Manitowoc Warns Of Q3 Sales Miss

(RTTNews) - Manitowoc Company, Inc. (MTW) said Thursday that it expects third quarter net sales to be just under $1 billion, compared to $1.01 billion in the third quarter of last year.

Analysts polled by Thomson Reuters currently expect the company to post revenue of $1.02 billion for the third quarter.

"Our third-quarter results remain challenged by a constrained demand environment globally. In the Crane segment, sales were further impacted by the North American rough-terrain and boom truck markets, as well as weakness in the Latin America region. In addition, Foodservice experienced weakness in select geographic regions, such as Russia and Asia Pacific, as well as certain product categories. Given these results, we are updating our full-year outlook for both Cranes and Foodservice," said Glen Tellock, Manitowoc's chairman and chief executive officer.

For the full year 2014, the company now anticipates Crane segment revenues to decline by mid-to-high single-digit percentages, compared prior guidance of flat to slightly down, while it now expects Crane operating margins for full year 2014 to be in the 7% range, compared to prior guidance of high single-digit percentage.

In addition, Manitowoc now expects full year 2014 Foodservice segment revenues to be up by low-to-mid single-digit percentages, compared to prior guidance of mid single-digit percentage growth. The company now expects the segment's operating margins for full year 2014 to be in the 15% range, compared to prior guidance of mid-teens percentages.