Manitowoc Company Inc. Q2 Profit Decreases, Misses Estimates

(RTTNews) - Manitowoc Company Inc. (MTW) revealed a profit for second quarter that decreased from the same period last year and missed the Street estimates.

The company's earnings came in at $1.6 million, or $0.04 per share. This compares with $20.2 million, or $0.57 per share, in last year's second quarter.

Excluding items, Manitowoc Company Inc. reported adjusted earnings of $8.8 million or $0.25 per share for the period.

Analysts on average had expected the company to earn $0.48 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter fell 6.8% to $562.1 million from $602.8 million last year.

Manitowoc Company Inc. earnings at a glance (GAAP) :

-Earnings (Q2): $1.6 Mln. vs. $20.2 Mln. last year. -EPS (Q2): $0.04 vs. $0.57 last year. -Revenue (Q2): $562.1 Mln vs. $602.8 Mln last year.

-Guidance: Full year EPS guidance: $0.45 to $0.90 Full year revenue guidance: $2.175-$2.225 Bln