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."
TheStreet Ratings team rates MANITOWOC CO as a Buy with a ratings score of B-. TheStreet Ratings Team has this to say about their recommendation:
"We rate MANITOWOC CO (MTW) a BUY. This is driven by several positive factors, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. Among the primary strengths of the company is its solid stock price performance. We feel these strengths outweigh the fact that the company has had sub par growth in net income."