Manitowoc reports Q3 adjusted EPS (8c), consensus 6c

Reports Q3 revenue $524.8M, consenssus $516.49M. “During the quarter, we made good progress on our CRANES+50 strategy; non-new machine sales reached a new high of $617.5 million for the trailing twelve-months. Demand, however, for new cranes slowed as customers await the outcome of the U.S. election and further interest rate cuts. Given the soft results in the third quarter, we are expecting our full year adjusted EBITDA to be at the low end of our guidance. Strengthening our balance sheet with a focus on working capital remains our top financial priority,” commented Aaron H. Ravenscroft, President and Chief Executive Officer of The Manitowoc (MTW) Company, Inc.