Manitowoc reports Q EPS (13c), two estimate 4c

Reports Q revenue $494.6M, one estimates $516.6M. “The Manitowoc (MTW) team delivered first quarter results in line with expectations. Backlog reached $940 million, our highest level in two years, reflecting strong demand for our products. Under our CRANES+50 strategy, non-new machine sales rose 8% on a trailing twelve-month basis to a record $696 million. In addition, customer feedback to our new products and aftermarket offerings at the ConExpo trade show was outstanding,” commented Aaron H. Ravenscroft, President and Chief Executive Officer of The Manitowoc Company. “Backlog remains strong, orders are healthy, and customer sentiment continues to improve. In addition, our CRANES+50 strategy is driving more stable, higher-margin recurring revenue, which sets a strong foundation for our long-term success.”