NEW YORK (TheStreet) -- Manitowoc Company (MTW) - Get Report soared on Friday following fourth-quarter earnings which beat expectations a day earlier. By late afternoon, shares exploded 17.3% to $29.03.

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MTW

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After the bell Thursday, the heavy machinery manufacturer recorded net income of 47 cents a share on revenue of $1.1 billion. Analysts surveyed by Thomson Reuters had expected earnings of 34 cents a share.

Over 2014, the Wisconsin-based business expects crane revenue to experience modest top-line growth with operating margins in the high single-digit percentage range. Food service revenue is expected to grow in the mid-single digits with operating margins approaching high-teens percentages.

TheStreet Ratings team rates MANITOWOC CO as a Buy with a ratings score of B. The team has this to say about their recommendation:

"We rate MANITOWOC CO (MTW) a BUY. This is driven by a few notable strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, notable return on equity, good cash flow from operations, solid stock price performance and impressive record of earnings per share growth. We feel these strengths outweigh the fact that the company has had generally high debt management risk by most measures that we evaluated."