Manitowoc Company, Inc. (NYSE:MTW) Slides As Earnings Down 14.3% In 1Q14

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Dallas, Texas 05/05/2014 (FINANCIALSTRENDS) – Manitowoc Company, Inc. (NYSE:MTW) reported results for its 1Q 2014 operations on 1nd May after markets closed. The firm reported loss per share of 6 cents per diluted share and total loss of $8.8 million in the reporting quarter. This was well below the $10.4 million and 8 cents earnings per share it had reported in 1Q13. The investors demonstrated their disappointment in the results by selling the stock. This resulted in a huge 10 percent dip in the value of the company shares during trading on 2nd May.

Manitowoc Company, Inc. (NYSE:MTW) Chairman of the Board, President and Chief Executive Officer Glen E. Tellock in his comments post the earnings  call tired to highlight the positives which emerged from its first quarter operations. He has been quoted to have said that, “Our first quarter results played out essentially in line with our expectations as we were able to leverage our competitive advantages and benefit from the substantial investments we have made across the Manitowoc enterprise. This year-over-year increase was driven by continuing progress in North America, substantial growth in EME as well as increasing opportunities in Asia. We also achieved continued traction with our new grill and oven technologies.”

The earnings dip was caused by a big dip in the sales of Crane Segment. Its sales in 1Q came down to $446.7 million, which was a 14.3 percent dip over its 1Q13 numbers. The  dip has been ascribed to a slow start to the fiscal year 2014, due to a lack of spill over orders and less back log. The other key reason for the slowdown in sales has been linked to the delay in project execution at the customers end. The Americas (north and south) in addition to demand from Middle East were the key areas of growth for the company in its crane division.

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