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NEW YORK (TheStreet) -- Shares of Manitowoc Company (MTW) - Get Manitowoc Company, Inc. Report surged in extended trading following earnings which beat expectations. After the bell, shares gained 9.1% to $27.

The heavy machinery manufacturer posted fourth-quarter net income of 47 cents a share, 13 cents higher than what analysts polled by Thomson Reuters had expected. Revenue of $1.1 billion, however, dipped 2.7% lower year-on-year but was broadly in line with consensus.

By segment, food services rose 10% with a 350 basis-point increase compared to the year-ago quarter. Crane segment sales proved a laggard, falling 7.9% compared to a year ago.

For the full year, the Wisconsin-based business recorded net earnings of $1.45 a share, 19 cents higher than analyst consensus. Revenue of $4 billion increased 3.4%, in line with estimates.

"The weak macro environment persisted in 2013, and as such, we diligently focused on managing those areas within our control," said CEO Glen E. Tellock in a statement.

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"As we look ahead into 2014, we are confident in our abilities to significantly improve profitability, even with modest growth. We remain focused on directing resources to those areas that will deliver the highest returns on our investments," he concluded.

Management expects crane revenue to experience modest top-line growth over full-year 2014 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."