Manitowoc Reports Q3 Adj. EPS From Cont. Ops. Of $0.36 - Quick Facts

(RTTNews) - The Manitowoc Company, Inc. (MTW) reported third-quarter net earnings of $73.1 million, or $0.53 per share, compared to $52.9 million, or $0.39 per share, in the third quarter of 2013. Contributing to the year-over-year increase in net earnings is the benefit for income taxes of $18.1 million due to discrete items in the quarter, versus income tax expense of $17.0 million in the third quarter of 2013, the company noted. Excluding special items, third-quarter 2014 adjusted earnings from continuing operations was $50.1 million, or $0.36 per share, for the quarter.

On average, 18 analysts polled by Thomson Reuters expected the company to report profit per share of $0.42 for the quarter. Analysts' estimates typically exclude special items.

Sales were $986.3 million, a decrease of 2.5 percent compared to sales of $1.012 billion in the third quarter of 2013. During the quarter, the Foodservice segment had a sales increase of 3.8 percent, which was offset by a 6.7 percent decrease in Crane segment sales.

The company reiterated its full-year 2014 outlook.