Why Is The Manitowoc Company, Inc. (MTW) Down 5.9% Since Last Earnings Report?
It has been about a month since the last earnings report for The Manitowoc Company, Inc. (MTW). Shares have lost about 5.9% in that time frame, underperforming the S&P 500.
Will the recent negative trend continue leading up to its next earnings release, or is The Manitowoc Company, Inc. due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the most recent earnings report in order to get a better handle on the important drivers.
Manitowoc Earnings Beat Estimates in Q2, View Raised
Manitowoc reported adjusted earnings per share (EPS) of 75 cents in second-quarter 2023, beating the Zacks Consensus Estimate of 25 cents. The company reported an EPS of 21 cents in the year-ago quarter.
Including one-time items, the company reported an EPS of 57 cents in the quarter compared with the prior-year quarters 42 cents.
Manitowocs revenues were up 21.2% year over year to $603 million in the quarter under review. The top line surpassed the Zacks Consensus Estimate of $511 million. Favorable changes in foreign currency translation rates had an impact of $3.1 million on sales.