Business is very strong. Backlog is about $140,000,000, operating earnings up significantly, debt reduced by $33,000,000...cash flow is excellent. Product innovation continues to drive growth. Cranes are being shipped like we have not observed previously.
New ice making system shall continue to pace the food service division.
I know of no reason why the stock was hit. I know management and a friend's office faces the company.
MTW is doing real well.
INTERVIEW-Manitowoc knows no reason for stock fall
CHICAGO, Oct 12 (Reuters) - Manitowoc Co. (NYSE:MTW - news), which makes construction cranes, food service equipment and ships, said Tuesday it knew of no reason why its stock value dropped 14 percent in the wake of better-than-expected earnings.
``We were surprised by the market's reaction,' Terry Growcock, president and chief executive officer of the Manitowoc, Wis.-based company, told Reuters in a telephone interview.
The company said its third quarter net earnings rose to $19.4 million, or $0.74 per diluted share, from $15.2 million, or $0.58 per share reported a year ago.
Analysts' consensus estimate was $0.73, according to First Call/Thomson Financial, which tracks Wall Street forecasts.
But shares in Manitowoc ended 4-6/16 lower at 29-7/16, after trading as low as 27-3/8 earlier in the session.
``In my mind, we had solid quarterly numbers,' Growcock said. ``We've expressed that we continue to grow both internally and externally. We feel good about the future as well.'
Steve Khail, corporate communications manager for Manitowoc, said the company had called the analysts who follow it and none of them had issued negative reports. In fact, he said one analyst had raised his rating on the stock to buy from hold.
``We did not expect this kind of reaction from the market in any way, shape, or form,' Khail said. ``We certainly had very solid numbers across the board for our businesses.'
Manitowoc said its food service operations reported a 19.5 percent rise in operating earnings on a 15.6 percent sales increase, despite a continuing decline in demand from major soft-drink manufacturers.
The crane segment increased sales 12.5 percent, driven by demand for Manitowoc's new crane designs, and the marine division increased revenues nearly 60 percent due to project income from a tank barge contract with Mobil.
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