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Stock impact report

Manitowoc +9% after easy Q2 earnings beat, improved guidance [Seeking Alpha]

Manitowoc Company, Inc. (The) (MTW) 
Last manitowoc company, inc. (the) earnings: 2/6 04:31 pm Check Earnings Report
Company Research Source: Seeking Alpha
Manitowoc (NYSE: MTW )  AH after reporting a big Q2 earnings beat along with revenues that fell 14% Y/Y to $394M from $457M a year ago but nevertheless exceeded analyst estimates. MTW says most of the sales decline was due to lower crawler crane shipments in the Americas as it shipped a "significant volume" of the items in the prior year, as well as lower rough terrain crane shipments in the Americas and in the Middle East due to continued weakness in oil and gas market demand. Q2 orders of $379.5M, which included the initial production order related to the U.S. Army contract, were up 9% Y/Y, and backlog of $491M at the end of the quarter was up 25% from the year-ago quarter ending backlog of $393.5M. MTW also raises its FY 2017 guidance to a 5%-7% Y/Y decline vs. a prior outlook for an 8%-10% drop, and adjusted EBITDA of $59M-$69M from its previous forecast of $41M-$59M. Now read: I Am Selling Half Of My Caterpillar Holding » Show less Read more
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