Manitowoc reports Q2 adjusted EPS 25c, consensus 48c

Reports Q2 revenue $562.1M, consensus $598.09M. “During the second quarter, we faced a variety of operational issues which led to lower-than-anticipated results. In addition, the Tower Crane business in Europe remained a headwind to our results. Order intake was sluggish for mobile cranes in Europe and North America. Mobile customers have been slow to commit to new cranes in the face of the uncertainties associated with the upcoming U.S. election and the continued higher interest rate environment. Looking at the balance of the year, we expect weaker demand to continue. As a result, and with a focus on inventory reductions to generate free cash flow, we took actions to adjust our build schedules in the second half. We have updated our full year guidance accordingly,” commented Aaron H. Ravenscroft, President and Chief Executive Officer of The Manitowoc Company, Inc.