NEW YORK (TheStreet) -- Shares of Manitowoc Co. (MTW) are down -7.09% to $29.99 after the company reported sales of $850.0 million for the first quarter of 2014, a decrease of -5% compared to sales of $894.6 million in the first quarter of 2013.
The Foodservice segment had a strong quarter with sales increasing by 9.3%, which was offset by the -14.2% decrease in Crane segment sales.
On a GAAP basis, the company reported a loss of -$8.8 million, or -6 cents per diluted share, in the first quarter versus earnings of $10.4 million, or 8 cents per diluted share, in the first quarter of 2013.
Excluding special items the adjusted earnings from continuing operations was $23.7 million, or 17 cents per diluted share, in the first quarter of 2014, versus adjusted earnings of $14.6 million, or 11 cents per diluted share, in the first quarter of 2013.
The company reaffirmed its guidance for the full year 2014.
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: