UPDATE 1-Manitowoc Q2 results beat Wall Street estimates

Tue Jul 27, 2010 5:53pm EDT

* Q2 adj EPS $0.12 vs est $0.06

* Sales down 12 pct

July 27 (Reuters) - Diversified industrial manufacturer Manitowoc Co Inc (MTW.N) posted better-than-expected quarterly results, helped by strength at its food services segment.

For the second quarter, net income was $14.1 million, or 11 cents a share, compared with a loss of $12.3 million, or 9 cents a share a year ago.

Excluding items, the company, known for its crawler cranes and boom trucks, earned 12 cents a share.

Sales fell 12 percent to $876.5 million, but food service sales rose 11 percent to $424.9 million.

The food services segment now accounts for about half of the sales for the company whose crane segment has been hit hard by weak demand as lack of credit has forced construction firms to cut capital spending on new projects.

Analysts on average had expected earnings of 6 cents a share, before special items, on revenue of $869.8 million, according to Thomson Reuters I/B/E/S.

Shares of the company closed at $10.53 Tuesday on the New York Stock Exchange. (Reporting by Divya Sharma in Bangalore; Editing by Maju Samuel) ((divya.sharma@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: divya.sharma.reuters.com@reuters.net))

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