MANITOWOC, WI (WTAQ) – The Manitowoc Company is dealing with an eight percent drop in its stock price from Thursday.
Shares plunged by $1.28 to a little more than $15 a share. That was the after maker of construction cranes and ice machines warned that its quarterly profits would be lower than projected.
Manitowoc will report a 12 percent decline in its sales from July through September, to $863 million. That’s 8 percent lower than what outside analysts expected. Net income is projected at $5 million, down from $73 million in the same quarter of last year.
The Manitowoc Company blames a lower demand for building cranes in Asia and the Middle East.
Analysts from Robert W. Baird and Company say there’s at least some uncertainty of whether Manitowoc will complete its plan to separate the crane and ice operations in two public companies.
(Story courtesy of Wheeler News Service)
