NEW YORK (TheStreet) -- Shares of Manitowoc Co. (MTW - Get Report) are rising by 4.98% to $5.90 on heavy trading volume late Thursday morning, after the Manitowoc, WI-based company posted better-than-expected revenue for the 2016 first quarter.
After yesterday's closing bell, the multi-industry and capital goods manufacturer reported revenue of $427.4 million, above analysts' estimates of $365.7 million.
The company had an adjusted loss of 4 cents per diluted share during the quarter, wider than the loss of 2 cents per share that analysts had projected.
"We made great strides in the first quarter transitioning to a stand-alone crane business," CEO Barry Pennypacker said in a statement.
"In the first quarter, we experienced continued momentum in our tower business, fueled by residential and non-residential construction. As anticipated, demand for mobiles remains soft," he added,
Separately, Manitowoc appointed David Antoniuk as its VP and CFO effective on May 31. The company said Carl Laurino has resigned as senior VP and CFO to pursue other opportunities.
Laurino will remain at Manitowoc until June to "ensure an orderly transition throughout the accounting, treasury and information systems organizatiobns," according to the statement.
So far today, about 3.92 million of the company's shares changed hands compared to its average volume of 2.97 million shares per day.
Separately, TheStreet Ratings Team has a "Buy" rating with a score of B- on the stock.
The company's strengths can be seen in multiple areas, such as its solid stock price performance, increase in net income and attractive valuation levels.
The team believes its strengths outweigh the fact that the company has had generally high debt management risk by most measures that were evaluated.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: MTW