WASHINGTON (dpa-AFX) - Manitowoc Co. Inc. (MTW) announced that its second-quarter GAAP net earnings were $2.7 million or $0.02 per share, down from $14.1 million or $0.11 per share in the second quarter of 2010.
Excluding special items, adjusted earnings from continuing operations were $20.2 million, or $0.16 per share, versus adjusted earnings from continuing operations of $14.5 million or $0.11 per share in the second quarter of 2010. Analysts polled by Thomson Reuters expected the company to report earnings of $0.18 per share for the quarter. Analysts' estimates typically exclude special items.
Sales were $949.8 million, up 15.9% from $819.3 million in the second quarter of 2010. Eleven analysts had consensus revenue estimate of $931.16 million for the quarter. The sales increase was primarily due to a 22.9 percent increase in Crane segment sales, coupled with a 7.4 percent increase in Foodservice segment sales.
For the full-year 2011, Manitowoc still expects crane revenue to be low double-digit year-over-year percentage growth, and Capital expenditures of approximately $70 million.
Copyright RTT News/dpa-AFX