Manitowoc Q2 Net Income Decreases - Quick Facts

(RTTNews) - The Manitowoc Company, Inc. (MTW) reported second-quarter income from continuing operations to shareholders of $23.2 million, or $0.17 per share, compared to $46.9 million, or $0.34 per share, in the second quarter of 2014. Excluding special items, adjusted income from continuing operations was $30.6 million, or $0.22 per share, in the second quarter of 2015.

On average, 16 analysts polled by Thomson Reuters expected the company to report profit per share of $0.31 for the quarter. Analysts' estimates typically exclude special items.

Sales were $885.4 million, a 12.6 percent decrease from $1.01 billion in second quarter of 2014. Analysts expected revenue of $952.22 million for the quarter.

"Our second-quarter results were primarily driven by continued weakness in our rough-terrain and boom truck markets, as well as lingering effects of operational issues in KitchenCare and lower capex spending by large foodservice chains. In an effort to mitigate the negative factors impacting our results, we continue to take decisive actions that will enhance our operational performance, optimize our cost structure, and maintain our leadership position through innovation and quality," said Glen Tellock, Manitowoc's chairman and CEO.

Separately, Manitowoc announced the appointment of Hubertus Muehlhaeuser as Chief Executive Officer of Manitowoc Foodservice Inc. Muehlhaeuser will join the company on August 3, 2015.