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Crane maker Manitowoc stock falls 6% after surprise quarterly loss

Manitowoc Co. (MTW) shares fell 6% in the extended session Wednesday after the maker of cranes and other industrial and construction equipment posted a surprise quarterly loss, citing inflation headwinds that were "as significant as anticipated" and parts shortages that curtailed shipments. Manitowoc said it lost $200,000, or 1 cent a share, in the third quarter, compared with a loss of $400,000, or 1 cent a share, in the year-ago period. Adjusted for one-time items, the company lost 6 cents a share. Sales rose 14% to $404.5 million. Analysts polled by FactSet expected adjusted sales of 11 cents a share on sales of $357 million. Manitowoc guided for full-year 2021 revenue between $1.725 billion and $1.775 billion, and adjusted EBITDA between $100 million and $110 million. The stock ended the regular trading day up 2.9%.

-Claudia Assis

 

(END) Dow Jones Newswires

11-03-21 1700ET

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