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UPDATE 1-Manitowoc Q3 trails Wall Street estimates
October 28, 2010 / 9:42 PM / 7 years ago

UPDATE 1-Manitowoc Q3 trails Wall Street estimates

* Q3 EPS $0.01 vs est $0.11

* Revenue $877.8 mln vs est $892.4 mln

* Crane segment sales fall 8.5 pct

* Shares dip 2 pct in extended trade

Oct 28 (Reuters) - Manitowoc Co Inc (MTW.N), a diversified industrial manufacturer, posted lower-than-expected quarterly results, hurt by weakness at its crane segment.

Manitowoc’s crane segment has for long been hit by the lack of credit, which has forced construction firms to cut capital spending on new projects. The segment saw sales decline 8.5 percent to $438.8 million in July-September.

However, the company expects the segment to improve in 2011 due to increasing utilization rates in North America and dealers stocking up inventory.

Manitowoc, known for its crawler cranes and boom trucks, has been shifting its focus to its foodservice equipment segment. Sales at the foodservice equipment segment grew 9 percent to $439.0 million.

For the third quarter, Manitowoc reported net income of $1.4 million, or 1 cent a share, compared with a net loss of $12.6 million, or 10 cents a share, a year ago.

Revenue remained almost flat at $877.8 million.

Analysts on average were expecting earnings of 11 cents a share on revenue of $892.4 million, according to Thomson Reuters I/B/E/S.

Shares of the Wisconsin-based company were down 2 percent at $10.69 in trading after the bell. They closed at $10.92 Thursday on the New York Stock Exchange. The stock has risen almost 29 percent since touching a year-low in July. (Reporting by Megha Mandavia in Bangalore; Editing by Anne Pallivathuckal)

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