MTW - Why Manitowoc Stock Fell 14% Today
2024-02-15 11:39:04 ET
Shares of The Manitowoc Company (NYSE: MTW) , one of the leading manufacturers of "lifting solutions" such as tower cranes, mobile hydraulic cranes, and bucket trucks, tumbled 14% through 10 a.m. ET on Thursday after the company reported mixed results for its Q4 2023 sales and earnings last night.
Heading into the quarter, analysts had forecast Manitowoc would earn $0.19 per share (adjusted for one-time items) on sales of nearly $584 million. In fact, Manitowoc beat that sales forecast, with sales coming in just shy of $596 million. Profits, however, were less than half of what Wall Street wanted to see -- just $0.09 per share.
And the news gets worse. Like the $0.19 estimate, Manitowoc's $0.09 earnings were of the pro forma variety -- non-GAAP . When calculated according to generally accepted accounting principles ( GAAP ), Manitowoc actually lost $0.23 per share in Q4.
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Why Manitowoc Stock Fell 14% Today