Manitowoc swings to third-quarter profit
SAN FRANCISCO (MarketWatch) — Manitowac Co. late Thursday reported it swung to third-quarter net income of $1.4 million, or a penny a share, from a loss of $12.6 million, or 10 cents a share, in the same quarter last year. Adjusted earnings were also a penny a share. Revenue decreased to $877.8 million from $881.5 million, primarily due to an 8.5% fall in crane segment sales. Analysts had forecast the Manitowac, Wisc.-based manufacturer to earn 11 cents a share on $900.7 million in revenue. The company expects the drop in crane segment sales to slow in the second half of its fiscal 2010.
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