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Salute -- I know people who bought today.
Well after being hit will hard by the recession Wisconsin based Manitowoc is making a very big comeback.
The stock is up a whopping 74%.
So far this year.
As sales of its heavy duty -- -- to the highest level in four years joining me now is going tell -- is chairman and CEO of Manitowoc.
-- first of all congratulations.
On your success.
And now welcome to this show now what I want to talk to you about.
Is where are we right now because you guys have seen the absolute worst conditions possible and perhaps now much better conditions you think -- it's sort of gonna continue in this upward direction.
I think so you know we look at 2011 as what we call it a transition year.
Pat -- at least said -- saw the fourth quarter it was good -- food service and cranes.
So is we look forward in 2012.
And I do believe there is there's momentum lot of that fourth quarter in the back half of 2011 in -- 2012.
What is still out what do you earnings -- so what's your business telling where do you see that the man -- a -- -- -- -- -- that oversees.
What's gonna really continue to drive to recent success.
Obama -- crates out of business the orders were good -- in the domestic and the America's -- rough -- isn't.
As some of the new products and boom trucks.
When you look at the food service side of the business.
Then demand is is certainly domestically because over 50% of business comes from replacement business.
A lot of the growth is obviously in emerging markets and then again flipping back to the cranes.
You can see it's it's in the you know South America as -- -- the Australia is the emerging markets parts of Middle East.
-- so again the emerging markets sending here in the US.
Not argued for a long time blend that I think that American corporations.
Are not only amazing ambassadors but they're one of our our best proxies.
Around the world and and I like this CM have free -- go around the world make as much money as possible impossible bring some of that money back.
There's -- to be a little bit of a little bit of anxiety in Washington these days with the new in sourcing.
Sort of mantra of the of the administration.
Are you -- are you afraid because we saw this CEO of Caterpillar has been very vocal about the fact that.
If if we start to tax companies like yours some sort of fair tax or some sort of tax.
That it would be more punitive and actually backfire and that disrespect to -- overseas growth but even helping us domestically.
While I mean I couldn't agree -- with what you said I can't really dog more from -- Caterpillar we.
For instance -- opening a facility in Brazil this year it's not it's not to move jobs from the United States to Brazil.
Is to take advantage of of market that's very good in Brazil.
And the fact that we can manufacturing -- using local content.
We can be competitive build product that back there and maintain our our engineering aftermarket services.
I mean it's it's not about outsourcing and I the United States with the products we make whether it's in food service -- cranes.
Don't lend themselves well to be manufactured and cool low cost countries who brought back the United States.
They're low volumes and -- in high transportation costs so I mean -- just doesn't work that way well we try to do and we have.
Come over a 115.
Either manufacturing service -- support facilities.
Yen in twenty different countries 25 different countries.
It's not it's not outsourcing move it's really so we can take advantage of where that where the markets are growing aware there and where their bomb.
Where there are active and where we can be competitive so.
I don't understand some of the some of the things are happening in Washington with respect to that he -- -- move but.
You know we'll see how that plays.
And we definitely will see how that plays out I think it's a travesty as well before I let you go one of the -- you're stock was so cheap by the way you make him look like a genius I appreciate that.
Was hit end -- that and the execution was inconsistent -- guys out last year had a couple of big earnings misses.
-- you think you've got to hand along matador was that it was an mostly a function of the overall economy there was a something internally.
Where you guys -- could meet your goals.
No I don't think -- so we didn't -- goals I think when you go back to the first quarter of last year we set some expectations.
And and and -- very closely and expectations even though I think in the first quarter business was good in some of the expectations may be -- Got out of out of our hands running the internal goals.
Other than maybe a little bit on margin and some of the cash flow items we did a pretty good job in 2011 -- do we said we're going to do.
And -- we feel good about it now right now the journey was a little different than we anticipated.
I think when you look at the first core of the fourth quarter both very good it was the -- the things in the middle that.
It was gonna happen in Europe -- some -- -- unless you know that the impacting and it's.
-- that was definitely I think you're currently like we did believe can afford -- it was definitely a tough journey I watch the stock all over the place -- here's a good news you guys on a roll right now you've done everything right.
And we appreciate you taking the time when tell us CEO of man -- walk we appreciate it in connecting our success.
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