Manitowoc posts 2nd-quarter profit; results top analyst expectations despite drop in sales

Manitowoc posts 2nd-quarter profit, beating Street

MANITOWOC, Wis. — Manitowoc Co. on Tuesday said it moved to a second-quarter profit from a year-ago period hurt by charges.

The industrial equipment maker’s revenue dropped 12 percent because of slowing demand in the company’s crane segment, offset somewhat by growing sales in its food services segment.

Manitowoc earned $14.1 million, or 11 cents per share, in the three months ended June 30. That compares with a loss of $12.3 million, or 9 cents per share, in the same period a year earlier, when the company recorded a loss on the sale of discontinued operations.

Excluding one time items, profit fell to 12 cents per share from 23 cents per share.

Revenue slid to $876.5 million from $1.03 billion.

Analysts surveyed by Thomson Reuters expected profit of 6 cents per share on revenue of $869.8 million.

Shares of Manitowoc declined 37 cents, or 3.4 percent, to close at $10.53. The stock has ranged from $5.55 to $16.43 over the past year.