{"id":5605,"date":"2016-08-09T17:21:10","date_gmt":"2016-08-09T17:21:10","guid":{"rendered":"http:\/\/minutes.machine.market\/?p=5605"},"modified":"2016-08-09T17:21:10","modified_gmt":"2016-08-09T17:21:10","slug":"crane-manufacturer-manitowoc-stock-price-sink-on-weak-q2-results","status":"publish","type":"post","link":"https:\/\/machine.market\/blog\/crane-manufacturer-manitowoc-stock-price-sink-on-weak-q2-results\/","title":{"rendered":"Crane manufacturer Manitowoc stock price sink on Weak Q2 Results"},"content":{"rendered":"

Manitowoc Company Inc.<\/a>\u00a0is trading nearly 14 percent lower during today\u2019s pre-market trading session, falling from yesterday\u2019s closing price of $5.78 to just $5.00 this morning. The company just released its second-quarter financial results, falling short of Wall Street analysts\u2019 revenue forecasts. Manitowoc posted revenue of $457.7 million during the three-month period, while the consensus estimate was calling for revenue of $467.9 million.<\/p>\n

The company managed to beat the consensus estimate in regards to earnings, however, posting adjusted earnings per share of four cents. Wall Street analysts, on average, were anticipating Manitowoc to report earnings of three cents per share. In last year\u2019s fiscal second quarter, the company posted earnings of 14 cents per share on $463.98 million in revenue.<\/p>\n

Manitowoc, which has its headquarters in the Wisconsin city of the same name, produces crawlers and mobile telescopic cranes. \u00a0 Its stock price has fallen more than 60 percent lower since the beginning of 2016.<\/p>\n

Apart from generally disappointing earnings, Manitowoc also lowered its full-year outlook for the remainder of 2016. The company anticipates that revenue will drop by 10 percent to 12 percent, and operating income margins between one percent and two percent. Back in May, the company told shareholders that its expected revenue would be flat and its operating margins would be reported at about four percent.<\/p>\n

\u201cAs we approach the back half of the year, we expect to see market challenges continue and a similar dynamic in sales with continued strength in Tower cranes more than offset by continued weakness in Mobile cranes,\u201d said Manitowoc\u2019s Chief Executive Officer, Barry Pennybacker. \u201cIn spite of the positive energy we experienced at bauma this year, it is clear that our customers remain cautious around spending given the ongoing global macro-economic uncertainty. As a result, we have lowered our full-year 2016 sales and operating margin guidance.\u201d<\/p><\/blockquote>\n

Mr. Pennybacker added that, during the reported three-month period, the company was weakened by a challenging market climate for a number of reasons \u2013 especially with its Mobile crane operations in the Americas. The impact was somewhat offset by strong sales of the company\u2019s Tower cranes.<\/p>\n

In related news, Manitowoc announced that it plans on relocating its crawler crane manufacturing facilities from Manitowoc, Wisconsin to Shady Grove, Pennsylvania<\/a> \u2013 in an effort to optimize its manufacturing reach, cut expenses and grow margins. The company anticipates recognizing non-cash charges of about $105 million to $120 million. In total, the relocation \u2013 which should be completed midway through next year \u2013 is expected to save the company between $25 million and $30 million per year. Manitowoc\u2019s headquarters will remain in Wisconsin.<\/p>\n

\u201cAfter a comprehensive analysis and review of our current manufacturing footprint, coupled with current market conditions, we believe this restructuring initiative will ensure that our business continues to meet and exceed the needs of our customers every day,\u201d added Pennybacker.<\/p>\n","protected":false},"excerpt":{"rendered":"

Manitowoc Company Inc.\u00a0is trading nearly 14 percent lower during today\u2019s pre-market trading session, falling from yesterday\u2019s closing price of $5.78 to just $5.00 this morning. The company just released its second-quarter financial results, falling short of Wall Street analysts\u2019 revenue forecasts. Manitowoc posted revenue of $457.7 million during the three-month period, while the consensus estimate […]<\/p>\n","protected":false},"author":1,"featured_media":5607,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":""},"categories":[8],"tags":[1012,1100],"yoast_head":"\nCrane manufacturer Manitowoc stock price sink on Weak Q2 Results - MachineMarket Blog<\/title>\n<meta name=\"robots\" content=\"index, follow\" \/>\n<meta name=\"googlebot\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta name=\"bingbot\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cranemarket.com\/blog\/crane-manufacturer-manitowoc-stock-price-sink-on-weak-q2-results\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Crane manufacturer Manitowoc stock price sink on Weak Q2 Results - MachineMarket Blog\" \/>\n<meta property=\"og:description\" content=\"Manitowoc Company Inc.\u00a0is trading nearly 14 percent lower during today\u2019s pre-market trading session, falling from yesterday\u2019s closing price of $5.78 to just $5.00 this morning. 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