UPDATE 2-Manitowoc posts Q4 loss; shares down

* Q4 loss/shr $0.07 vs. est. EPS $0.02

* Sees crane segment rev gains in 2H 2010

* Shares down 9 pct (Adds details, updates share movement)

Feb 3 (Reuters) - Diversified industrial manufacturer Manitowoc Co Inc (MTW.N) posted a quarterly loss against market expectations of a profit as its crane segment continued to see revenue declines, sending shares down as much as 9 percent in premarket trade

Fourth-quarter sales at the unit, which accounted for about 60 percent of total sales, fell 49 percent to $480.2 million. acklog fell 14 percent to $573 million at Dec 31, 2009.

Manitowoc, known for its crawler cranes and boom trucks, has been has been hit hard by weak demand for cranes due to lower spending on new projects. About a year back, the crane business accounted for more than 85 percent of the overall revenue.

To offset the softness in the crane business, the company has been focussing on its food services business, which it formed by acquiring British kitchen-equipment maker Enodis Plc in 2008.

Manitowoc forecast revenue gains from the crane segment in the second half of 2010, and said the year-over-year percentage decline will be significantly lower.

The company expects strength in emerging markets, combined with cost cuts it has implemented will help restore revenue growth in the crane segment as the market improves.

Manitowoc also forecast capital expenditures of about $50 million for 2010.

FOURTH-QUARTER RESULTS

For the fourth-quarter, Manitowoc posted a loss of $23.5 million, or 18 cents a share, compared to a net loss of $200.4 million, or $1.54 per share, a year earlier.

Excluding certain items, Manitowoc posted a loss of 7 cents a share from continuing operations.

Revenue fell 31 percent to $838.7 million.

Analysts on average were expecting earnings of 2 cents a share, on revenue of $875.4 million, according to Thomson Reuters I/B/E/S.

StarMine Smart Estimates, which puts more weight on recent forecasts by top-rated analysts, had projected a loss of 1 cent a share -- a downside surprise of about 27.5 percent to Street expectations.

Shares of the company were down 9 percent at $10.80 in premarket trade. They closed at $11.91 Tuesday on the New York Stock Exchange. (Reporting by Amulya Nagaraj in Bangalore; Editing by Maju Samuel)