Ahead Of The Bell: Manitowoc

HARTFORD, Conn. (AP) — Shares of Manitowoc Co. Inc. fell in premarket trading, a day after the industrial equipment maker posted a smaller third-quarter loss as it cut costs, increased efficiency and reduced working capital costs.

But some analysts said the results were positive, with one analyst saying investors should pay no heed to the bottom line.

"Ignore the EPS," BMO Capital Markets Charles Brady said in a client note Friday. "Crane orders rebounded and food service margins were strong."

He said Manitowoc paid down $140 million of debt in the third quarter and reaffirmed its full-year debt reduction target of $450 million.

Deutsche Bank analyst Nigel Coe said in a client note he was pleased with the results because the Manitowoc, Wis., manufacturer of cranes and food service equipment outperformed many of his key measurements.

Orders for cranes accelerated from the third to fourth quarters, from $156 million to $246 million, Coe said. That was in the range of his expectations of between $200 million and $250 million.