Manitowoc reports a profit of USD46.6 million on sales of USD1.013 billion in the second quarter, compared with a profit of USD57.6 million on sales of USD1.037 billion in the second quarter of 2013.

Glen E Tellock, Manitowoc chairman and chief executive officer, says: "Our results for the quarter fell short of our expectations with disappointing top-line performance in cranes driven by uncertainty spanning certain end markets."

Manitowoc says the crane sales decline is due to volume decreases that were most pronounced in the boom truck and rough-terrain product categories. The crane segment had sales of USD606.1 million in the second quarter, compared with USD647.4 million in the second quarter of 2013.

On 29 July, Manitowoc's board of directors amended the company's by-laws to change date setting for the annual meeting, the number of directors, the requirement for calling special board meetings, and provision for indemnifyinh officers and directors in certain circumstances.

In May and June, activist asset manager Relational Investors LLC, of San Diego, bought 8.52% of Manitowoc. The investor says the company "consists of two incongruent businesses" and seeks to split industrial cranes and commercial foodservice equipment manufacturing into separate companies.