* Q3 adj loss/shr $0.04 vs est. EPS $0.08 * Q3 net sales down 20 pct * Says reduced debt by about $140 million in Q3 * Shares down 5 pct after the bell
Oct 29 (Reuters) - Diversified U.S. industrial manufacturer Manitowoc Co Inc posted a surprise quarterly loss, mainly hurt by a steep fall in its crane segment, sending its shares down 5 percent after the bell.
For the third quarter, the company reported a loss of $17.7 million, or 14 cents a share, compared with loss of $26.1 million or, 20 cents a share, in the year-ago period.
Excluding items, the company posted a loss of 4 cents a share from continuing operations.
Net sales fell 20 percent to $881.5 million.
Analysts on average expected earnings of 8 cents a share, before items, on revenue of $934.4 million, according to Thomson Reuters I/B/E/S.
Net sales in the crane segment were $479.5 million, down 52 percent from $991 million in the year-ago quarter.
Manitowoc, known for its crawler cranes and boom trucks, said it reduced debt by about $140 million in the quarter, and reaffirmed its full-year debt reduction target of $450 million.
Shares of the Manitowoc, Wisconsin-based company were down at $9.94 in trading after the bell. They closed at $10.45 Thursday on the New York Stock Exchange.
(Reporting by Bijoy Koyitty in Bangalore; Editing by Unnikrishnan Nair) Keywords: MANITOWOC/ (bijoy.koyitty@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: bijoy.koyitty.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
Oct 29 (Reuters) - Diversified U.S. industrial manufacturer Manitowoc Co Inc posted a surprise quarterly loss, mainly hurt by a steep fall in its crane segment, sending its shares down 5 percent after the bell.
For the third quarter, the company reported a loss of $17.7 million, or 14 cents a share, compared with loss of $26.1 million or, 20 cents a share, in the year-ago period.
Excluding items, the company posted a loss of 4 cents a share from continuing operations.
Net sales fell 20 percent to $881.5 million.
Analysts on average expected earnings of 8 cents a share, before items, on revenue of $934.4 million, according to Thomson Reuters I/B/E/S.
Net sales in the crane segment were $479.5 million, down 52 percent from $991 million in the year-ago quarter.
Manitowoc, known for its crawler cranes and boom trucks, said it reduced debt by about $140 million in the quarter, and reaffirmed its full-year debt reduction target of $450 million.
Shares of the Manitowoc, Wisconsin-based company were down at $9.94 in trading after the bell. They closed at $10.45 Thursday on the New York Stock Exchange.
(Reporting by Bijoy Koyitty in Bangalore; Editing by Unnikrishnan Nair) Keywords: MANITOWOC/ (bijoy.koyitty@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: bijoy.koyitty.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.