Manitowoc Swings to Loss, Beats Forecast

Manitowoc posts a loss in the first quarter, but beats analysts' forecast, sending shares soaring in morning trading.
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Machinery company

Manitowoc

(MTW) - Get Report

swung to a loss in the first quarter, but still managed to beat analysts' forecast, sending shares soaring in morning trading.

The maker of cranes and food-service equipment reported a quarterly loss of $656.3 million, or $5.04 a share, from a profit of $102.7 million, to 78 cents, in the year-ago period.

Excluding $729 million in impairment charges and other items, earnings were 18 cents. Analysts predicted 13 cents a share in the quarter.

Revenue increased 4% to $1.03 billion from $988.5 million last year, boosted by the acquisition of Enodis, a cooking equipment supplier based in the United Kingdom.

Crane sales fell 24% to $672.9 million, while food-service revenue more than tripled to $354.7 million.

Shares of the company were propelled 17% higher to $6.97 in afternoon trading.

Earlier this month, rival

Terex

(TEX) - Get Report

also reported a loss in its first-quarter, hurt by a decline in revenue and one-time charges. The company also said it expects a steeper drop in revenue this year than it initially forecast.

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