Manitowoc To Post Wider Loss In Q3
WASHINGTON (dpa-AFX) - The Manitowoc Company, Inc.
(MTW) announced, on a GAAP basis, for the third-quarter 2016, the company expects to report a loss from continuing operations of approximately $138 million as compared to a loss from continuing operations of $30 million in the third-quarter 2015. Non-GAAP adjusted operating loss for the third-quarter 2016 is expected to be approximately $31 million compared to a loss of $8 million in the same period last year.
For the third-quarter 2016, net sales are expected to be approximately $350 million versus $438 million in the third-quarter 2015. Analysts polled by Thomson Reuters expect the company to report revenue of $345.85 million, for the quarter.
"Orders and backlog for the company declined double digits during the third quarter, and these trends have continued into the fourth quarter. Subsequently, we've significantly reduced our production build schedules for Mobile products to reflect these lower incoming order rates. In addition, we are accelerating the relocation of the Manitowoc crawler production to Shady Grove, taking additional headcount reductions, reducing other non-employee costs, and temporarily shutting-down certain mobile production lines during the fourth quarter. While this will negatively affect gross profits for the balance of the year, we believe it will put us in a better position to manage cash flow in the current environment," said Barry Pennypacker, President & CEO.
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