Update: Article has been corrected to state that Manitowoc's crane segment revenue would be flat to slightly down for the year. The article previously incorrectly stated that segment revenue would be down during the second half of the year
NEW YORK (TheStreet) -- Manitowoc
(MTW - Get Report) shares are declining -15.6% to $25.84 on Thursday after reporting earnings of 35 cents per diluted share, 7 cents lower than analysts were expecting, on sales of $1.01 billion, below analysts estimates of $1.1 billion.
The diversified capital goods manufacturer also issued grim guidance for its crane production service, predicting that revenue from that segment would be "flat to slightly down" for the year.
The company blamed the results on "disappointing top-line performance in Cranes driven by uncertainty spanning certain end markets, as well as limited margin expansion in Foodservice."
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