Shares Of Manitowoc Co. Down 5% On Wider-than-expected Earnings Loss

Shares of crane manufacturer Manitowoc Co. fell more than 5% late Wednesday after the company posted wider-than-expected losses and lower sales in the fourth quarter. The company said it lost $33.4 million, or 24 cents a share, in the quarter, versus earnings of $43.5 million, or 32 cents a share, in the fourth quarter of 2015. Adjusted for one-time items, the company lost $32.6 million, or 23 cents a share, in the quarter. Sales reached $378 million, down from $543 million a year ago, on "continued weak demand for the company's products in the U.S. and the Middle East," Manitowoc said in a statement. Analysts polled by FactSet had expected an adjusted loss of 16 cents a share on sales of $390 million. Shares of Manitowoc had ended the regular trading session up 0.4%.