Manitowoc Shares Fall On Q3 Outlook

(RTTNews) - Crane and food-service equipment maker Manitowoc Co. Inc. (MTW) Wednesday detailed a weak outlook for the third quarter, sending its shares down a near seven percent in the after-hours trading.

For the third quarter, the company expects sales to be about $863 million versus $986.3 million last year. Analysts currently estimate revenues of $942.0 million.

For the third quarter, the company expects earnings of about $5 million versus $73.1 million last year.

"While we are seeing continued improvement in our Foodservice business, our Cranes segment continued to be negatively impacted by a deteriorating demand environment, particularly in the Middle East and Asia. In addition, lower than anticipated tower and crawler crane shipments exacerbated the shortfall in revenues for the third quarter," commented CEO Glen Tellock.

The company now expect Cranes full-year 2015 revenues to be down 15 to 20 percent compared to 2014 and operating margins to be low single-digits for full-year 2015.

MTW closed Wednesday's trading at $6.36, down $0.49 or 2.91%, on the NYSE. The stock further dropped $1.12 or 6.85% in the after-hours trade.