{"id":7794,"date":"2016-10-20T03:33:19","date_gmt":"2016-10-20T03:33:19","guid":{"rendered":"http:\/\/minutes.machine.market\/?p=7794"},"modified":"2016-10-20T03:33:19","modified_gmt":"2016-10-20T03:33:19","slug":"manitowoc-turns-to-cost-cutting-amid-weak-quarter","status":"publish","type":"post","link":"https:\/\/machine.market\/blog\/manitowoc-turns-to-cost-cutting-amid-weak-quarter\/","title":{"rendered":"Manitowoc turns to cost-cutting amid weak quarter"},"content":{"rendered":"<p><a href=\"https:\/\/www.manitowoccranes.com\/en\" target=\"_blank\" rel=\"noopener noreferrer\">Manitowoc Co.<\/a> said Thursday that orders and backlog fell during the latest quarter as the crane-maker&#8217;s losses accelerated, leading to further cost-cutting measures including layoffs.<\/p>\n<p>Shares of the company slipped 8.6% to $4.35 after hours.<\/p>\n<p>The company added that it would hasten the relocation of its crawler-crane manufacturing operations from Manitowoc, Wis., to Shady Grove, Pa., and has &#8220;significantly reduced our production build schedules&#8221; for mobile cranes, according to a prepared statement.<\/p>\n<p>The company had previously said it expects charges of about $105 million to $120 million for the relocation, which is expected to generate annual savings of $25 million to $30 million.<\/p>\n<p>Weak energy markets, amid the plunge in the price of oil, has been a leading factor in the company&#8217;s woes.<\/p>\n<p>Along with the unspecified number of additional layoffs, Manitowoc said it would temporarily close certain mobile production lines during the final quarter of the fiscal year.<\/p>\n<blockquote><p>&#8220;Orders and backlog for the company declined double digits during the third quarter, and these trends have continued into the fourth quarter,&#8221; said Barry Pennypacker, chief executive of the company.<\/p><\/blockquote>\n<p><a href=\"http:\/\/www.marketwatch.com\/story\/manitowoc-turns-to-cost-cutting-amid-weak-quarter-2016-10-19\" target=\"_blank\" rel=\"noopener noreferrer\">MarketWatch<\/a> reports, the company released on Wednesday preliminary data for the third quarter ended as of September 30th. The company reported a loss from continuing operations of about $138 million, wider than the $30 million loss during the same period a year ago. Revenue fell 20% to $350 million.<\/p>\n<p>One of several big companies to split its operations, Manitowoc separated its food-service equipment business into a new public company, Manitowoc Foodservice Inc.<\/p>\n<p>Write to Ezequiel Minaya at Ezequiel.Minaya@wsj.com<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Manitowoc Co. said Thursday that orders and backlog fell during the latest quarter as the crane-maker&#8217;s losses accelerated, leading to further cost-cutting measures including layoffs. Shares of the company slipped 8.6% to $4.35 after hours. The company added that it would hasten the relocation of its crawler-crane manufacturing operations from Manitowoc, Wis., to Shady Grove, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":7797,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":""},"categories":[2,8],"tags":[1011],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v14.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Manitowoc turns to cost-cutting amid weak quarter - 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\/manitowoc-turns-to-cost-cutting-amid-weak-quarter\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Manitowoc turns to cost-cutting amid weak quarter - MachineMarket Blog\" \/>\n<meta property=\"og:description\" content=\"Manitowoc Co. said Thursday that orders and backlog fell during the latest quarter as the crane-maker&#8217;s losses accelerated, leading to further cost-cutting measures including layoffs. 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