Manitowoc Company Inc. Q1 Profit Decreases, misses estimates

(RTTNews) - Manitowoc Company Inc. (MTW) reported earnings for first quarter that decreased from the same period last year and missed the Street estimates.

The company's bottom line came in at $4.5 million, or $0.12 per share. This compares with $16.5 million, or $0.46 per share, in last year's first quarter.

Excluding items, Manitowoc Company Inc. reported adjusted earnings of $5.1 million or $0.14 per share for the period.

Analysts on average had expected the company to earn $0.18 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter fell 2.6% to $495.1 million from $508.3 million last year.

Manitowoc Company Inc. earnings at a glance (GAAP) :

-Earnings (Q1): $4.5 Mln. vs. $16.5 Mln. last year. -EPS (Q1): $0.12 vs. $0.46 last year. -Revenue (Q1): $495.1 Mln vs. $508.3 Mln last year.