Today's Winners and Losers: Manitowoc
Shares of ElkCorp (ELK) were among the NYSE's losers Tuesday, falling 7% after the maker of roofing and building products cut its third-quarter earnings guidance.
The company now projects earnings of 40 cents to 43 cents a share for the March quarter, down from an earlier forecast of 50 cents to 53 cents a share. Analysts polled by Thomson First Call project earnings of 53 cents a share. For the full fiscal year, the company sees earnings at the low end of its previous range of $2.25 to $2.40 a share. Analysts project earnings of $2.35 a share.
"The reduced earnings per diluted share estimate for the third quarter is primarily attributed to slower than anticipated ramp-up of sales into the Florida storm areas, higher asphalt and transportation costs and lower than expected decking shipments in the composites business," the company said in a statement. ElkCorp plans to release third-quarter results on April 25. Shares were trading down $2.64 to $33.60.
Manitowoc (MTW) rose 8% after the maker of heavy-lifting equipment said that first-quarter earnings would be well above Wall Street expectations. The company sees first-quarter earnings topping analysts' average estimate by at least 20 cents a share. Analysts project earnings of 62 cents a share, according to First Call. "The crane business has continued to outperform even our own high expectations," the company said. "We are extremely pleased with our success in working through production challenges common in this high demand environment."For 2006, the company now sees earnings of $3.75 to $4 a share, up from an earlier view of $3.30 to $3.60 a share. Analysts project earnings of $3.65 a share. Manitowoc shares recently traded up $6.64 to $88.49. Shares of Intermec (IN) rose 3% after the company announced a $100 million share repurchase plan. The company, which makes supply-chain management systems, said it will use available cash and cash equivalents to fund the stock buyback. At the end of 2005, cash and equivalents stood at about $257 million. Intermec shares were up 90 cents to $31.74.
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