Manitowoc (NYSE:MTW) Announces Quarterly Earnings Results, Beats Estimates By $0.11 EPS

Manitowoc (NYSE:MTW) announced its quarterly earnings data on Tuesday. The industrial products company reported $0.31 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.20 by $0.11, FiscalAI reports. The firm had revenue of $613.80 million during the quarter, compared to the consensus estimate of $577.00 million. Manitowoc had a return on equity of 4.78% and a net margin of 1.10%. The business’s revenue for the quarter was up 13.8% on a year-over-year basis. During the same period in the prior year, the business earned $0.14 EPS.

Manitowoc Price Performance

Shares of NYSE:MTW traded down $1.49 during midday trading on Thursday, reaching $21.71. 494,023 shares of the company’s stock were exchanged, compared to its average volume of 312,847. The company has a debt-to-equity ratio of 0.66, a quick ratio of 0.75 and a current ratio of 2.11. The firm has a market capitalization of $783.04 million, a PE ratio of 30.37 and a beta of 1.78. Manitowoc has a 12 month low of $10.29 and a 12 month high of $25.22. The company’s 50 day simple moving average is $21.78 and its two-hundred day simple moving average is $15.70.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on MTW. Barclays reissued an “underweight” rating and set a $16.00 target price (up from $11.00) on shares of Manitowoc in a research note on Monday, August 10th. Wells Fargo & Company lifted their price objective on Manitowoc from $12.00 to $15.00 and gave the company an “underweight” rating in a research report on Thursday. Wall Street Zen lowered Manitowoc from a “strong-buy” rating to a “buy” rating in a research report on Sunday, October 25th. Finally, Weiss Ratings raised Manitowoc from a “hold (c)” rating to a “hold (c+)” rating in a research note on Thursday, October 8th. One analyst has rated the stock with a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of “Sell” and an average target price of $15.50.

Manitowoc Company Profile

The Manitowoc Company, Inc (NYSE: MTW) is a global manufacturer of cranes and lifting equipment. Its product portfolio includes crawler cranes, tower cranes, mobile telescopic cranes, boom trucks and industrial cranes used in construction, infrastructure, energy and other heavy-lifting applications.

The company markets its equipment under brands including Manitowoc, Potain, Grove, National Crane and Shuttlelift. In addition to new equipment, Manitowoc provides replacement parts, technical support, maintenance services, operator training and other aftermarket solutions intended to support customers throughout the life of their cranes.

Founded in 1902, Manitowoc has historical roots in shipbuilding and marine engineering and later expanded into crane manufacturing and other industrial businesses.