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) 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."
Must Read: Warren Buffett's 25 Favorite Stocks
STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV