenue of $869.8 million, according to Thomson Reuters I/B/E/S.

Before the earnings announcement, Manitowoc shares the company closed at $10.53, down 37 cents, on the New York Stock Exchange.