Manitowoc Reduces Its Third-quarter Loss

MANITOWOC, Wis. (AP) — Manitowoc Co. said Thursday it reduced its third-quarter loss as the crane maker cut costs, operated more efficiently and trimmed its working capital costs.

The company lost $17.7 million, or 14 cents per share, compared with a steeper loss in the year-earlier period of $26.1 million, or 20 cents per share.

Excluding one-time items, Manitowoc lost 4 cents per share.

Analysts surveyed by Thomson Reuters expected, on average, earnings per share of 8 cents. Such expectations typically exclude one-time items.

Sales in the quarter fell 20 percent to $881.5 million from $1.11 billion, largely on a 52 percent drop in crane sales. Analysts expected $934.4 million.

"Despite lower sales and operating earnings, cash flow improved as a result of working-capital reductions, operational improvements, and cost reductions that we have implemented over the past year," CEO Glen E. Tellock said.

Shares fell in after-market trading 65 cents, or 6.2 percent, to $9.90.