Manitowoc Company Inc.'s (MTW) fourth-quarter GAAP net loss attributable to the company narrowed significantly to $23.5 million or $0.18 per share from $200.4 million or $1.54 per share in the fourth quarter of 2008. Both periods included special items.
Excluding special items, adjusted loss from continuing operations was $9.3 million or $0.07 per share versus a profit of $59.4 million or $0.46 per share in the fourth quarter of 2008. On average, 13 analysts polled by Thomson Reuters expected earnings per share of $0.02 for the quarter. Analysts' estimate typically excludes one-time items.
The company reported sales of $838.7 million for the fourth quarter of 2009, down 31.1% from $1.22 billion in the year-ago period. Eleven analysts estimated revenues of $875.41 million for the quarter.
"In our Crane segment, we expect that the year-over-year percentage decline in revenues will be significantly lower than the 41.2 percent decline in 2009. We also expect Crane segment revenues in the first half of 2010 will be significantly lower than the first half of 2009; however, we expect Crane segment revenue gains in the second half of 2010 versus the second half of 2009," Tellock added.
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