Manitowoc Shares Climb on Boost to Outlook, Higher 2Q Profit

Dow Jones
08/07
 
 

Shares of Manitowoc rose after the company lifted its full-year outlook and reported a higher profit in the second quarter.

Shares climbed 19% after hours to $16.89 on Thursday. The stock closed roughly flat at $14.21, up 19% this year.

The maker of lifting products and services said it now expects full-year adjusted earnings of between 80 cents and $1.20 a share, up from a previous range of 45 cents to 90 cents.

Revenue is expected between $2.3 billion and $2.4 billion, an increase of $50 million from the previous guidance.

The company reported a second-quarter profit of $14.2 million, or 39 cents a share, compared with a profit of $1.5 million, or 4 cents a share, a year earlier.

On an adjusted basis, earnings were 46 cents a share.

Net sales rose to $594.9 million from $539.5 million a year prior.

 
 

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