Manitowoc Q4 Loss Widens; Sees FY23 Profit In Line With View

(RTTNews) - Manitowoc Company Inc. (MTW) reported that its fourth-quarter net loss widened to $144.1 million or $4.10 per share from $3.6 million or $0.10 per share in the same quarter last year. The latest-quarter results included non-cash asset impairment charges of $171.9 million.

Fourth-quarter adjusted net income was $26.0 million or $0.74 per share, an increase of $16.6 million or $0.48 per share from the prior year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.26 per share for the fourth quarter. Analysts' estimates typically exclude special items.

Net sales in the fourth quarter increased 24.9% year-over-year to $621.6 million and were unfavorably impacted by $31.3 million from changes in foreign currency exchange rates. Analysts expected revenue of $565.76 million for the quarter.

Looking ahead for fiscal year 2023, the company projects adjusted earnings per share to be about $0.35 to $1.15 and net sales of about $2.0 billion to $2.1 billion. Wall Street currently is looking for fiscal year 2023 earnings of $0.52 per share on annual revenues of $1.94 billion.

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