UPDATE 1-Manitowoc posts surprise Q3 loss, shares fall - News

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UPDATE 1-Manitowoc posts surprise Q3 loss, shares fall

By: AFX | 29 Oct 2009 | 05:53 PM ET

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* 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.

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