WASHINGTON (dpa-AFX) - The Manitowoc Company, Inc. (MTW) announced, for its fourth-quarter, the company expects: revenue - down approximately 25% to 30% year-over-year; and margin on non-GAAP adjusted operating loss - approximately 4% to 6%.
Third-quarter non-GAAP adjusted net loss from continuing operations was $38.1 million, or $0.28 per share, compared to a non-GAAP adjusted net loss from continuing operations of $29.8 million, or $0.22 per share, in the third-quarter 2015.
Third-quarter net sales were $349.8 million versus $438.2 million in the comparable period in 2015. The company said the year-over-year decrease was primarily due to continued deterioration within its mobile crane markets, mainly in North America and the Middle East.
'The mobile crane market continued its downward trend in the third-quarter and remains very challenging. The weak global oil and gas market, coupled with lower used equipment prices, continues to have a negative effect on demand. Our tower crane business continues to perform as expected and we look forward to its continued success as the new line of HUP products are introduced in the fourth-quarter,' said Barry Pennypacker, CEO of The Manitowoc Company, Inc.
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