Profit Rockets at Manitowoc

Manitowoc (MTW Quote - Cramer on MTW - Stock Picks) plowed past earnings estimates for its second quarter but missed the Street's forecast on the top line.

In after-hours trading, shares sank 6%, or $2.25, to $35.50.

The construction-equipment company earned $42.2 million, or 67 cents on the bottom line, ballooning from $24.1 million, or 39 cents a share, in the year-ago quarter.

Excluding special items such as discontinued operations, the company earned $51.6 million, or 82 cents a share, double the $25 million, or 41 cents a share in the same quarter last year.

On that basis, Manitowoc bested the estimate from Thomson First Call analysts who forecast earnings of 76 cents a share.

The company reported a top line of $746.2 million, a jump from the year-over-year total of $589.6 million, but short of the consensus estimate of $757.3 million.

"Manitowoc Crane Group's backlog exceeded $1 billion during the quarter," CEO Terry Growcock said in a statement. The group reported record revenue as well as improved operating margins during the second quarter, he said.

Crane revenue grew 33% year over year. The company said it also saw solid sales contributions from its foodservice division, which increased 9%.

The company, headquartered in a Wisconsin town with the same name, also said it is exploring an acquisition in its food service division, which manufactures ice-cube machines and commercial refrigeration equipment.

Manitowoc said that its GAAP earnings for the year will be in the range of $2.35 to $2.45. Excluding items, EPS will be between $2.50 and $2.60. The company did not immediately provide revenue estimates.

The Thomson First Call average for the full year is for EPS of $2.50 on sales of $2.66 billion.