Manitowoc stock rallies 9% on earnings beat, guidance

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Shares of Manitowoc Co. rose more than 9% in the extended session Wednesday after the maker of construction cranes and other heavy machinery reported a narrower-than-expected third-quarter loss and sales that were above Wall Street expectations. Manitowoc said it lost $400,000, or a penny a share, in the quarter, contrasting with a profit of $18 million, or 51 cents a share, in the year-ago quarter. Sales fell 21% to $356 million, the company said. Analysts polled by FactSet had expected a GAAP loss of 32 cents a share on sales of $313 million. Manitowoc reinstated its guidance, saying that although “significant uncertainty persists” amid the pandemic, its “line of sight to fourth-quarter results have improved.” The company guided for fourth-quarter revenue between $425 million and $450 million. The analysts surveyed by FactSet expect fourth-quarter revenue of $360 million. The stock ended the regular trading day Wednesday down 6.6%.

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