Manitowoc Projects FY17 Revenue To Be Down Approx. 8-10% - Quick Facts

(RTTNews) - The Manitowoc Company, Inc. (MTW) announced, for fiscal 2017, the company expects: revenue to be down approximately 8-10% year-over-year; adjusted EBITDA of approximately $41 to $59 million; and adjusted operating income to be between approximately flat to an increase of 1%.

Fourth-quarter non-GAAP adjusted net loss from continuing operations was $32.6 million, or $0.23 per share, versus adjusted net income from continuing operations of $7.1 million, or $0.05 per share, in the fourth-quarter 2015.

Fourth-quarter net sales were $378.2 million versus $543.1 million in the fourth-quarter 2015. The company said the year-over-year decrease was primarily due to continued weak demand for its products in North America and the Middle East, which was partially offset by year-over-year growth in the European market, mainly due to continued strength in residential and commercial construction trends and new product introductions.

"During the fourth-quarter we experienced demand levels consistent with prior year trends with sequential improvement in revenue as well as incoming orders. Our mobile orders in the Americas and the Middle East were affected by continued low rental rates, weakness in used equipment prices and continued low oil prices. Our tower crane business continued to perform as expected, mainly attributable to positive market sentiment in Europe complemented by our new product introductions. While the global crane market continues to be dynamic, we remain cautiously optimistic about the long-term market fundamentals," said Barry Pennypacker, CEO of The Manitowoc Company, Inc.