You're watching...
Manitowoc CEO Glen Tellock on the company’s fourth-quarter results and the outlook for its crane and food-service businesses.
Also in this playlist...
Auto-advance: ON
Auto-advance
This transcript is automatically generated
For Valero Energy we flip it over to Manitowoc Manitowoc impressing investors in its fourth quarter and -- showing that in the market today.
Jumping as you -- four and a half percent right now eighteen dollars 38 cents well above the 52 week high but.
What do they have planned for 2013.
Let's find out from -- tell -- -- the medical chairman and CEO joining us now in a Fox Business exclusive firm Green Bay, Wisconsin and again -- welcome to the program and we want -- to bring you back.
We're thrilled you're here talking about -- two very separate businesses people always think cranes but you're also the food services business but which part of the business.
Takes about today for these numbers.
And and Baltimore man and asked to be and I think that's.
-- the strength of the business you can see what happens when -- do very well -- had a great quarter with.
Their sales up over 12% enough food service up 7% after two quarters of near term -- -- sell.
Both of them deserve a lot of credit for what they did in the fourth quarter.
But the -- would get the standing ovation I mean look at that number and it wasn't ever bus in the past couple of quarters sometimes it was sometimes it wasn't the deceit that game that I look at that say who's buying.
You have a big international part of your business here.
Which regions are showing real strength for Crane to -- purchases delivery because this is a great window into how economies are doing around the world.
-- and then then the strength out of fourth quarter and I think a good portion of the year was actually in the Americas you'd take you know on the in North America.
But both US and Canada and they take South America.
But you look at the rest of the world I would say other than.
Europe and China it's it's been an okay market you look at the Middle East you look at down.
Parts Bob parts of Asia and greater Asia Pacific -- it's been a good broad spectrum of of of positive growth.
Do you see any improvement in Europe you just mentioned Europe and China side of focus on Europe and say what.
Do you see any incrementally -- growth there.
I think our predictions for the year are pretty pretty flat.
I think.
India any positives that you'll get in certain areas could be offset by by further weakening -- maybe use some of that.
You know whether it's certain portions of of France or Germany but in the UK is still suspect.
So I you know I we're gonna call it flat and end and then -- it is not a strategy that there's got to be a little hope there.
That -- be happy have something good happens there that even though -- you say that China looks not as healthy as it has been in the past.
You're striking some partnerships -- you must be a believer you're going to be doing a partnership involving mobile Crane that.
Would be assembly what that would tell us about that relationship.
Yeah well we we we had a joint venture partner in truck cranes so this is this is changing out the partner that we had.
And so when you we partner now with that -- she and two week.
Who is a large construction equipment manufacturer for the Chinese market and -- a trial on the largest dole is -- manufactures in in China.
Yeah there's a lot of things that we can use their distribution network there.
There Romney now sourcing network.
Some things that we want once again China -- and an -- technology that we bring to the table.
We can take some of those cranes and in emerging markets but for right now it's going to be simply based on not truck cranes up ten point 550 times.
-- made of metal this just popped into my head about of the price of metal fluctuating do -- will what does the main battle that you are most interested in what it comes to creating your cranes.
Well on the -- it's it's really the highs tensile strength steels them.
And so yes we can you can hedge a little bit -- with some of suppliers but you really trying to -- try to get longer term contracts with them.
There are.
Seven -- -- -- -- -- mostly from US steel groups -- are you buying power of for an what's the best prices these days yeah there's -- when he when he when he gets said the high tensile strength -- there's only about 45 suppliers of that worldwide.
Com you have some out of Canada and -- -- and year -- than a little bit on the United States so it's really a small number of law.
Bob producers of that high tensile strength steel.
-- -- pot and see see you learn something every day tensile strength.
We got the jobs number today there were some upward revisions which were encouraging for November December -- are you guys hiring if so where.
Well I you know what.
Across the board were hiring in most regions I wouldn't call it substantial growth but I think.
When you look at some of the professional positions that we need with respect engineers.
Bomb.
You know -- T.
Some of the other around some of that.
The changes we're making in Mexico all we have the new facility down there are some of them.
Some of that consolidation for making and food service from Southern California -- to Tijuana there's a little bit down the carousel it's it's if it's across the board but I wouldn't call it substantial anywhere.
-- thanks for thanks for the the honest assessment -- it's good to see you and the company doing beautifully the stock.
Crashing at least breaking through that ceiling of a 52 week high again a nice nice here for you thank you very much.
Things have announcements anytime -- tell -- is chairman and CEO Manitowoc cranes.
Ten.
