Manitowoc misses 3Q earnings guidance
Manitowoc reports lower-than-expected third-quarter earnings despite higher crane sales
MANITOWOC, Wis. (AP) -- The Manitowoc Co., which makes cranes and restaurant equipment, said Monday that third-quarter earnings fell more than 6 percent, missing estimates from management and Wall Street analysts.
The company said sales edged upward 2 percent to $955.7 million, helped by a 4.9 percent increase in crane sales.
"While third-quarter results fell short of our expectations in some key areas, we also had several notable positives despite lingering uncertainty and continued pressure in the global macroeconomic environment," said CEO Glen Tellock.
Tellock said better-than-expected orders for cranes in North and South America were offset by continued economic sluggishness in Europe and Asia. The company's foodservice segment reported slightly lower sales of $400 million, down from $406 million.
Net income was $22.2 million, or 17 cents per share, down from $23.7 million, or 18 cents per share, in the third quarter of 2011.
Analysts expected profit of 29 cents on revenue of $1.05 billion.
Company shares fell 37 cents, or 2.5 percent, to close at $14.32.
