Manitowoc Shares Tank As Company Releases Downbeat Outlook

By Sue ChangMarketsMarketWatch Pulse

Shares of Manitowoc Co. skidded in Wednesday's extended session after the equipment manufacturer warned that its quarterly loss likely deepened in the third quarter. The company said it expects its third-quarter operating loss widened to $134 million from a loss of $8 million a year earlier. On an adjusted basis, its operating loss totaled $31 million compared with a loss of $8 million in the same quarter last year. Net sales are estimated to have decreased to $350 million versus $538 million in the year-ago period. "Although the current business environment remains difficult, we are confident in our long-term strategy, targeting double-digit operating margins by 2020," said Chief Executive Barry Pennypacker in a press release. Manitowoc slumped more than 8% after hours.

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